Solve the Problem

question 114

Multiple Choice

Solve the problem. Where appropriate, round to the nearest tenth of a percent.
-The graph below shows a certain countryʹs peanut production in thousands of pounds for the Years 2004, 2006, 2008, 2010, and 2012. Find the percent increase in peanut production from 2008 to 2010.

• A) 0.0060%
• B) 0.6%
• C) 3.3%
• D) 0.0330%

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Definitions:

Autarky

A financial strategy or condition where a nation is independent and refrains from participating in global commerce.

Free Trade

Trade that is unregulated by government tariffs or other artificial barriers; the levels of exports and imports occur naturally, as a result of supply and demand.

Consumer Surplus

The variance between the amount consumers are ready to pay for a good or service compared to the actual price they pay.

International Trade

the exchange of goods and services across international borders or territories.