Question

The world price of a ton of steel is $1000. Before Russia allowed trade in steel, the price of a ton of steel there was $650. Once Russia allowed trade in steel with other countries, Russia begana. exporting steel and the price per ton in Russian remained at $650b. exporting steel and the price per ton increased to $1000.c. importing steel and the price per ton in Russia remained at $650d. importing steel and the price per ton in Russia increased to $1000.

Answer 1

Answer:

The correct answer is B

Explanation:

Export is the term which is defined as the goods and the services which are produced in one country and the residents of the other country purchased or bought it.

In short, it means that produced domestically, and then sold it to the foreign country.

Under this situation, the world price of the steel is $1,000. And the Russia started to export the steel so, it will lead to exporting the steel and the price would be $1,0000.