Given free trade, small nations tend to benefit the most from trade since they:
Are more productive than their large trading partners
B. Are less productive than their large trading partners
C. Have demand preferences and income levels lower than their large trading partners
D. Enjoy terms of trade lying near the opportunity costs of their large trading partners
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A terms-of-trade index that equals 150 indicates that_______,compared to the base year:
A. It requires a greater output of domestic goods to obtain the same amount of foreign goods
B. It requires a lesser amount of domestic goods to obtain the same amount of foreign goods
C. The price of exports has risen from $100 to $150
D. The price of imports has risen from $100 to $150
A term-of-trade index that equals 90 indicates that compared to the base year:
A. It requires a greater output of domestic goods to obtain the same amount of foreign goods
B. It requires a lesser amount of domestic goods to obtain the same amount of foreign goods
C. The price of exports has fallen from $100 to $90
D. The price of imports has fallen from $100 to $90
The theory of reciprocal demand does not well apply when one country:
A. Produces under constant cost conditions
B. Produces along its production possibilities curve
C. Is of minor economic importance in the word marketplace
D. Partially specializes the production of its export good
The terms of trade is given by:
A. (Price of exports/price of imports) - 100
B. (Price of exports/price of imports) + 100
C. (Price of exports/price of imports) ÷ 100
D. (Price of exports/price of imports) × 100
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