As a Country Moves from Autarky to Trade, the Relative

question 20

Multiple Choice

As a country moves from autarky to trade, the relative price of the country's import good will __________ for home consumers, and the relative price of the country's export good __________ for home consumers.

• A) fall; will rise
• B) fall; also will fall
• C) rise; also will rise
• D) rise; will fall

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Definitions:

Enhancement Method

Techniques or strategies used to improve a process, product, or service to increase its value or efficiency.

Vicarious Modelling

A learning process that occurs by observing the behaviors, outcomes, and consequences of others’ actions, rather than through direct personal experience.

Self-efficacy

An individual's belief in their own capability to execute behaviors necessary to produce specific performance attainments.

Observing Others

The practice of watching and learning from the actions, behaviors, and reactions of individuals or groups to gather insights or inform one's own behavior.