1. In 2012, the island of Madagascar had an index of export prices of 15% (115) over the previous year and an index of i
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1. In 2012, the island of Madagascar had an index of export prices of 15% (115) over the previous year and an index of import prices of 7% (107) over the previous year. Calculate Terms of trade of Madagascar economy. (ANS.: 107.5) 2. The table given below shows the number of labour hours required to produce Sugar and Rice in two countries X and Y: (N18 - 3M) Commodity Country X Country Y 1 unit of Sugar 2.0 5.0 1 unit of Rice 4.0 2.5 a) Compute the Productivity of labour in both countries in respect of both commodities. b) Which country has absolute advantage in production of Sugar? c) Which country has absolute advantage in production of Rice? (N18 - 3M)