The commodity terms of trade measures
A. The rate at which exports exchange for imports
B. The influence trade has on productivity levels
C. The effect on income of the trading nation
D. The improvement in a nation's welfare
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According to the mercantilists, a nation's welfare would improve if it maintained a surplus of exports over imports.
A. 对
B. 错
The mercantilists maintained that a free-trade policy best enhances a nation's welfare.
A. 对
B. 错
The mercantilists contended that because one nation's gains from trade come the expense of its trading partners, not all nations could simultaneously realize gains from trade.
A. 对
B. 错
According to the price-specie-flow-doctrine, a trade-surplus nation would experience gold outflows, a decrease in its money supply, and a fall in its price level.
A. 对
B. 错