Who ultimately carries out monetary policy? a. the Bank of Canada b. the banking system c. the foreign sector d. the federal government Consider a situation where the opening up of international trade has resulted in Canada becoming an oil exporter. Relative to the prior no-trade situation, what would be the effect on Canada's domestic price and domestic output of oil? a. It would decline, but domestic output would rise. b. It would rise, as would domestic output. c. It would decline, as would domestic output. d. It would rise, but domestic output would fall