Question: There are two countries the US, and China. There are one hundred workers in each country. Below I give the number of workers required to
There are two countries the US, and China. There are one hundred workers in each country. Below I give the number of workers required to produce one unit of tradables/nontradables for each country:
Tradables Nontradables
The US 1 4
China 8 8
- What is the wage rate in the U.S?
- What is the wage rate in China?
- What is the price of nontradables in the US?
- What is the price of nontradables in China?
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