Exam 3: Understanding Terms of Trade and Trade Gains Theory

Under the gains from international trade, the gains from exchange is also known as the

According to Jacob Viner, the classical economists measured the gains from trade in terms of

The terms of trade of a country improves when

The concept of gross barter terms of trade was introduced by

The term 'terms of trade' between two countries refers to

The modern economists considered the gains from trade resulted from

The concept of commodity or net barter terms of trade has been used by economists to measure

The ratio between the quantities of a country's imports to its exports is known as

When the export prices of a country relatively rises to its import prices, its terms of trade are said to have

The difference in price ratios of two commodities in the two trading countries is

The concept of single factoral terms of trade was developed by

J.S.Mill introduced the theory of reciprocal demand to explain

The various methods of measuring gains from trade does not include

Mill's theory of reciprocal demand indicates a

The ratio between the price of a country's export goods to its import goods is called

When a country's import price relatively rises to its export prices,

The classical theorists believed that the gains from trade resulted from

A single factoral terms of trade shows that a country's factoral terms of trade improve as productivity

An increase in the index of income terms of trade implies that

The gains from trade refers to