For Case II, in What Range Must the "International" Price

question 87

Multiple Choice

For case II, in what range must the "international" price of wheat fall? i.e. if North and South Dakota trade only with each other, what is the range of prices possible?

• A)Between 1 bushel of wheat = 4/3 bottles of beer and 1 bushel of wheat = 2 bottles of beer
• B)Between 1 bushel of wheat = 3/4 bottles of beer and 1 bushel of wheat = 2 bottles of beer
• C)Between 1 bushel of wheat = 3/4 bottles of beer and 1 bushel of wheat = ½ bottles of beer
• D)None of the above

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Definitions:

Average Rate

A value representing the middle point of a rate over a specified period, often calculated by summing rates and dividing by the number of rates.

Rate of Interest

The percentage of the loan amount charged for borrowing money, typically expressed as an annual rate.

Letter Grade

A system of evaluating academic performance using letters, such as A, B, C, D, and F, with A being the highest and F being failing.

Grade Point Value

A numerical value assigned to a grade that measures academic achievement, often used in calculating a student's grade point average (GPA).