The World Price of a Pound of Almonds Is $4

question 110

Multiple Choice

The world price of a pound of almonds is $4.50. Before Uruguay allowed trade in almonds, the price of a pound of almonds there was $3.00. Once Uruguay began allowing trade in almonds with other countries, Uruguay began

• A)exporting almonds and the price per pound in Uruguay remained at $3.00.
• B)exporting almonds and the price per pound in Uruguay increased to $4.50.
• C)importing almonds and the price per pound in Uruguay remained at $3.00.
• D)importing almonds and the price per pound in Uruguay increased to $4.50.

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Definitions:

Different Utilities

Various measures of satisfaction or usefulness that consumers derive from goods and services, taking forms like marginal, total, and consumer surplus.

Laundry

The action or process of washing clothes and linens.

Total Income

The sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings received in a given period of time.

Labor Force Participation

The percentage of the working-age population that is either employed or actively seeking employment.