Question : 46) The above figure shows the U.S. market for wheat. : 1240698

46) The above figure shows the U.S. market for wheat. When there no international trade, the U.S. price of wheat is ________ per ton and the U.S. equilibrium quantity is ________ tons.

A) $14; 300,000

B) $14; 500,000

C) $16; 500,000

D) $16; 300,000

E) $16; 700,000

47) The above figure shows the U.S. market for wheat. With international trade, the price of wheat in the United States is ________ per ton and the United States ________ wheat.

A) $16; exports

B) $14; exports

C) $14; imports

D) $16; imports

E) $14; does not trade

48) The above figure shows the U.S. market for wheat. With international trade, the United States exports ________ of wheat.

A) 300,000 tons

B) 500,000 tons

C) 700,000 tons

D) 400,000 tons

E) None of the above answers is correct because the United States imports wheat.

49) The above figure shows the U.S. market for wheat. With international trade, U.S. consumers buy ________ tons of wheat and U.S. producers produce ________ tons of wheat.

A) 700,000; 300,000

B) 500,000; 500,000

C) 300,000; 500,000

D) 300,000; 700,000

E) 500,000; 700,000

50) The above figure shows the U.S. market for wheat. With no international trade, the price of wheat in the United States is ________ per ton. With international trade, the price of wheat in the United States is ________ per ton.

A) $16; $14

B) $500; $300

C) $14; $16

D) $700; $300

E) $500; $700

51) International trade benefits

A) only the exporter.

B) only the importer.

C) both the exporter and the importer.

D) neither the exporter nor the importer.

E) the exporter at all times and sometimes also the importer.

52) Who gains from international trade?

A) only the exporting nation

B) only the importing nation

C) both the importing and the exporting nations

D) neither the importing nor the exporting nations

E) The gains depend on which nation gets to keep the total revenue from the sale.

53) Most t-shirts bought by Americans are made in Asia. U.S. consumers of t-shirts buy these t-shirts because

A) they pay a higher price for t-shirts made in Asia than they would for similar shirts made in the United States.

B) they pay a lower price for t-shirts made in Asia than they would for similar shirts made in the United States.

C) they must buy some goods or services produced in Asia.

D) by so doing they are helping preserve U.S. jobs producing t-shirts.

E) they know that the United States has a comparative advantage in wearing t-shirts.

54) Most t-shirts bought by Americans are made in Asia. Producers in Asia making t-shirts trade with America because they

A) receive a lower price than they would receive from another buyer.

B) receive a higher price than they would receive from another buyer.

C) must export something to the United States.

D) cannot produce enough t-shirts for their own domestic consumption.

E) cannot lower their price any lower and still make a profit.

55) After a nation starts importing a good from overseas, the domestic price of the good

A) falls.

B) stays the same.

C) rises.

D) might change, but more information about what the country exports is needed to determine if the price rises, falls, or does not change.

E) might change, but more information about what else the country imports is needed to determine if the price rises, falls, or does not change.