Suppose That Norway Is a Small Country and Currently Produces

question 144

Multiple Choice

Suppose that Norway is a small country and currently produces 100,000 board feet of lumber at $600 per 1,000 board feet. Then it begins to trade at the world price of $500 per 1,000 board feet. As a result of trade, Norway's production falls to 50,000 board feet and its consumption increases to 200,000 board feet. How many board feet of lumber does Norway now import?

• A) 250,000 board feet
• B) 200,000 board feet
• C) 150,000 board feet
• D) 100,000 board feet

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