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QUESTION:
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 1/3 of a pen
b. the domestic price of 1 pencil is 1/4 of a pen
c. the domestic price of 1 pencil is 3 pens
d. the domestic price of 1 pencil is 4 pens
e. the domestic price of 1 pencil is 12 pens
ANSWER:
a. the domestic price of 1 pencil is 1/3 of a pen
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