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When the nation of Ectenia opens itself to world trade in coffee beans, the domestic price of coffee beans falls. Which of the following describes the situation? a. Domestic production of coffee rises, and Ectenia becomes a coffee importer. b. Domestic production of coffee rises, and Ectenia becomes a coffee exporter. c. Domestic production of coffee falls, and Ectenia becomes a coffee importer. d. Domestic production of coffee falls, and Ectenia becomes a coffee exporter.

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Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509
BuyFind

Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509

Solutions

Chapter
Section
Chapter 9, Problem 2CQQ
Textbook Problem

When the nation of Ectenia opens itself to world trade in coffee beans, the domestic price of coffee beans falls. Which of the following describes the situation?

a. Domestic production of coffee rises, and Ectenia becomes a coffee importer.

b. Domestic production of coffee rises, and Ectenia becomes a coffee exporter.

c. Domestic production of coffee falls, and Ectenia becomes a coffee importer.

d. Domestic production of coffee falls, and Ectenia becomes a coffee exporter.

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