In Question #22 Above

question 15

Multiple Choice

In Question #22 above,

• A) if the United Kingdom were a much larger country than the United States, then, other Things equal, the terms of trade would tend to be located more toward the U.S.Pre-trade price ratio than toward the U.K. pre-trade price ratio.
• B) if world demand (the sum of U.S. demand and U.K. demand) were directed more Toward clothing than toward wheat, other things equal, then the terms of trade Would tend to be located more toward the U.K. price ratio than toward the U.S. Pre-trade price ratio.
• C) a post-trade price ratio (terms of trade) of 1 clothing:0.75 wheat would mean that the United Kingdom did not gain from trade.
• D) a post-trade price ratio (terms of trade) of 1 wheat:1.2 clothing would give all the gains From trade to the United States.

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