The table below gives the maximum amount of rice or cloth that countries and could produce if they fully utilize all the factors of production at their disposal with the best technology available to them :
| Country—A | Country—B | |
|---|---|---|
| Rice (in million tonnes/year) | 50 | 100 |
| Cloth (in million yards/year) | 100 | 300 |
In Question No. , the free trade relative price of rice could be
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The table below gives the maximum amount of rice or cloth that countries A and B could produce if they fully utilize all the factors of production at their disposal with the best technology available to them: | Country—A | Country—B | Rice (in million tonnes/year) | 50 | 100 | Cloth (in million yards/year) | 100 | 300 | In Question No. 42, the free trade relative price of rice could be (A) 1· 75 (B) 1· 95 (C) 2· 75 (D) 3· 15
Theories of international trade has come up 151 times in 6 exams since 2006.
This question is on Specialisation and the gains from trade, part of Theories of international trade in International Economics.
How specialisation raises consumption possibilities, including complete and incomplete specialisation.
TestStop has 29 past-paper questions on this subtopic.
Question from the JNU SIS 2017 paper. Solutions are TestStop's own. Not affiliated with or endorsed by any examination authority.