Table 1014 Shows the Output of Kumquats Per Month

question 147

Multiple Choice

Table 10.14 shows the output of kumquats per month.

-Refer to Table 10.14 to answer this question.What is the world (free trade) price of kumquats,and what quantity of this product is being consumed domestically?

• A)$4 and 50 kilos consumed.
• B)$4 and 90 kilos consumed.
• C)$5 and 80 kilos consumed.
• D)$6 and 70 kilos consumed.
• E)$6 and 130 kilos consumed.

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Definitions:

Saving Rate

The proportion of income that is not spent on consumption but is instead saved by individuals or entities.

National Debt

The total amount of money that a country's government has borrowed, usually as a result of spending more than it receives in taxes.

Vertical Equity

A principle in taxation stating that taxpayers with a higher ability to pay should contribute more in taxes than those with a lesser ability to pay.

Flow Measure

A quantitative assessment that represents movement of items over time, often used in economics to track variables like income.