Asked by Zheng Jacky on May 23, 2024
Verified
The world price of a good refers to the quantity of one good exchanged for a unit of another good.
World Price
The international market price of a good, influenced by global supply and demand conditions.
- Understand the motivations behind nations participating in international commerce.
Verified Answer
JG
Ju'lea GecheMay 27, 2024
Final Answer :
False
Explanation :
The world price of a good refers to the price at which a good can be bought or sold on the international market, regardless of the currency used. It is not defined in terms of quantity exchanged for another good.
Learning Objectives
- Understand the motivations behind nations participating in international commerce.