Use the Following Table for Country X to Answer the Question

question 45

Multiple Choice

Use the following table for Country X to answer the question below. Column 1 of the table is the price of a product. Column 2 is the quantity demanded domestically (Q_dd) and Column 3 is the quantity supplied domestically (Q_sd) . Refer to the table above. If Country X opens itself up to international trade, at what world price will it begin importing some units of the product?

• A) Any price below $5.00
• B) Any price above $5.00
• C) Any price below $3.00
• D) Any price above $3.00

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Definitions:

Redemptioners

Immigrants, particularly in the 18th and 19th centuries, who signed contracts to work in America for a period in exchange for their passage being paid.

Cadwallader Colden

An 18th-century Scottish physician, scientist, and lieutenant governor of New York known for his work in botany and colonial administration.

Junto

A political or literary club or group, especially one formed for mutual improvement or the exchange of ideas.

Task Labor System

A system of labor, typically associated with slavery in the American South, where slaves were assigned specific tasks to complete each day, as opposed to working from sunrise to sunset.