If a nation imports a good when the economy is opened to trade, the domestic price of the good will and domestic consumption will a. fall; fall b. rise; fall
If a nation imports a good when the economy is opened to trade, the domestic price of the good will and domestic consumption will a. fall; fall b. rise; fall
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter34: Globalization And Protectionism
Section: Chapter Questions
Problem 1SCQ: Explain how a tariff reduction causes an Increase in the equilibrium quantity of imports and a...
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![If a nation imports a good when the economy
is opened to trade, the domestic price of the
good will
and domestic consumption
will
O a. fall; fall
b. rise; fall
O c. fall; rise
d. rise; rise](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F112e2422-4a86-47bf-b21d-09733803b712%2F2a9644bf-d4d8-45a8-81c4-7bf313549204%2Fkfilttq_processed.png&w=3840&q=75)
Transcribed Image Text:If a nation imports a good when the economy
is opened to trade, the domestic price of the
good will
and domestic consumption
will
O a. fall; fall
b. rise; fall
O c. fall; rise
d. rise; rise
![Mexico produces lettuce but can also import
it. If Mexico imports some lettuce:
a. the domestic quantity supplied will
increase.
O b. Mexico has a comparative advantage
in lettuce production.
c. the price in Mexico will rise to equal
the world price.
d. the world price is lower than the
domestic price.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F112e2422-4a86-47bf-b21d-09733803b712%2F2a9644bf-d4d8-45a8-81c4-7bf313549204%2Fi1mxccnj_processed.png&w=3840&q=75)
Transcribed Image Text:Mexico produces lettuce but can also import
it. If Mexico imports some lettuce:
a. the domestic quantity supplied will
increase.
O b. Mexico has a comparative advantage
in lettuce production.
c. the price in Mexico will rise to equal
the world price.
d. the world price is lower than the
domestic price.
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