When a nation achieves autarky equilibrium:
A. Input price equals final product price
B. Labor productivity equals the wage rate
C. Imports equal exports
D. Production equals consumption
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When a nation is in autarky and maximizes its living standard, its consumption and production points are:
Along the production possibilities schedule
B. Above the production possibilities schedule
C. Beneath the production possibilities schedule
D. Any of the above
If Canada experiences increasing opportunity costs, its supply schedule of steel will be:
A. Downward-sloping
B. Upward-sloping
C. Horizontal
D. Vertical
If Canada experiences constant opportunity costs, its supply schedule of steel will be:
A. downward-sloping.
B. upward-sloping.
C. horizontal.
D. vertical.
The gains from international trade increase as:
A nation consumes inside of its production possibilities schedule
B. A nation consumes along its production possibilities schedule
C. The international terms of trade rises above the nation's autarky price
D. The international terms of trade approaches the nation's autarky price
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