1.If Canada\'s economy doubled in size every 24 years, what approximately is the

Question

1.If Canada's economy doubled in size every 24 years, what approximately is the annual economic growth in Canada?

Select one:

a. 2.4%

b. 3.0%

c. 3.6%

d. 4.4%

e. 7.2%

2.Use the information below, on the country of Tradebilia, to answer the question:
Current Account:
Merchandise Exports: + 100 billion
Merchandise Imports: - $120 billion
Balance of Merchandise:
Service Exports: $80 billion
Service Imports:
Services Balance:
Net Unilateral Transfers: + $10 billion
Current Account Balance: + $15 billion
Based on this information, how much is Tradebilia importing in services?

Select one:

a. $55 billion

b. $60 billion

c. $75 billion

d. $90 billion

e. $95 billion

3.All of the following are advantages of having electronic money EXCEPT?

Select one:

a. Electronic money does not need to be transported

b. It is easier for people to keep track of their accounts with electronic money

c. Electronic money can be used for online transactions

d. Electronic money is likely to encourage savings

e. Electronic money is nearly free to produce

4. What is the main way by which a justice system promotes economic growth?

Select one:

a. It helps people invest their money

b. It allows people to sue other people for negligence

c. It helps protect property rights

d. It leads to a lot of cool television shows

e. It helps settle disputes between companies

Explanation / Answer

1.Use the rule of 72 to see that the growth rate in Canada is 72/24 = 3%. Hence option B is correct.

2. Current account = Net exports of goods + Net exports of services + NUT

15 = 10 + (100 – 120) + (80 - Service Imports). Hence option A is correct

Service Imports = 55 billion

3.Electronic money is not likely to encourage savings but because there is no cash involves, it may reduce money savings. Option D is currency.

4 Option c. It helps protect property rights is correct

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