The best explanation of the gains from trade that David Ricardo could provide was to describe only the outer limits within which the quiilibrium terms of trade would fall. This is because Ricardo's theory did not recognize how market prices are influenced by:
A. Demandconditions
B. Supply conditions
C. Business expectattions
D. Profit patterns
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Underfree trade, Swedenenjoysall of the gains from trade with Holland if Sweden:
A. Trades at Holland's rate oftransformation
B. TradesatSweden'srate oftransformation
C. Specializescompletely in the production of its export good
D. Specializes partially intheproduction of its export good
BecausetheRicardiantradetheoryrecognizedonlyhowsupplyconditionsinfluenceinternationalprices,itcould determine:
A. Theequilibriumtermsoftrade
B. Theouterlimitsforthetermsoftrade
C. Whereacountrychooses to locate along its production possibilities curve
D. Where acountrychoosesto locate along its tradetriangle
The terms of trade is given by the prices:
A. Paidforall goods imported bythehomecountry
B. Received for all goods exported by the home country
C. Receivedforexports and paid for imports
D. Ofprimaryproducts as opposed to manufactured products
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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