?The graph shows the market for wheat in an economy. The equilibrium price and quantity of wheat bought and sold in the domestic market in the absence of international trade are P2 and Q2, respectively. If the world price of wheat is P3, the net domestic gain from trade is shown by area _____ in the graph.
a. ?C
b. ?E
c. ?B
d. ?A
e. ?D
Ans: e. ?D
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
The equation total production = total income = total expenditure is called
A) the goods—market equilibrium condition. B) the total identity. C) the fundamental identity of national income accounting. D) Say's Law.
The American colonies have a rich and deep history in international trade and immigration
Indicate whether the statement is true or false
Pollutants are not harmful if they are degradable in water
Indicate whether the statement is true or false