$\quad\quad { Country ~X }$ The Accompanying Table Gives Data for Country

question 189

Multiple Choice

$\quad\quad { Country ~X }$
$\begin{array} { | c | c | c | } \hline Price & Q _ { d d } & Q _ { S d } \\\hline \$ 5.00 & 200 & 400 \\\hline 4.00 & 250 & 350 \\\hline 3.00 & 300 & 300 \\\hline 2.00 & 350 & 250 \\\hline 1.00 & 400 & 200 \\\hline\end{array}$
The accompanying table gives data for Country $X$ . Column 1 of the table is the price of a product. Column 2 is the quantity demanded domestically $\left( Q _ { d d } \right)$ , and Column 3 is the quantity supplied domestically $\left( Q _ { s d } \right)$ . If Country $X$ opens itself up to international trade, at what world price will it begin importing some units of the product?

• A) any price below $1.00
• B) any price above $1.00
• C) any price below $3.00
• D) any price above $3.00

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Definitions:

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One of the two chambers of the United States Congress, responsible for making and passing federal laws.

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Comprehensive legislation passed by Congress that determines the policies for agricultural and food programs.

Food, Conservation, And Energy Act

This act, often referred to as the 2008 Farm Bill, aims to regulate various aspects of agriculture, energy production, and food assistance programs in the United States.

Cash Commodity Subsidies

Financial support provided by governments to farmers for certain commodities, paid in cash.