If the Relative Price of One Unit of Good Y

question 100

Multiple Choice

If the relative price of one unit of good Y is 0.25 units of good Z, then it follows that the absolute price of good Z can be __________ and the absolute price of good Y can be __________.

• A)$4,000; $2,000
• B)$1,000; $2,000
• C)$2,000; $1,000
• D)$1,000; $250

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Definitions:

Mediterranean Atlantic

Referring to the area or regions bordering or near the Mediterranean Sea and the Atlantic Ocean, particularly influencing climate and trade.

Westerlies

Prevailing winds that blow from the west to the east in the temperate zones of the Earth.

Portuguese Colony

A territory overseen and controlled by Portugal during its period of colonial expansion, particularly from the 15th to the 20th centuries.