The Following Table Shows the Value of Exports and Imports

question 118

Multiple Choice

The following table shows the value of exports and imports of four countries in 1990.

-Refer to the table above.Which of the following statements is true?

• A) Country A is a net importer.
• B) Country B is not a net importer.
• C) Country C is a net importer.
• D) Country D is a net importer.

Grasp the concept of deadweight loss resulting from taxes and understand its implications on economic welfare.

Understand the effects of price ceilings and price floors on market outcomes.

Analyze the impact of government subsidies on market prices, quantities, and the distribution of benefits between consumers and producers.

Understand the impact of a tax or subsidy on the selling price of a good and the net price paid by buyers.

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Definitions:

Social Psychologists

Professionals who study how people's thoughts, behaviors, and feelings are influenced by the actual, imagined, or implied presence of others.

Social Traps

Situations in which a group or individual acts in a way that is beneficial in the short term but detrimental in the long term, often due to a failure to consider the wider consequences.

Intrinsically Rewarding

Valuable or fulfilling in itself, without requiring external reward or recognition.

Altruism

The behavior and attitude of selflessly caring for the well-being of others, often at a personal cost.