The Above Figure Shows the Australian Market for Wheat
The above figure shows the Australian market for wheat. With international trade, Australia exports ________ of wheat.
A) 700,000 tonnes
B) 500,000 tonnes
C) 300,000 tonnes
D) 400,000 tonnes
E) None of the above answers is correct because Australia imports wheat.
If the United States exports planes to Brazil and imports ethanol from Brazil, the price received by U.S. producers of planes ________, and the price received by Brazilian producers of ethanol ________.
A) falls; rises
B) rises; falls
C) falls; falls
D) does not change; does not change
E) rises; rises
A nation will import a good if its no-trade, domestic
A) price is greater than the world price.
B) quantity is greater than the world quantity.
C) price is equal to the world price.
D) quantity is less than the world quantity.
E) price is less than the world price.
Australia exports a good if its no-trade Australian price is ________ the world price. With international trade, Australian production of the good ________ compared to the level of no-trade production.
A) the same as; does not change
B) the same as; increases
C) lower than; increases
D) higher than; does not change
E) higher than; increases