题目内容
BecausetheRicardiantheoryofcomparativeadvantagewasbasedonlyonanation'sdemandconditions,itcouldnotfullyexplainthedistributionofthegainsfromtradeamongtradingpartners.
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Because the Ricardian theory of comparative advantage was based only on a nation's supply conditions, it could only determine the outer limits within which the equilibrium terms of trade would lie.
The domestic cost ratios of nations set the outer limits to the equilibrium terms of trade.
Mutually beneficial trade for two countries occurs if the equilibrium terms of trade lies between the two countries' domestic cost ratios.
Assume that the United States and Canada engage in trade . If the international terms of trade coincides with the U.S. cost ratio, the United States realizes all of the gains from trade with Canada.
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