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In Japan, there are tariffs, price supports, and import restrictions such quotas on rice. Compare the price of rice in Japan to the price in the United States by using the yen/dollar exchange rate to convert the prices to a common currency. Do you see the wedge in the prices that the theory predicts? (Later in the book, we will also predict a single price of goods when trade barriers are insignificant through a theory called purchasing power parity.) If in fact the prices of rice expressed in the same currency were the same, what would the yen/dollar exchange rate have to be?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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