(Table: Home and Foreign Prices for Manufacturing and Agriculture) Consider

question 71

Multiple Choice

(Table: Home and Foreign Prices for Manufacturing and Agriculture) Consider the information provided about the price of agriculture and manufacturing goods in two countries (Home and Foreign) . Under the condition of no trade, what is the relative price of manufacturing goods?

• A) 1.66 of the agricultural good in Home
• B) 0.40 of the agricultural good in Foreign
• C) 0.60 of the agricultural good in Home
• D) 0.40 of the agricultural good in Foreign and 0.60 of the agricultural good in Home

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Definitions:

Congress

Congress is the legislative body of the United States federal government, consisting of two houses: the Senate and the House of Representatives, responsible for making the nation's laws.

Constitutional Power

The authority granted to a governmental body or official by a constitution, defining the scope and limits of government action and governance.

Declaring War

The formal announcement by a sovereign or governmental authority that a state of war exists between it and another entity.

Congress

The legislative body of the United States government, composed of the House of Representatives and the Senate, responsible for making federal laws.