Suppose That Country I Is Importing Good Y and Exporting

question 4

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 75 units of Y and to export 15 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

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Definitions:

Branching Mechanisms

Control structures in programming that allow the execution path of a program to change based on conditions or values.

For Statement

A for statement is a control flow statement in programming that iterates a part of the code a specific number of times based on a condition.

Do…while Statement

A control flow statement that executes a block of code at least once and then repeatedly executes the block as long as a given condition remains true.

Branching Mechanisms

The feature in programming and version control systems that allows for the divergence from the main line of development, to experiment or to work on different tasks simultaneously.