In the absence of trade, a nation is in equilibrium where a community indifference curve:
A. Lise above its production possibilities curve
B. Is tangent to its production possibilities curve
C. Intersects its production possibilities curve
D. Lise below its production possibilities curve
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The use of indifference curves helps us determine the point:
Along the terms-of-trade line a country will choose
B. Where a country maximizes its resource productivity
C. At which a country ceases to become competitive
D. Where the marginal rate of transformation approaches zero
With trade, a country will maximize its satisfaction when it:
A. Moves to the highest possible indifference curve
B. Forces the marginal rate of substitution to its lowest possible value
Consumesmoreofbothgoodsthanitdoesinautarky
D. Finds its marginal rate of substitution exceeding its marginal rate of transformation
Trade between two nations would not be possible if they have:
A. Identical community indifference curves but different production possibilities curves
B. Identical production possibilities curves but different community indifference curves
C. Different production possibilities curves and different community indifference curves
D. Identical production possibilities curves and identical community indifference curves
Given a two-country and two-product world, the United States would enjoy all the attainable gains from free trade with Canada if it:
A. Trades at the U.rate of transformation
B. Trades at the Canadian rate of transformation
C. Specializes completely in the production of both goods
D. Specializespartially in the production of both goods
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