Question : 47) The above figure shows the U.S. market for wheat. : 1241674

 

 

 

 

47) 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

48) 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

 

49) 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.

 

50) 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

51) 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

 

52) Goods and services that we buy from firms in other countries are called our

A) imports.

B) exports.

C) inputs.

D) raw materials.

E) obligations.

 

53) If the United States exports planes to Brazil and imports ethanol from Brazil, the price received by U.S. producers of planes ________, and the price received by Brazilian producers of ethanol ________.

A) does not change; does not change

B) rises; rises

C) rises; falls

D) falls; rises

E) falls; falls

54) When Italy buys Boeing jets, the price Italy pays is ________ if it produced its own jets and the price Boeing receives is ________ than it could receive from an additional U.S. buyer.

A) lower than; lower

B) higher than; higher

C) lower than; higher

D) higher than; lower

E) the same as; higher

 

55) A nation will import a good if its no-trade, domestic

A) price is equal to the world price.

B) price is less than the world price.

C) price is greater than the world price.

D) quantity is less than the world quantity.

E) quantity is greater than the world quantity.

 

56) When a good is imported, the domestic production of it ________ and the domestic consumption of it ________.

A) increases; increases

B) increases; decreases

C) decreases; increases

D) decreases; decreases

E) increases; does not change

57) The United States exports a good if its no-trade U.S. price is ________ its world price. With international trade, U.S. production of the good ________ compared to the level of no-trade production.

A) higher than; does not change

B) higher than; increases

C) lower than; increases

D) the same as; increases

E) the same as; does not change