The figure below represents the domestic market for wheat in a small country. Imports of wheat are prohibited.
At a world price of $160 per bushel, the country produced ________ bushels of wheat and exported ________ bushels of wheat.
A. 120; 80
B. 60; 120
C. 120; 60
D. 150; 120
Answer: C
Economics
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What will be an ideal response?
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Real output per capita: a. is measured by real GDP per capita
b. is total real output ( real GDP) divided by the number of persons among whom it will be distributed. c. is one measure of the average level of economic well being in a country. d. all of the above are correct.
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The real wage can increase only if the nominal wage increases
a. True b. False
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Which of the following cost curves always declines continuously as output increases?
a. ATC b. AVC c. AFC d. MC e. TC
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