Figure 17-13 in Figure 17-13, the World Price of a Baseball

question 177

Multiple Choice

Figure 17-13 In Figure 17-13, the world price of a baseball is $3. With free trade, how many baseballs will the United States import?

• A) 4,000
• B) 6,000
• C) 8,000
• D) 10,000
• E) 12,000

---

Definitions:

Utility Function

A mathematical representation that defines the satisfaction or utility a consumer derives from consuming different bundles of goods and services.

Zinnias

Brightly colored flowers, belonging to the sunflower tribe within the daisy family, known for their long-lasting blooms and variety in size and color.

Utility Function

An economic model that maps an individual's preference rankings for various bundles of goods onto a set of numerical values.

Price

The financial value anticipated, necessitated, or offered in return for a service or good.