For each of the following events, describe the likely effect on real GDP in Canada. a. A

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For each of the following events, describe the likely effect on real GDP in Canada.

a. A major ice storm in Quebec damages homes and thus increases the demand for building materials.

b. A flood on the Red River destroys the annual barley crop on hundreds of thousands of acres of Manitoba farmland.

c. In a near-perfect growing season, Saskatchewan's wheat crop increases by 20 percent above normal levels.

d. A 50 percent decline in the world price of oil in 201 4-2015 causes Alberta-based oil producers to decrease their oil production (measured in barrels) by 3 percent.

e. A large new hospital complex is built in Montreal in 201 4.

f. The building of a larger arena in Toronto increases the demand for Maple Leafs tickets by Torontonians.

g. The building of a larger arena in Toronto increases the demand for Maple Leafs tickets by residents of Buffalo, New York.

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Macroeconomics

ISBN: 9780133910445

15th Edition

Authors: Christopher T S Ragan

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