The Demand for Soybeans in a Country Is Given by D

question 117

Multiple Choice

The demand for soybeans in a country is given by D = 5 - 0.2P,where P is the price of a bushel of soybeans.Supply by domestic producers is given by S = 1 + 0.8P.Both demand (D) and supply (S) of soybeans are measured in millions of bushels.If the world price of soybeans equals $2 and this economy is open to trade,then this country will

• A) export 1 million bushels of soybeans.
• B) export 2 million bushels of soybeans.
• C) neither import nor export soybeans.
• D) import 1 million bushels of soybeans.
• E) import 2 million bushels of soybeans.

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Definitions:

Job Losses

The elimination of positions within a company due to reasons such as economic downturns, restructuring, or automation.

Globalization

The process by which businesses, cultures, and national borders become more interconnected and interdependent, often through increased trade and communication.

Financialization

The growing dominance of financial markets, financial motives, financial institutions, and financial elites in the economy, shaping social and economic policies.

Free-Market Public Policies

Policies that advocate for minimal governmental intervention in the economy, emphasizing the role of market forces in allocating resources.