-The Above Figure Shows the Market for Rice in Japan

question 42

Multiple Choice

-The above figure shows the market for rice in Japan.s₂ represents the domestic supply curve,and s₁ represents the world supply curve.Suppose a free market exists.An import quota of 30 units would

• A) cause consumer surplus to fall by "e."
• B) cause social welfare to fall by $30.
• C) increase producer surplus by "d."
• D) have no effect.

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Definitions:

Consumerism

An economic and social system that promotes the continuous increase in the purchase and consumption of goods and services.

Globalization

The process of interaction and integration among people, companies, and governments worldwide, driven by international trade and investment and aided by information technology.

Culture Diversification

The process by which a culture becomes more varied and complex through the incorporation of different ethnic, social, or cultural influences.

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale.