Multiple Choice
Suppose that Norway is a small country and currently produces 100,000 board feet of lumber at $600 per 1,000 board feet. Then it begins to trade at the world price of $500 per 1,000 board feet. As a result of trade, Norway's production falls to 50,000 board feet and its consumption increases to 200,000 board feet. How many board feet of lumber does Norway now import?
A) 250,000 board feet
B) 200,000 board feet
C) 150,000 board feet
D) 100,000 board feet
Correct Answer:
Verified
Correct Answer:
Verified
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