After a Certain Nation Changed Its Policy from One That

question 57

Multiple Choice

After a certain nation changed its policy from one that banned international trade in wheat to one that allowed international trade in wheat,the nation began importing wheat.As a result,total surplus in the wheat market increased by $10 million.Which of the following changes could have occurred as well?

• A)The price of wheat in that nation increased with the adoption of the new policy.
• B)The domestic quantity of wheat supplied increased with the adoption of the new policy.
• C)Consumer surplus in the wheat market increased by $7 million and producer surplus in the wheat market increased by $3 million.
• D)Consumer surplus in the wheat market increased by $15 million and producer surplus in the wheat market decreased by $5 million.

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Definitions:

World Council

A global organization or assembly aimed at addressing, discussing, and solving world issues.

Indigenous Peoples

Ethnically distinct groups that have maintained traditional ways of living, often connected to specific territories prior to colonization or modern state formation.

Ethnocentrism

The belief that the ways of one's own culture are the only proper ones.

Groups

Collections of individuals who interact with one another, sharing common interests or goals within a society or community.