Business, 18.12.2019 00:31 navypeanut
Assume that there are two nations, orca and tapa. each nation produces two products, wheat and steel. orca has a comparative advantage in the production of wheat. if the two nations trade, the price of wheat in terms of steel will be:
1. less than the domestic opportunity cost of wheat in orca and greater than the domestic opportunity cost of wheat in tapa.
2. greater than the domestic opportunity cost of wheat in orca and less than the domestic opportunity cost of wheat in tapa.
3. greater than the domestic opportunity cost of wheat in both nations.
4. less than the domestic opportunity cost of wheat in both nations.
Answers: 1
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Assume that there are two nations, orca and tapa. each nation produces two products, wheat and steel...
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