Multiple Choice
Which of the following statements is true?
A) The combined demand for each commodity by the two nations is negatively sloped
B) the combined supply for each commodity by the two nations is rising stepwise
C) the equilibrium relative commodity price for each commodity with trade is given by the intersection of the demand and supply of each commodity by the two nations
D) all of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q1: If domestically 3X=3Y in nation A,while 1X=1Y
Q2: In the trade between a small and
Q4: If with one hour of labor time
Q5: According to Adam Smith,international trade was based
Q6: If in a two-nation (A and B),two-commodity
Q7: With reference to the statement in Question
Q8: The Ricardian trade model has been empirically<br>A)verified<br>B)rejected<br>C)not
Q9: What proportion of international trade is based
Q10: The commodity in which the nation has
Q11: Ricardo explained the law of comparative advantage