If the United States Starts to Import a Good That

question 30

Multiple Choice

If the United States starts to import a good that had previously been produced in the United States, the market price of the good in the United States

• A)remains constant.
• B)falls.
• C)either remains constant or rises, depending on how whether the supply of the good stays the same or increases.
• D)rises.
• E)There is not enough information to answer the question because we need to know if the market price in the United States had been above or below the world market price before trade began.

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Dike Unit

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A statistical table showing the probability of death for individuals at each age, used by insurance companies to determine premiums.

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

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The amounts paid regularly to an insurance company in exchange for coverage, protecting against financial losses.