An Indifference Map Implies That

question 8

Multiple Choice

An indifference map implies that

• A)money income is constant, but the prices of the two products vary directly with the quantities purchased.
• B)the two products under consideration are perfectly substitutable for one another.
• C)a consumer is better off to be at some point high on a given curve as opposed to a point low on the same curve.
• D)curves farther from the origin yield higher levels of total utility.

Understand the balance between imports and exports in trade dynamics.

Assess the role of exchange rates in international trade.

Understand the effects of tariffs on international trade.

Analyze the impact of trade policies on consumer and producer surplus.

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