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MultiplechoiceCh5 - Chapter 5 The Standard Trade Model 1...

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Chapter 5: The Standard Trade Model 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. If P C / P F were to increase in the international marketplace, then 3. If P C / P F were to increase, 4. When the production possibility frontier shifts out relatively more in one direction, we have 5. Export-biased growth in Country H will A. improve the terms of trade of Country H. B. trigger anti-bias regulations of the WTO. C. worsen the terms of trade of Country F (the trade partner). D. improve the terms of trade of Country F. E. decrease economic welfare in Country H.
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