The Accompanying Table Gives Data for Country X

question 209

Multiple Choice

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 (Q_d) , and Column 3 is the quantity supplied domestically (Qₛ_d) . If Country X opens itself up to international trade and the world-market price of the product is $3, then Country X will

• A)neither export nor import the product.
• B)export some units of the product.
• C)import some units of the product.
• D)not produce the product.

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Definitions:

Output Per Hour

A measure of productivity calculated by dividing the total output of goods and services by the total hours worked.

Marginal Productivity

The additional output that is produced by adding one more unit of a particular input while holding all other inputs constant.

Complements In Production

Goods that are produced together or their production levels are directly linked; an increase in the production of one leads to an increase in the production of the other.

Substitute Resources

Alternative inputs or resources that can be used in place of another in the production process.