If opening up international trade resulted in the U.S. becoming a wheat exporter, relative to the prior no-trade situation, the U.S. domestic price of wheat:
a. would rise, but domestic output would fall
b. would decline, but domestic output would rise.
c. would decline, as would domestic output.
d. would rise, as would domestic output.
d
Economics
You might also like to view...
Which of the following is recorded in the U.S. balance of payments account?
I. foreign investment in the United States II. U.S. investment abroad III. the U.S. government deficit or surplus A) III only B) I and II C) I and III D) I, II and III
Economics
In a market economy, the distribution of output will be determined primarily by:
A. consumer needs and preferences. B. the quantities and prices of the resources that households supply. C. government regulations that provide a minimum income for all. D. a social consensus as to which distribution of income is most equitable.
Economics