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
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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
If Japan and France have identical production possibilities curves and identical community indifference curves:
A. Japan will enjoy all the gains from trade
B. France will enjoy all the gains from trade
C. Japan and France share equally in the gains from trade
D. Gainful specialization and trade are not possible
A rise in the price of imports or a fall in the price of exports will:
A. Improve the terms of trade
B. Worsen the terms of trade
C. Expand the production possibilities curve
D. Contract the production possibilities curve
A fall in the price of imports or a rise in the price of exports will:
A. Improve the terms of trade
B. Worsen the terms of trade
C. Expand the production possibilities curve
D. Contract the production possibilities curve
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