Exhibit 18-2 -In Exhibit 18-2, If the World Price of Corn Is

question 154

Multiple Choice

Exhibit 18-2
-In Exhibit 18-2, if the world price of corn is $2 and there are no trade restrictions, the United States will

• A)produce 3,000, consume 7,000, and import 4,000 bushels of corn
• B)produce 3,000, consume 7,000, and export 4,000 bushels of corn
• C)have an excess supply of corn
• D)be a net exporter of corn
• E)not produce any corn

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Definitions:

Young Apprentice

A term for someone, typically younger, learning a skill or trade under the guidance of a more experienced mentor.

Piaget

A Swiss psychologist known for his pioneering research in developmental psychology, particularly his theory of cognitive development in children.

Concrete Operational

A stage in Piaget's theory of cognitive development (ages 7-11) where children gain the ability to think logically about concrete, tangible objects and events.

Sausage

A type of meat product usually made from ground meat, often pork, beef, or poultry, along with salt, spices, and other flavorings, encased in a skin.