The graphs below show the world and Chinese Beef, Pork and Rabbit/Dog meat markets before the Swine Flu hits China. The world pork and beef markets does not include the Chinese markets. Notice that the world's meat markets are in long run equilibrium where the price of beef and pork are the same in China and the World. Outside of China no one eats dog and rabbit meat only the dog and rabbit market in China is depicted.  In China, Pork is an ( ) good. and dog meat is is an ( ) . . In the world, beef and pork are ( ) . The chart below shows historical change in GDP per capita in China from 1960 to 2014. The Change in the World illustrated in the chart is an ( ) in chinese income .  Consider possible changes in the Chinese meat markets depicted below.  The change in Chinese income from 1960 to 2014 shifted DStart to ( ) and Dstartto ( ). The changes in demand caused Dog and Rabbit meat prices to ( ) and the price of pork to ( )
The graphs below show the world and Chinese Beef, Pork and Rabbit/Dog meat markets before the Swine Flu hits China. The world pork and beef markets does not include the Chinese markets. Notice that the world's meat markets are in long run equilibrium where the price of beef and pork are the same in China and the World. Outside of China no one eats dog and rabbit meat only the dog and rabbit market in China is depicted.  In China, Pork is an ( ) good. and dog meat is is an ( ) . . In the world, beef and pork are ( ) . The chart below shows historical change in GDP per capita in China from 1960 to 2014. The Change in the World illustrated in the chart is an ( ) in chinese income .  Consider possible changes in the Chinese meat markets depicted below.  The change in Chinese income from 1960 to 2014 shifted DStart to ( ) and Dstartto ( ). The changes in demand caused Dog and Rabbit meat prices to ( ) and the price of pork to ( )
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The graphs below show the world and Chinese Beef, Pork and Rabbit/Dog meat markets before the Swine Flu hits China. The world pork and beef markets does not include the Chinese markets.
Notice that the world's meat markets are in long run equilibrium where the price of beef and pork are the same in China and the World.
Outside of China no one eats dog and rabbit meat only the dog and rabbit market in China is depicted.

In China, Pork is an ( ) good. and dog meat is is an ( ) . . In the world, beef and pork are ( ) .
The chart below shows historical change in GDP per capita in China from 1960 to 2014.
The Change in the World illustrated in the chart is an ( ) in chinese income .

Consider possible changes in the Chinese meat markets depicted below.

The change in Chinese income from 1960 to 2014 shifted DStart to ( ) and Dstartto ( ).
The changes in demand caused Dog and Rabbit meat prices to ( ) and the price of pork to ( )
Transcribed Image Text:The Change in the World illustrated in the chart is an increase in
chinese income.
China's GDP Per Capita Income (Current USD)
8000
7000
6000
5000
4000
3000
2000
1000
Consider possible changes in the Chinese meat markets depicted
below.
World Beef Market
World Pork Market
Start
Sstart
Dstart
Dstert
Q4
Q
Chinese Dog and Rabbit Meat Market
Chinese Pork Market
Saart
Sstart
D3
D,
Dstart
Q,
Q.
0961
1962
1964
996T
896T
1972
1974
& 6T
086T
1982
1984
1986
886T
0661
1992
1994
966T
866T
0002
2012
Transcribed Image Text:World Pork Market
World Beef Market
Sstart
Sstart
P,
Pa
Dsant
Dszat
Chinese Pork Market
Chinese Dog and Rabbit Meat Market
Sstart
Start
P2
Dstart
Dsat
Q.
Q2
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