Identify the type of equilibrium

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Question - The state of the Canadian economy before April 2006 - This part consists of two short-answer questions and one multiple-choice question. The number of points awarded per question will be indicated to you as you go along. Instructions: For short-answer questions, answer in the space provided. For the multiple-choice question, select the answer you think is right. Referring to the following statement, answer questions 1 to 3.

The press release explains that the situation of the Canadian economy which prevailed in April 2006 was the consequence of: "the global economy [which] is growing at a vigorous pace, showing slightly greater momentum than expected. This boom and the accompanying rise in many commodity prices, combined with strong domestic demand in Canada, have enabled the country's economy to record a robust rate of expansion [...]".

1) Identify the type of equilibrium (full employment, underemployment or over employment) that characterized the Canadian economy before April 2006. Explain.

2) Which graph represents the situation that prevailed before April 2006 on the goods and services market?

Reference no: EM133219381

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