Use the following to answer question: 
-(Scenario: The Production of Wheat and Toys) Use Scenario: Production of Wheat and Toys.If each country specializes in the good for which it has the comparative advantage:
Definitions:
Price Elasticity
The measure of how much the quantity demanded of a good responds to a change in its price, with elasticity greater than one indicating a high sensitivity to price changes.
Supply Elasticity
A measure of how much the quantity supplied of a good changes in response to a change in price.
Equilibrium Price
The equilibrium price where the supply of goods meets consumer demand.
Horizontal Supply Curve
Represents a market situation where the supply of a good is perfectly elastic, indicating the supplier is willing to sell any quantity at a fixed price.
Q30: (Figure: The Market for Hamburgers)Use Figure: The
Q36: Taxes for retirement pension plans administered by
Q94: (Figure: The Production Possibilities for Two Countries)Use
Q98: Since the terrorist attacks of 9/11 (on
Q123: A tariff is MOST likely to _
Q124: (Figure: The Market for Roses)Use Figure: The
Q169: (Table: Three Tax Structure Proposals)Use Table: Three
Q179: Many countries engage in trade protection by
Q233: Tariffs and import quotas tend to:<br>A) increase
Q234: (Figure: The Market for Blue Jeans)Use Figure: