A Nation Will Import a Good If Its No-Trade,domestic

question 173

Multiple Choice

A nation will import a good if its no-trade,domestic

• A) price is equal to the world price.
• B) price is less than the world price.
• C) price is greater than the world price.
• D) quantity is less than the world quantity.
• E) quantity is greater than the world quantity.

---

Definitions:

Wage Rate

The amount of compensation paid to labor per unit of time, which can vary based on factors such as industry, location, and level of skill.

Purely Competitive Market

A market structure characterized by a large number of small firms, homogenous products, and free entry and exit, leading to price taking behavior.

Imperfectly Competitive Market

A market structure where individual sellers have some control over the price of their goods due to lack of perfect competition.

Wage Rate

The amount of compensation an employee receives per unit of time worked, often expressed hourly.