Refer to the Accompanying Table for a Certain Product's Market

question 286

Multiple Choice

$$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Quantity Demanded } \\\text { Domestically }\end{array} & \text { Price } & \begin{array} { c } \text { Quantity Supplied } \\\text { Domestically }\end{array} \\\hline 1,400 & \$ 10 & 2,200 \\\hline 1,600 & 9 & 2,000 \\\hline 1,800 & 8 & 1,800 \\\hline 2,000 & 7 & 1,600 \\\hline 2,200 & 6 & 1,400 \\\hline 2,400 & 5 & 1,200 \\\hline\end{array}$$ Refer to the accompanying table for a certain product's market in Econland. If the world price for this product were $6, then Econland would import

• A) 400 units and domestic producers would supply 1,400.
• B) 800 units and domestic producers would supply 1,400.
• C) 800 units and domestic producers would supply 2,200.
• D) 400 units and domestic producers would supply 2,200.

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Definitions:

Wilmot Proviso

A proposed amendment to a bill in the U.S. Congress in 1846 aiming to ban slavery in territory acquired from Mexico.

Fugitive Slave Law of 1850

Part of the Compromise of 1850, this law required citizens to assist in the capture of runaway slaves and denied fugitives the right to a jury trial.

Northwest Ordinance

A law passed in 1787 by the Congress of the Confederation of the United States to create a structured process for territories in the Northwest to become states.

Missouri Compromise

A legislative agreement passed in 1820 between the pro-slavery and anti-slavery factions in the United States Congress, involving primarily the regulation of slavery in the western territories.