The Following Question Are Based on the Following Graphs for Men's

question 54

Multiple Choice

The following question are based on the following graphs for men's shirts in South Korea and the United States. The exchange rate is 1,200 won equals $1.00.

-Under the market conditions shown in the graphs

• A) the United States tends to export men's shirts to South Korea. The price falls in the United States but rises in South Korea.
• B) the United States imports all of its men's shirts and curtails domestic production.
• C) the demand curve for men's shirts in the United States and the supply curve for men's shirts in South Korea both shift to the left and prices in the two markets equalize.
• D) the South Koreans introduce a tariff on imported men's shirts to keep out U.S. goods.
• E) the United States tends to import men's shirts from South Korea rather than export men's shirts to it.

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Definitions:

Trivia Contest

A competition in which participants answer questions about miscellaneous and insignificant facts.

Hypothetical Syllogism

A form of logical argument where two conditional statements are followed by a conclusion that is logically inferred from them.

Fallacy

An erroneous argument or reasoning, often due to a misuse or misunderstanding of logic.

Antecedent

The first part of a conditional statement, the "if" part, upon which the consequent depends.