the cost of acquisition. Comment on this
- Is the cost of production the regulator of international values?
- Discuss the following statement: “International value is regulated just as inter-provincial or inter-parishional value is. Coals and [pg 651] hops are exchanged between Northumberland and Kent on absolutely the same principles as iron and wine between Lancashire and Spain.”—Ruskin, “Munera Pulveris,” p. 84.
- What determines the value of imported commodities?
- Why does cost of production fail to determine the value of commodities brought from a foreign country? Does it also fail in the case of commodities brought from distant parts of the same country?
- It is on the matter of fact that there is not much migration of capital and labor from country to country that Mr. Mill has based his whole doctrine of “international trade and international values.” Explain and comment on the above statement.
- What are the causes which determine for a nation the cost of its imports?
- It follows from the theory of international values, as laid down by Mill, that the permanent residence of Americans in Europe may enhance the cost of foreign imports to Americans residing at home. Explain in what way.
- Suppose two countries, A and B, isolated from the rest of the world, and a trade established between them. In consequence