Trade between two nations would not be possible if they have:
A. Identical community indifference curves but different production possibilities curves
B. Identical production possibilities curves but different community indifference curves
C. Different production possibilities curves and different community indifference curves
D. Identical production possibilities curves and identical community indifference curves
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Given a two-country and two-product world, the United States would enjoy all the attainable gains from free trade with Canada if it:
A. Trades at the U.rate of transformation
B. Trades at the Canadian rate of transformation
C. Specializes completely in the production of both goods
D. Specializespartially in the production of both goods
JohnStuartMill'stheory of reciprocaldemand bestapplies when trading partners:
Are of equal size and importance in the market
B. Produce under increasing cost conditions
C. Partially specialize in the production of commodities
D. Have similar taste and preference levels
The equilibrium prices and quantities established after trade are fully determinate if we know:
A. The location of all countries' indifference curves
B. The shape of each country's production possibilities curve
C. The comparative costs of each trading partner
D. The strength of world supply and demand for each good
"The equilibrium relativecommodityprice at which trade takes place isdetermined by the conditions of demand and supply for eachcommodityinbothnations. Other things being equal, the nation with the more intense demand for the other nation's exported good will gain less from trade than the nation with the less intense demand." This statement was first proposed by:
Alfred Marshall with offer curve analysis
B. John Stuart Mill with the theory of reciprocal demand
C. Adam Smith with the theory of absolute advantage
David Ricardo with the theory of comparative advantage
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