The terms of trade between two countries refer to
A. The terms set by the World Trade Organization for trade.
B. The amount of good A given up for good B.
C. The rules governing trade between the two countries.
D. What price the two countries agree upon for their imports and exports.
Answer: B
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The ________ illustrates the relationship between the price level and the quantity of planned aggregate expenditure, holding constant all other factors that affect aggregate expenditure
A) savings line B) 45-degree line C) consumption function D) aggregate demand curve
The opportunity cost of a given investment is the potential earnings forfeited by tying up money in the investment.
Answer the following statement true (T) or false (F)
The long run outcome of the monopolistically competitive firm:
A. does not maximize profits. B. is not efficient. C. is the same as the short-run outcome. D. maximizes total surplus.
If someone earned $25 million a year acting on a sitcom, the chances are that _____ of that $25 million would be economic rent.
A. none B. a small part C. a large part D. all