Suppose a country's workers can produce 4 pens per hour or 12 pencils per hour. If there is no trade, a. the domestic price of 1 pencil is 3 pens b. the domestic price of 1 pencil is 4 pens c. the domestic price of 1 pencil is 1/3 of a pen d. the domestic price of 1 pencil is 1/4 of a pen Oe. the domestic price of 1 pencil is 12 pens

Suppose a country's workers can produce 4 pens per hour or 12 pencils per hour. If there is no trade, a. the domestic price of 1 pencil is 3 pens b. the domestic price of 1 pencil is 4 pens c. the domestic price of 1 pencil is 1/3 of a pen d. the domestic price of 1 pencil is 1/4 of a pen Oe. the domestic price of 1 pencil is 12 pens

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter9: Application: International Trade

Section: Chapter Questions

Problem 2QCMC

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Suppose a country's workers can produce 4 pens per hour or 12 pencils per hour. If there is no trade, ________. a. the domestic price of 1 pencil is 1/4 of a pen b. the domestic price of 1 pencil is 4 pens c. the domestic price of 1 pencil is 12 pens d. the domestic price of 1 pencil is 1/3 of a pen e. the domestic price of 1 pencil is 3 pens Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
If a nation that imports a good imposes a tariff, it willincreasea. the domestic quantity demanded.b. the domestic quantity supplied.c. the quantity imported from abroad.d. all of the above.
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