Refer to the table below to answer the following questions.
Table 7.1.2

-Table 7.1.2 shows a country's demand and supply schedules for a good.Suppose the world price is $4 a unit.The country
A)imports 20 units.
B)exports 20 units.
C)imports 10 units.
D)exports 10 units.
E)imports 30 units.

Question

Refer to the table below to answer the following questions.
Table 7.1.2
 
-Table 7.1.2 shows a country's demand and supply schedules for a good.Suppose the world price is $4 a unit.The country
A)imports 20 units. 
B)exports 20 units. 
C)imports 10 units. 
D)exports 10 units. 
E)imports 30 units.

Quizplus · Accepted Answer

At the world price of $4, the country's domestic price is higher, leading to a quantity demanded of 80 and quantity supplied of 60. This creates a shortage of 20 units, which the country would need to import to meet its demand.

Refer to the Table Below to Answer the Following Questions