A Nation Will Export a Good If Its

question 212

Multiple Choice

A nation will export a good if its

• A) no-trade, domestic price is equal to the world price.
• B) no-trade, domestic price is less than the world price
• C) no-trade, domestic price is greater than the world price.
• D) no-trade, domestic quantity is less than the world quantity.
• E) no-trade, domestic quantity is greater than the world quantity.

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Definitions:

Ford Administration

Pertains to the presidency of Gerald Ford in the United States, spanning from 1974 to 1977, marked by its efforts to heal the nation after the Watergate scandal.

Pardoned

The act of forgiving or being forgiven for an error or offense.

Oil Embargo

Prohibition on trade in oil declared by the Organization of Petroleum Exporting Countries, dominated by Middle Eastern producers, in October 1973 in response to U.S. and western European support for Israel in the 1973 Yom Kippur War. The rise in gas prices and fuel shortages resulted in a global economic recession and profoundly affected the American economy.

Middle Eastern Arab Countries

Middle Eastern Arab Countries refers to the nations in the Middle East region that have Arabic as a dominant or official language, sharing cultural, historical, and linguistic ties.