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

The correct answer is C) 150,000 board feet.

Explanation:

In order to meet domestic demand, Norway must import the goods produced in other countries, which means that there is no price increase due to the shortage of the good.

If Norway only produces 50,000 board feets and the demand is 200,000, then it will be forced to introduce the missing amount that comes from other countries.

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.