A Country Opens Up to Trade and Becomes an Exporter

question 32

Multiple Choice

A country opens up to trade and becomes an exporter of wheat. In the wheat market, consumer surplus will _______, producer surplus will _______, and total surplus will _______.

• A) decrease; increase; increase
• B) remain unchanged; increase; increase
• C) increase; decrease; increase
• D) decrease; increase; decrease

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Definitions:

Vertical Axis

The y-axis on a graph or chart, which is typically used to display the dependent variable in a data set.

Y-axis

The vertical axis in a graph or chart, typically used to represent the variable being measured or observed.

Graph

A visual representation of data designed to communicate information clearly and efficiently.

Frequency Distribution

The organization of raw data in table form, showing how frequently each value in a set of data occurs.