Multiple Choice
Suppose that country I is importing good Y and exporting good X. At a terms of trade of 1X:4Y, country I is willing to import 60 units of Y and to export 15 units of X in exchange; at a terms of trade of 1X:5Y, country I is willing to import 70 units of Y and to export 14 units of X in exchange. Considering just these two offer curve points, country I's demand for imports between the two points is __________.
A) elastic
B) unit-elastic
C) inelastic
D) elastic, unit-elastic, or inelastic - cannot be determined without more information
Correct Answer:
Verified
Correct Answer:
Verified
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