Exam 7: Understanding Terms of Trade and International Trade Policies

A tariff------

The limitations of Commodty terms of trade gave rise to -------

Terms of trade of less developed countries are generally unfavourable because

Px / Pm is

Comparative advantage occurs when ……..than other country .

Single factoral terms of trade take in to account

A decline in price would increase exports if demand is-------     

Reciprocal demand is

In a free world in which no restrictions exist, international trade will lead to

If import prices rse more than export prices, terms of trade have -------

J.S.Mill brought in -------factor to explain termsof trade

The developing Countries it is argued usually

A favourable terms of trade indicates -------imports for given exports

The concept of offer curves is associated with the names of

Reciprocal demand is

Marshall and Edgeworth introduced a geometrical device to explain the gains from trade which is known as

-------introduced the concept of Gross barter terms of trade

The ratio of price of export to price of import is called

         is equally important as price of exports

The offer curve of a country is based on