Answer the question(s)below based on the information in the following table
Country
$$\begin{array} { | c | c | c | }
\hline \text { Goods } & \mathrm { A } & \mathrm { B } \
\hline \mathrm { X } & 3 & 9 \
\hline \mathrm { Y } & 4 & 2 \
\hline
\end{array}$$ (numbers indicate hours of labor per unit of output)
-Refer to the table above.In autarky the relative price of X (in terms ofY)in A would be
A)3/4.
B)4/3.
C)3/9.
D)$3.

Question

Answer the question(s)below based on the information in the following table
Country
 $$\begin{array} { | c | c | c | } 
\hline \text { Goods } & \mathrm { A } & \mathrm { B } \
\hline \mathrm { X } & 3 & 9 \
\hline \mathrm { Y } & 4 & 2 \
\hline
\end{array}$$ (numbers indicate hours of labor per unit of output)
-Refer to the table above.In autarky the relative price of X (in terms ofY)in A would be
A)3/4.
B)4/3.
C)3/9.
D)$3.

Quizplus · Accepted Answer

In autarky, the relative price of a good is equal to the ratio of the labor hours required to produce each unit of the goods. In this case, the relative price of X in terms of Y in country A would be 3/4, as it takes 3 hours to produce one unit of X and 4 hours to produce one unit of Y.

Answer the Question(s)below Based on the Information in the Following