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Exhibit 18-3 -In Exhibit 18-3, If the World Price of Tulips Is

Question 68

Multiple Choice

Exhibit 18-3
Exhibit 18-3 -In Exhibit 18-3, if the world price of tulips is $4 and there are no trade restrictions, The Netherlands will A) produce 10,000, consume 4,000, and import 6,000 tulips B) produce 10,000 and consume 10,000 tulips C) produce no tulips D) import all of the tulips that it consumes E) consume only some of the tulips it produces
-In Exhibit 18-3, if the world price of tulips is $4 and there are no trade restrictions, The Netherlands will

A) produce 10,000, consume 4,000, and import 6,000 tulips
B) produce 10,000 and consume 10,000 tulips
C) produce no tulips
D) import all of the tulips that it consumes
E) consume only some of the tulips it produces

Correct Answer: