Answer the Question on the Basis of the Following Data

question 24

Multiple Choice

Answer the question on the basis of the following data for the hypothetical nations of Alpha and Beta.Q_s is domestic quantity supplied and Q_d is domestic quantity demanded. $\begin{array}{c}\underline{\text { Domestic Market For Steel, Alpha }}\\\begin{array}{c}\underline{Q_{s}}\\ 60\\40\\30\\20\\10 \end{array}\begin{array}{c}\underline{P}\\\$ 5 \\4 \\3 \\2 \\1 \end{array}\begin{array}{l}\underline{Q_{d}} \\10 \\20 \\30 \\40 \\50 \end{array}\end{array}$

$\begin{array}{c}\underline{\text { Domestic Market For Steel, Beta }}\\\begin{array}{c}\underline{Q_{s}}\\ 80 \\70 \\60 \\50 \\40\end{array}\begin{array}{c}\underline{P}\\\$ 5 \\4 \\3 \\2 \\1 \end{array}\begin{array}{l}\underline{Q_{d}} \\20 \\30 \\40 \\50 \\60 \end{array}\end{array}$

Refer to the given data.Assuming that Alpha and Beta are the only two nations in the world,the equilibrium world price must be higher than $1 because at $1:

• A) Beta wants to import more than Alpha.
• B) Alpha wants to export more than Beta.
• C) both nations want to export steel.
• D) both nations want to import steel.

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Definitions:

Jefferson Davis

The President of the Confederate States of America during the American Civil War (1861-1865), known for his leadership of the Confederacy in its attempt to establish independence from the United States.

George McClellan

A Union general during the American Civil War known for his cautious tactics and failed 1864 presidential bid against Abraham Lincoln.

1864

A significant year during the American Civil War, marked by key battles and Union victories that helped to shape the outcome of the conflict.

Civil War

Refers to the American Civil War, a conflict between the Northern states (Union) and the Southern states (Confederacy) from 1861 to 1865, primarily over issues of slavery and states' rights.