题目内容
The domestic cost ratios of nations set the outer limits to the equilibrium terms of trade.
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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.
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.
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