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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Definitions:

Unbiased

Showing no prejudice or favoritism; neutral.

Hostile Witness

A witness whose testimony is adverse to the party who called them to testify, often requiring cross-examination techniques.

Subpoena

A legal document ordering someone to attend court as a witness or to present documents relevant to a case.

Lay Witnesses

Individuals who provide testimony in a legal proceeding based on their personal knowledge or experience, not expert opinion.