In the Diagram in Question #16 Above, Suppose That This

question 16

Multiple Choice

In the diagram in Question #16 above, suppose that this country is opened to trade from This initial situation where the dashed line indicates autarky prices [(P_X/P_Y) _autarky]. With This opening to trade,

• A) the country can gain from trade if P_X/P_Y on the world market is less than (P_X/P_Y)_autarky But cannot gain from trade if P_X/P_Y on the world market is greater than (P_X/P_Y)_autarky.
• B) the country can gain from trade if P_X/P_Y on the world market is greater than (P_X/P_Y)_autarky but cannot gain from trade if P_X/P_Y on the world market is less than (P_X/P_Y)_autarky.
• C) the country can gain from trade if P_X/P_Y on the world market is less than (P_X/P_Y)_autarky And also can gain from trade if P_X/P_Y on the world market is greater than
• (P_X/P_Y)_autarky.
• D) the country cannot gain from trade if P_X/P_Y on the world market is less than (P_X/P_Y)_autarky and also cannot gain from trade if _X/P_Y on the world market is Greater than (P_X/P_Y)_autarky.

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