After a Certain Nation Changed Its Policy from One That

question 57

Multiple Choice

After a certain nation changed its policy from one that banned international trade in wheat to one that allowed international trade in wheat,the nation began importing wheat.As a result,total surplus in the wheat market increased by $10 million.Which of the following changes could have occurred as well?

• A)The price of wheat in that nation increased with the adoption of the new policy.
• B)The domestic quantity of wheat supplied increased with the adoption of the new policy.
• C)Consumer surplus in the wheat market increased by $7 million and producer surplus in the wheat market increased by $3 million.
• D)Consumer surplus in the wheat market increased by $15 million and producer surplus in the wheat market decreased by $5 million.

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Definitions:

Employee's Time

The period during which an employee is at work or is expected to be working.

Training Level

The extent or degree of depth and complexity in which skills and knowledge are imparted to individuals during a training program.

Peter Principle

A term coined by author Lawrence J. Peter describing the tendency to promote individuals to their levels of incompetence. The overpromotion syndrome harms the individual and the organization because it inevitably results in lowered morale and job performance.

Organizations

Groups of people who come together to pursue common goals, typically structured and managed through established processes and hierarchies.