Suppose a country's workers can produce 4 watches per hour or 12 rings per hour. If there is no trade,

Related MCQs

• Suppose the world consists of two countries: the UK and Spain. Further, suppose there are only two goods--food and clothing. Which of the following statements is true?
• One similarity between international trade and inter-regional trade is that in general both must overcome
• The opportunity cost of a machine which can produce only one product is:
• Standard of living of workers depends upon their
• Increasing the minimum wage for workers will:
• Under Heckscher-Ohlin Model, international trade can lead to increases in:
• In order to maximize profits, a firm should produce at the output level for which
• The basis of trade between countries lies in the
• The basis of trade between countries lies in the
• The absolute advantage theory of international trade is associated with