Refer to the Above Diagram Showing the Domestic Demand and Supply

question 162

Multiple Choice

Refer to the above diagram showing the domestic demand and supply curves for a specific standardized product in a particular nation.If the world price of this product is $1, this nation will:

• A)export all of the product.
• B)import all of the product.
• C)import some of the product and produce some of the product domestically.
• D)neither export nor import the product.

---

Definitions:

Abraham Maslow

An American psychologist known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs in priority, culminating in self-actualization.

Theory

A set of principles on which the practice of an activity is based, or an idea used to account for a situation or justify a course of action.

Agreeableness

Agreeableness is a personality trait characterized by being kind, sympathetic, cooperative, warm, and considerate towards others.

Fundamental Need

Refers to a basic human requirement that is essential for individuals to live a healthy and well-balanced life, such as food, water, shelter, and love.