Refer to the Graph, Which Shows the Domestic Demand and Supply

question 23

Multiple Choice

Refer to the graph, which shows the domestic demand and supply curves for a specific product in a hypothetical nation called Econland. When the world price for this product is $0.50, Econland will

• A) import 500 units.
• B) import 100 units.
• C) import 400 units.
• D) export 100 units.

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Definitions:

New Deal

A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the 1930s to help the United States recover from the Great Depression.

Welfare State

A social system in which the government assumes primary responsibility for the welfare of its citizens by providing services such as healthcare, education, and financial support.

Public Works Administration

A New Deal agency in the United States (1933-1944) created to provide public infrastructure jobs in the wake of the Great Depression.

Filipino Repatriation Act

Legislation passed in the United States in 1935, encouraging Filipinos living in the U.S. to return to the Philippines by offering free transportation.