10. Suppose that the current international price of wheat is $6 per bushel and that the United...

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10. Suppose that the current international price of wheat is $6 per bushel and that the United States is currently exporting 30 million bushels per year. If the United States suddenly became a closed economy with respect to wheat, would the domestic price of wheat in the United States end up higher or lower than

$6? LO20.3

a. Higher.

b. Lower.

c. The same.

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Macroeconomics

ISBN: 9781259915673

21st Edition

Authors: Campbell McConnell, Stanley Brue , Sean Flynn

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