Suppose That, a Country with a Closed Economy Opens Itself

question 58

Multiple Choice

Suppose that, a country with a closed economy opens itself to international trade and becomes a net exporter. In that case, the price of that good will ____ when the economy goes
From closed to open for trade.

• A) increase
• B) stay the same
• C) first decrease then increase
• D) decrease

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Definitions:

Biodiversity

The variety of species of plants and animals existing at any given time.

Aldo Leopold

Renowned American author, philosopher, scientist, ecologist, forester, conservationist, and environmentalist, best known for his book "A Sand County Almanac."

Silphium Plant

An ancient plant, now possibly extinct, that was used for various culinary and medicinal purposes in the Mediterranean region during classical antiquity.

Pluralistic Ignorance

A situation where the majority of group members privately reject a norm but assume incorrectly that most others accept it.