The world price of a commodity will settle at the level where
A. supply and demand are equal within each country.
B. the excess demand of the importing country is equal to the excess supply of the exporting country.
C. the excess demand in the exporting country is equal to the excess demand in the importing country.
D. there is no excess demand in the exporting country.
Answer: B
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Suppose the country of Popcorn produces only jets and corn. If Popcorn cannot produce any more jets without giving up corn, we say that Popcorn has achieved
A) the highest marginal benefit. B) production efficiency. C) the lowest marginal cost. D) the highest opportunity cost.
With the debris of more than 50 years of climbing on the beautiful high slopes – oxygen canisters, tents, backpacks and even some bodies – Mount Everest has been called the world's highest garbage dump
It has been suggested that there should be a limited number of climbers allowed on the mountain each year to limit the environmental degradation that occurs. This method of achieving efficient use of a common resource is most like A) a property right. B) an individual transferable quota. C) a production quota. D) a marginal social benefit right.