If the international terms of trade settle at a level that is between each country’s opportunity cost ?

Related Mcqs:

Absolute advantage is determined by ?

A. actual differences in labor production between countries B. relative differences in labor productivity between countries C. Both (a) and (b) D. Neither (a) nor (b)...

Country A has an absolute advantage in__________?

A. Product X B. Product Y C. Neither X nor Y D. Both X and Y...

Mercantilism ?

A. Is the philosophy of free international trade? B. Was a system of export promotion and barriers to imports practiced by governments? C. Was praised by Adam Smith in the Wealth of Nations D. Both (a) and (c)...

The gains from international trade are closely related to ?

A. The labor theory of value B. How much the autarky price differs from international terms of trade change C. The fact that a country must lose from trade D. All of the above...

In autarky, when a community maximizes its standard of living its production point is ?

A. below the production possibility frontier B. on the production possibility frontier C. above the production possibility frontier D. can’t tell without more information...