Multiple Choice
The table given below shows the number of labor hours required to produce 1 gallon of wine and 1 pound of cheese in the U.S. and France. What is the relative price of cheese (the price of cheese in terms of wine) in France under no trade situation?
A) 2 gallons of wine per pound
B) 1 gallon of wine per pound
C) 0.5 gallons of wine per pound
D) 0.25 gallons of wine per pound
Correct Answer:

Verified
Correct Answer:
Verified
Q33: Consider a two-country, two-commodity model. The
Q34: The table given below shows the
Q35: Which of the following is true of
Q36: The table given below shows the
Q37: Consider a two-country, two-commodity model. The
Q39: The table given below shows the
Q40: If a country does not have an
Q41: According to the Mercantilists, governments should:<br>A)subsidize and
Q42: The figure given below shows the production
Q43: If country X has higher labor productivity