Use the following table for a certain product's market in Marketopia to answer the next question.Quantity Demanded DomesticallyPriceQuantity Supplied Domestically1,400$102,2001,60092,0001,80081,8002,00071,6002,20061,4002,40051,200If the world price for this product is $6, then Marketopia would import
A. 800 units and domestic producers would supply 2,200 units.
B. 800 units and domestic producers would supply 1,400 units.
C. 400 units and domestic producers would supply 1,400 units.
D. 400 units and domestic producers would supply 2,200 units.
Answer: B
You might also like to view...
When the reserve requirement is decreased, the excess reserves of member banks are ________.
A. reduced, but the multiple by which the commercial banking system can lend is unaffected B. reduced and the multiple by which the commercial banking system can lend is increased C. increased and the multiple by which the commercial banking system can lend is reduced D. increased and the multiple by which the commercial banking system can lend is increased
In which of the following cases is the slope of a line positive and less than infinity?
A) As the variable measured on the x-axis decreases, the variable measured on the y-axis decreases. B) As the variable measured on the x-axis increases, the variable measured on the y-axis decreases. C) As the variable measured on the y-axis increases, the variable measured on the x-axis does not change. D) As the variable measured on the y-axis increases, the variable measured on the x-axis decreases.
Figure 2-2
Assume that U.S. agricultural land is used either to raise cattle for beef or to grow wheat. represents the production possibility frontier for beef and wheat. Between points F and G, the opportunity cost increasing wheat by two bushels equals
a.
0.25 million pounds of beef
b.
1.75 million pounds of beef
c.
0.125 pounds of beef
d.
8.0 pounds of beef
e.
0.5 pounds of beef
Voluntary export restraints are illegal under international trading rules.
Answer the following statement true (T) or false (F)