题目内容
Mutually beneficial trade for two countries occurs if the equilibrium terms of trade lies between the two countries' domestic cost ratios.
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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.
Assume that the United States and Canada engage in trade. If the international terms of trade coincides with the Canadian cost ratio, the United States realizes all of the gains from trade with Canade.
If the international terms of trade lies beneath (inside) the Mexican cost ratio, Mexico is worse off with trade than without trade.
Although J. S. Mill recognized that the region of mutually beneficial trade is bounded by the cost ratios of two countries, it was not until David Ricardo developed the theory of reciprocal demand that the equilibrium terms of trade could be determined.
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