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Hw1 - ECN 162 International Economic Relations Ina...

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1 ECN 162 International Economic Relations University of California - Davis Ina Simonovska Fall 2009 Assignment 1 (Maximum Points: 100) Due Tuesday, October 6, at the beginning of class. Multiple-Choice Questions (Each question is worth 3 points) Answer questions 1-3 based on the following PPF. 1. The relative price of S (in terms of T), P S /P T , is (a) 2. (b) ½ . (c) 500. (d) 1000. 2. The relative price of T (in terms of S), P T /P S , is 3. If the relative price of T were to increase, then the price line would 4. In autarky, when a country maximizes its utility, its consumption point is
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2 Answer questions 5-9 based on the following diagram of a country in international trade equilibrium EB represents the country’s PPF. FB represents the terms of trade line.
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