A Nation Will Neither Export nor Import a Specific Product

question 271

Multiple Choice

A nation will neither export nor import a specific product when its

• A)domestic price equals the world price.
• B)export supply curve lies above its import demand curve.
• C)export supply curve is upsloping.
• D)import demand curve is downsloping.

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Definitions:

Concrete Operational

A stage in Piaget's theory of cognitive development where children begin to think logically about concrete events.

Preoperational

A stage in Piaget's theory of cognitive development (approximately ages 2-7) where children begin to use language and think symbolically, but lack logical operations.

Formal Operational

The stage in Piaget's theory of cognitive development where individuals learn to think logically about abstract concepts and hypothetical situations.

Division

A mathematical operation in which one quantity is divided by another, resulting in a quotient that shows how many times one number is contained within another.