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The following graph shows the market for wheat in the European Union (EU). The world price of wheat is $2.00 per bushel, so Sworld represents the world supply assuming that the EU cannot affect the world price of wheat. To support the agricultural sector, the EU guarantees a certain price for the farmers by imposing a variable levy of $2.00 per bushel to limit the import of wheat. On the graph, use the purple line (diamond symbol) to show the support price the farmers receive due to the variable $2.00 levy. Note: Select and drag the line segment from the palette to the graph. Then select a point on the line segment and drag it to its desired position. 10.00 9.00 8.90 Support Price 7:00 6.00 PRICE (Dollars per bushel) 5.00 4:00 3.00 1.00 WHEAT (Bushels) Fill in the following table by entering the quantities for production, consumption, and imports of wheat in the EU before and after the Production Consumption Imports ( Bushels) ( Bushels) (Bushels) Before the levy After the levy Suppose that the world price of wheat rises to $3.00 per bushel, but the EU keeps the same support price for the farmers. On the previous graph, use the grey line (star symbol) to draw the new world supply curve (Sworld, New) Given the change in the world price, the variable levy adjusts to |S per bushel of wheat in order to maintain the support price. Which of the following describe the effects of the variable levy on international trade? Check all that apply. [) Foreign producers are more aggressive in subsidizing their exports to capture a larger share of the world market. Foreign producers have an incentive to cut prices to maintain export sales Foreign producers have no incentive to subsidize their exports mmon currency Identify whether each attribute in the following table is an advantage or disadvantage of sharing a currency across country boundaries. Attribute Advantage Disadvantage Greater certainty for investors O O Greater risk of macroeconomic shocks O O Elimination of exchange fluctuations O O Lower protectionism O O Dependent monetary policy O O Which of the following are reasons the United States is considered currency area? Check all that apply. Independent monetary and fiscal policies An automatic mechanism for transferring fiscal resources across borders A single monetary policy that is equally effective across borders Limited use of fiscal policy Grade It Now Save & Continue