20. If we change Ricardo's numbers to "England may be so circumstanced, that to produce the cloth may require the labour of 10 men for one year; and if she attempted to make the wine, it might require the labour of 12 men for the same time.while) To produce the wine in Portugal, might require only the labour of 800 men for one year, and to produce the cloth in the same country, might require the labour of 900 men for the same time." what happens to which nation is the low cost producer of wine and cloth and which nation exports what product? O nothing everything reverses O England and Portugal stop trade O Portugal imports both cloth and wine

20. If we change Ricardo's numbers to "England may be so circumstanced, that to produce the cloth may require the labour of 10 men for one year; and if she attempted to make the wine, it might require the labour of 12 men for the same time.while) To produce the wine in Portugal, might require only the labour of 800 men for one year, and to produce the cloth in the same country, might require the labour of 900 men for the same time." what happens to which nation is the low cost producer of wine and cloth and which nation exports what product? O nothing everything reverses O England and Portugal stop trade O Portugal imports both cloth and wine

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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