When the Nation of Econoland Allows Trade and as a Result

question 25

Multiple Choice

When the nation of Econoland allows trade and as a result becomes an exporter of televisions,

• A)residents who produce televisions become worse off;residents who buy televisions become better off;and the economic well-being of Econoland rises.
• B)residents who produce televisions become worse off;residents who buy televisions become better off;and the economic well-being of Econoland falls.
• C)residents who produce televisions become better off;residents who buy televisions become worse off;and the economic well-being of Econoland rises.
• D)residents who produce televisions become better off;residents who buy televisions become worse off;and the economic well-being of Econoland falls.

Appreciate the importance of choices and trade-offs in economic theory.

Recognize the significance of individual choice in the allocation of scarce resources.

Understand the principles of individual choice and how they guide economic reasoning.

Comprehend the concept of opportunity cost as a fundamental principle in economics.

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Definitions:

South Atlantic

The portion of the Atlantic Ocean lying between the eastern coasts of South America and the western coasts of Africa.

Mid-Ocean Ridges

Underwater mountain ranges formed by plate tectonics, where new oceanic crust is created through volcanic activity.

Ocean Basins

The underwater depressions of the Earth's surface that contain the bulk of the planet's ocean water.

Abyssal Plains

Vast, flat areas of the deep ocean floor, situated at depths between 3,000 and 6,000 meters below sea level.