The US Rice Millers' Association Claims That If the Japanese Rice

question 252

Multiple Choice

The U.S. Rice Millers' Association claims that if the Japanese rice market were opened to imports by lowering ________, lower prices would save Japanese consumers $6 billion annually and the United States would gain a large share of the Japanese rice market.

• A) boycotts
• B) quotas
• C) sanctions
• D) tariffs
• E) subsidies

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Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to sell.

Market

A place or virtual space where buyers and sellers come together to trade goods, services, or financial instruments, determining the prices through supply and demand.

External Cost

Costs of a transaction that affect people who are not part of the transaction.

Private Value

The estimate of worth that an individual or company assigns to an asset, good, or service, reflecting personal assessments rather than market-driven prices.