The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. If imported rice is banned, the loss in social welfare is

Refer to Figure 4-6. What area represents the deadweight loss at the equilibrium price of P1?

A) G + H B) C + E C) C + E + H D) There is no deadweight loss at the price of P1.

Which of the following best explains why both nations with high living standards and nations with low living standards face the problem of scarcity?

a. All nations face the same microeconomic issues. b. All nations face the same macroeconomic issues. c. All individuals, whether rich or poor, are dissatisfied with their material well-being and would like more. d. all of the above options are correct.