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5. Suppose a \"small\" country embarks on an effort to expand production of X while it is open to trade. This is shown on the \"Small Country\" chart on the next page. a. (1 pt.) Currently, is this country importing good X or good Y? Enter the correct letter (X or Y). Enter answer here > b. Which way will the Terms of Trade move? (In Favor of the Country, Against the Country, Won't Change). Enter answer here > c. On the chart indicate the new production and consumption levels and label them X1, 2, Yr, 2, KC, 1 and Ya) d. What has happened to the country's production of good X (Increased, Decreased, Unchanged, Indeterminate)? Enter answer here > e. What has happened to the country's consumption of good X (Increased, Decreased, Unchanged, Indeterminate)? Enter answer here > f. What has happened to the country's production of good Y (Increased, Decreased, Unchanged, Indeterminate)? Enter answer here > g. What has happened to the country's consumption of good Y (Increased, Decreased, Unchanged, Indeterminate)? Enter answer here > 6. Suppose that the country in #5, above, is \"large" and embarks on the same effort at export expansion while it is open to trade. That is, it increases its ability to produce the product it exports without changing its ability to produce the good it imports. This is shown on the \"Large Country\" chart on the next page. a. (1 pt.) Currently, is this country importing good X or good Y? Enter the correct letter (X or Y). Enter answer here > b. Which way will the Terms of Trade move? (In Favor of the Country, Against the Country, Won't Change). Enter answer here > c. On the chart indicate the new production and consumption levels and label them X1, 2, Yr, 2, KC, 1 and Yc,1 d. What has happened to the country's production of good X (Increased, Decreased, Unchanged, Indeterminate)? Enter answer here > e. What has happened to the country's consumption of good X (Increased, Decreased, Unchanged, Indeterminate)? Enter answer here > f. What has happened to the country's production of good Y (Increased, Decreased, Unchanged, Indeterminate)? Enter answer here > g. What has happened to the country's consumption of good Y (Increased, Decreased, Unchanged, Indeterminate)? Enter answer here > 7. Based on the correct answers to #4 and #5 above, is it better to be a \"small" or \"large\" country when you adopt an export expansion policy? Explain why. Start answer here > KEEP ALL ANSWERS TO #5, 6 and 7 ON THIS PAGE