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Macroeconomics 11th Edition by Michael Parkin
Edition 11ISBN: 9780133423884Macroeconomics 11th Edition by Michael Parkin
Edition 11ISBN: 9780133423884 Exercise 31
Use the following news clip to work the Problem.
A New Food Crisis Is on Our Plates
Over the past year the price of corn has risen 52 percent, wheat 49 percent, and soybeans 28 percent. Alarmed at spiking food prices, a score of countries, including Russia and Ukraine, have banned food exports to make sure they can feed their own people first.
If a country restricts food exports, what effect does this restriction have in that country on the price of food, the quantity of food it produces, the quantity of food it consumes, and the quantity of food it exports?
A New Food Crisis Is on Our Plates
Over the past year the price of corn has risen 52 percent, wheat 49 percent, and soybeans 28 percent. Alarmed at spiking food prices, a score of countries, including Russia and Ukraine, have banned food exports to make sure they can feed their own people first.
If a country restricts food exports, what effect does this restriction have in that country on the price of food, the quantity of food it produces, the quantity of food it consumes, and the quantity of food it exports?
Explanation
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Effect of Restricting food export on pri...
Macroeconomics 11th Edition by Michael Parkin
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