The world price of a pound of T-bone steak is $9.00. BeforeGuatemala allowd trad
ID: 1250673 • Letter: T
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The world price of a pound of T-bone steak is $9.00. BeforeGuatemala allowd trade in beef, the price of a pound of T-bonesteak there wa $12.00. Once guatemala began allowing trade in beefwith other countries,Guatemala began a.exporting T-bone steak and the price per pound in Guatemalaremained at $12.00. b. exporting t-bone steak and the price per pound in guatemaladecreased to $9.00. c.importing T-bone steak and the priceper pound inGuatemalaremained at 12.00. d.importing t-bone steak and the price perpound in guatemaladecreased to $9.00. The world price of a pound of T-bone steak is $9.00. BeforeGuatemala allowd trade in beef, the price of a pound of T-bonesteak there wa $12.00. Once guatemala began allowing trade in beefwith other countries,Guatemala began a.exporting T-bone steak and the price per pound in Guatemalaremained at $12.00. b. exporting t-bone steak and the price per pound in guatemaladecreased to $9.00. c.importing T-bone steak and the priceper pound inGuatemalaremained at 12.00. d.importing t-bone steak and the price perpound in guatemaladecreased to $9.00.Explanation / Answer
Answer D. importing T-bone steak and the price per pound inGuatemala decreased to 9. Explanation For goods which we import, domestic prices fall and consumersbenefit while producers are hurt if world price is less than thedomestic price.
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