If a price ceiling is set at $10, and the equilibrium market price is $8, then which of the prices below is the price that consumers actually pay?

Huey and Steve can grow potatoes or tomatoes. The table above shows the pounds of potatoes and tomatoes Huey and Steve can grow in a week. Based on the table, Huey's opportunity cost of producing one pound of tomatoes is

A) 1.5 pounds of potatoes. B) 0.66 pound of potatoes. C) 0, because he has an absolute advantage in it. D) 0, because he has a comparative advantage in it. E) 1.0 pound of potatoes.

The Shipbreakers of Alang represent a perfect example of how a developing country can apply the principles of the Heckscher-Ohlin model, since

A) shipbreaking is generally considered to be a capital-intensive operation and India, being a large country has much capital. B) shipbreaking is a labor-intensive operation in India, and India has many workers since it is such a large country. C) shipbreaking is a labor-intensive operation in India, and India's availability of capital per worker is less than that of its trade partners. D) shipbreaking is a capital-intensive operation elsewhere in the world, and therefore represents a case of a factor intensity reversal. E) India's climate lends itself to the work involved in shipbreaking.