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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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
Under free trade, Canada would not enjoy any gains from trade with Sweden if Canada:
A. trades atthe Canadian rate of transformation
B. Trades at Sweden's rate of transformation
C. Specializes completely in the production of its export good
D. Specializes partially in the production of its export good
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