In country X, it takes 50 labor hours to produce cloth and 100 hours to produce grain. In country Y, it takes 200 labor hours to produce cloth and 200 hours to produce grain. At what price would X start to be willing to trade with Y?

Related MCQs

• In country A, it takes 10 labor hours to produce cloth and 20 labor hours to produce grain. In country B, it takes 20 labor hours to produce cloth and 10 labor hours to produce grain. Which country should produce grain?
• In North, it takes 50 labor hours to produce cloth and 100 hours to produce grain. In South, it takes 200 labor hours to produce cloth and 200 hours to produce grain. Which of the following statements is true?
• EXIM Licensing is a________ function of Board of Trade under Foreign Trade Policy
• The first ever set of multilaterals, legally enforceable rules covering international trade in services is the General Agreement on Trade in services (GATS).
• Which trade theory holds that nations can increase their economic well-being by specializing in the production of goods they produce more efficiently than anyone else
• A company of the US has excess products that it does not want to sell into the US market because it will bring down the domestic price and instead sells it at another country at below the cost of production. What is this called?
• A -----------contains the details of the goods shipped and is sworn as being correct in all respects by the exporter before the Consul of the importing country stationed in the exporting country.
• If a country is having more exports than imports in value terms, it can be said that the country is having
• Fulfillment of Export obligation for licenses with duty saved of Rs.100 Corers or more is valid only if -
• Fulfillment of Export obligation for licenses with duty saved of Rs.100 Corers or more is valid only if,