BecausetheRicardiantradetheoryrecognizedonlyhowsupplyconditionsinfluenceinternationalprices,itcould determine:
A. Theequilibriumtermsoftrade
B. Theouterlimitsforthetermsoftrade
C. Whereacountrychooses to locate along its production possibilities curve
D. Where acountrychoosesto locate along its tradetriangle
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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
A terms-of-trade index that equals 150 indicates that_______,compared to the base year:
A. It requires a greater output of domestic goods to obtain the same amount of foreign goods
B. It requires a lesser amount of domestic goods to obtain the same amount of foreign goods
C. The price of exports has risen from $100 to $150
D. The price of imports has risen from $100 to $150
A term-of-trade index that equals 90 indicates that compared to the base year:
A. It requires a greater output of domestic goods to obtain the same amount of foreign goods
B. It requires a lesser amount of domestic goods to obtain the same amount of foreign goods
C. The price of exports has fallen from $100 to $90
D. The price of imports has fallen from $100 to $90
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