Consider the No-Trade Input/output Situation Presented in the Following Table

question 88

Multiple Choice

Consider the no-trade input/output situation presented in the following table and graph for South and North Carolina.Assume that free trade is legal. Input/Output without Trade

• A)1 pound of butter costs 0.33 guns.
• B)1 gun costs 0.33 pounds of butter.
• C)1 pound of butter costs 0.66 guns.
• D)2 guns costs 0.66 pounds of butter.

		country
	south carolina	north carolina	total
I. total potintal output
(lbs. or yard; 000,000s)
guns	500	250	750
butter	1,000	750	1,750
II. consumption
(lbs. or yard; 000,000s)
guns	250	200	450
butter	500	150	650

What is the relative price of a pound of butter in terms of guns in North Carolina?

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