Answer the following statements true (T) or false (F)
1.The expression "importance of being unimportant" suggests that if one nation is much larger than the other, the larger nation realizes most of the gains from trade while the smaller nation realizes fewer gains from trade.
2.An improvement in a nation's terms of trade occurs if the prices of its exports rise relative to the prices of its imports over a given time period
3.If a country's terms of trade worsens, it must exchange fewer exports for a given amount of imports.
4.If a country's terms of trade improves, it must exchange more exports for a given amount of imports.
5.The terms of trade represents the rate of exchange between a country's exports and imports.
1.False
2.True
3.False
4.False
5.True
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