Refer to Table 9-12. Prior to trade, what was the opportunity cost to produce 1 belt in Morocco?

If a price ceiling is imposed above the equilibrium price, what is the effect?

a. There is no visible effect on the market outcome. b. A shortage results. c. A surplus results. d. The quantity demanded will decrease.

During the 1990s, the nominal price of crude oil ____ and the real price ____

a. leveled off; fell b. fell; leveled off c. rose; fell d. fell; rose