Answer the Question(s)below Based Upon the Following Diagram

question 39

Multiple Choice

Answer the question(s) below based upon the following diagram.Note that Q is measured in 1,000s.

-Refer to the figure above.With free trade,the total value of imports would equal

• A)$10.
• B)$100,000.
• C)$200,000
• D)$300,000.

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Definitions:

Consumptions

The process of using goods and services to satisfy wants or needs, often measured as an important component of economic activity.

Base Year

A base year is a specific year against which economic growth is measured, often used as a reference point for the calculation of index numbers.

Initial Endowment

The initial quantity of goods, services, wealth, or resources that an individual or entity possesses.

Health Care Reform

A process of changing policies, regulations, and practices to improve the quality, accessibility, and cost-effectiveness of health care systems.