RECA Unit Quiz Reviews (100% Accurate)

Which of the following indicators are used to calculate Gross Domestic Product (GDP)? I. Imports II. Consumer Spending III. Business Spending IV. Net income from foreign residents correct answers Statements I, II and III Which of the following is NOT a non-price determinant of demand? A. Market size B. Costs of production C. Availability of credit D. Consumers' disposable income correct answers Costs of production Which of the following statements is correct regarding the resource markets? A. they measure the total output of an economy B. they determine the level of supply and demand C. they measure the level of consumer confidence D. they facilitate the exchange of the factors of production correct answers they facilitate the exchange of the factors of production Which of the following will occur to the supply of a good when there is a change in quantity supplied due to a price increase? A. a shift in the quantity supplied B. a shift in the quantity demanded C. an increase in the quantity supplied D. an increase in the quantity demanded correct answers an increase in the quantity supplied Which of the following statements is correct regarding the Real Estate Act Rules? I. The Rules may only be amended by the provincial legislature