If the World Supply Curve Is S_W1

question 37

Multiple Choice

If the world supply curve is S_W1,

• A)there is a trade deficit.
• B)there is a trade surplus.
• C)trade is in balance.
• D)there is no trade.

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Definitions:

Express Lanes

Specifically designated traffic lanes designed to reduce congestion by allowing vehicles meeting certain criteria, such as carpooling or toll payment, to use a less congested lane.

Toll Roads

Highways or sections of highways for which users are required to pay a fee for access or passage.

Consumer Surplus

The discrepancy between what consumers are prepared and can afford to spend on a product or service versus what they end up paying.

Producer Surplus

The difference between the amount a producer is willing to accept for a good or service and the actual amount received when it is sold.