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05 - The Standard Trade Model Chapter 5 The Standard Trade...

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The Standard Trade Model Chapter 5 The Standard Trade Model Multiple Choice Questions 1. The concept “terms of trade” means (a) the amount of exports sold by a country. (b) the price conditions bargained for in international markets. (c) the price of a country’s exports divided by the price of its imports. (d) the quantities of imports received in free trade. (e) None of the above. 2. A country cannot produce a mix of products with a higher value than where 3. Tastes of individuals are represented by 1
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4. If P C /P F were to increase in the international marketplace, then 5. If P C /P F were to increase, (a) the cloth exporter would increase the quantity of cloth exports. (b) the cloth exporter would increase the quantity of cloth produced. (c) the food exporter would increase the quantity of food exports. (d) Both (a) and (c). (e) None of the above. 6. If P C /P F were to increase, 2
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The Standard Trade Model 7. When the production possibility frontier shifts out relatively more in one direction, we have 8. Immiserizing growth is
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