Table 7.1.1 Glazeland's Doughnut Market

question 98

Multiple Choice

Table 7.1.1
Glazeland's Doughnut Market

-Table 7.1.1 shows Glazeland's doughnut market before international trade.Glazeland opens up to international trade.If the world price is $0.60,then Glazeland will produce ________ doughnuts and will ________ doughnuts.

• A)2 million;import 3 million
• B)4 million;import 1 million
• C)4 million;export 1 million
• D)5 million;import 3 million
• E)5 million;export 3 million

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Definitions:

Personally Liable

Being directly responsible for the fulfillment of an obligation or the compensation of a loss, often in a personal capacity rather than corporate.

Wrongful Acts

Actions that are illegal or immoral, causing harm or damage to others.

Limited Liability Company

A type of business structure where owners have limited personal liability for the debts and actions of the company.

Legal Person

An individual or organization that has legal rights and obligations, capable of entering into legal contracts, and can sue or be sued.