The Following Graph Shows the Demand for and the Supply

question 64

Multiple Choice

The following graph shows the demand for and the supply of a good in a country. If the world price of the good is $2.00 per unit and an import quota of 50 units per month is imposed, then:

• A) domestic production will increase from 100 to 200 units per month.
• B) imports will increase from 25 to 50 units per month.
• C) domestic production will increase from 100 to 175 units per month.
• D) domestic production will increase from 100 to 125 units per month.
• E) domestic production will increase from 100 to 150 units per month.

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Definitions:

Cultural Capital

Non-financial social assets such as education, intellect, style of speech, dress, or physical appearance that promote social mobility beyond economic means.

Socioeconomic Class

A division of a society based on social and economic status, often categorizing people by income, education, and occupation.

Parents

Caregivers of offspring in their own species; in humans, this usually refers to the father and mother of a child.

Digital Divide

The gap between individuals who have access to modern information and communication technology and those who do not, affecting opportunities in education, employment, and social engagement.