Multiple Choice
The table below shows the bushels of wheat and the bottles of beer that North and South Dakota can produce per day of labor under two different hypothetical situations (Cases I and II) . For case II,in what range must the "international" price of wheat fall? (i.e.,if North and South Dakota trade only with each other,what is the possible range of prices?)
A) Between 1 bushel of wheat = 4/3 bottles of beer and 1 bushel of wheat = 2 bottles of beer
B) Between 1 bushel of wheat = 3/4 bottles of beer and 1 bushel of wheat = 2 bottles of beer
C) Between 1 bushel of wheat = 3/4 bottles of beer and 1 bushel of wheat = ½ bottles of beer
D) none of the options
Correct Answer:

Verified
Correct Answer:
Verified
Q9: Suppose that country A is twice as
Q10: The massive privatization that is currently taking
Q11: Privatization<br>A)has spurred a tremendous increase in cross-border
Q12: The table below shows the bushels
Q13: The first two columns give the
Q15: Suppose Mexico is a major export market
Q16: Suppose you start with $100 and buy
Q17: The gains from trade<br>A)are likely realized in
Q18: Country A can produce 10 yards of
Q19: Country A can produce 10 yards of