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In Canada's 2005 lumber dispute with the United States, U.S. producers alleged that Canadian lumber producers were selling their product. in the US. below their cost. This practice is referred to as O A. the imposition of a quota O B. trade creation. 0 C. 'exports are good, imports are bad.' 0 D. learning by doing. 0 E. dumping. Canadian prices for wheat will tend to be the same as world prices because O A. of the government's "law of one price", which specifies that the price must the same across the country. O B. of wheat being sold through grain companies that maintain high prices to increase profits through monopoly agreement. O C. of the "law of one price", which states that when a product that is cheaply transported is traded throughout the entire world, it will tend to have a single price. O D. Canada is a large player in the world wheat market and plays a role in setting wheat prices as part of a wheat cartel.Use the diagram to analyze the effects of imposing an import quota to protect domestic producers of wine. The world price is Pw. Canadian Market for Wine a. Explain why an import quota of 14 thousand units raises the domestic price to Pw + t. At the world price of Pw, Canadian consumers demand 41 thousand units of wine, 36 thousand of which must be imported. The import quota of 14 thousand units creates domestic excess demand at price Pw, which drives up the domestic price until demand for imported wine just equals thousand units. Price of Wine ($) Pw +t C B A D +Quota- D 16 :30 141 Quantity of Wine (thousand units)The graph at right shows a competitive market for Canadian beer. Beer Market in a Closed Economy Suppose that there is no international trade. The equilibrium price will be $ 35 and the equilibrium quantity will be 30 thousand cases. 60- Now suppose that Canada is open to trade with the rest of the world. At the world price of $50, the domestic supply will be 50- thousand cases, the domestic consumption will be thousand cases. 40- Price per case ($) 30- 20- 10 D 10 20 30 40 50 60 Quantity (000's cases per week)The following production possibilities schedule shows the quantities of soybeans and oil that can be produced in Canada and Mexico with one unit of equivalent resources. Soybeans Oil (bushels) (barrels) Canada 53 12 Mexico 28 8 Mexico would not gain by producing and exporting oil and importing soybeans unless it received O A. more than 3.5 bushels of soybeans per barrel of oil. O B. 1.5 bushels of soybeans per barrel of oil. O C. any quantity of soybeans. O D. more than 4.42 bushels of soybeans per barrel of oil. O E. more than 0.67 barrel of oil.A business which contends that it needs temporary protection so that it can expand significantly and thereby reduce its costs so as to enable it to compete with foreign producers is using an argument for protection known as O A. the infant industry argument. O B. the monopolistic competition argument. O C. price fluctuations policy. O D. the social advantages argument. O E. strategic trade policy.The following production possibilities schedule shows the quantities of wheat and rice that can be produced in Canada and India with one unit of equivalent resources. Wheat Rice (bushels) (bushels) Canada 15 8 India 7 15 To achieve the potential gains from international trade, O A. Canada should export wheat to India and import Indian rice. O B. India should exclude wheat from its consumption. O C. Canada should produce both wheat and rice and not trade with India. O D. Canada should export rice to India and import Indian wheat. O E. India should produce both wheat and rice and not trade with Canada.The following production possibilities schedule shows the quantities of wheat and rice that can be produced in Canada and India with one unit of equivalent resources. Wheat Rice (bushels) (bushels) Canada 15 8 India 7 15 To achieve the potential gains from international trade, O A. Canada should export wheat to India and import Indian rice. O B. India should exclude wheat from its consumption. O C. Canada should produce both wheat and rice and not trade with India. O D. Canada should export rice to India and import Indian wheat. O E. India should produce both wheat and rice and not trade with Canada.Suppose the Canadian government were to subsidize its exports of lumber to a foreign country. If a domestic firm in that country suspects the existence of such a subsidy and registers a complaint, its government is required to make an investigation. If the investigation determines, first, that the Canadian subsidy to the lumber industry does exist and, second, that it is large enough to cause significant injury to competing domestic firms, then that country would most likely impose O A. a customs union. O B. a VER. O C. dumping measures. O D. a countervailing duty. O E. trade creation