The Terms of Trade

question 42

Multiple Choice

The terms of trade

• A)equal the equilibrium price in a competitive market
• B)equal a nation's imports minus its exports
• C)determine whether specialization according to comparative advantage is economically rational
• D)are equal to 1.0 in market equilibrium
• E)determine how the gains from international trade are distributed among countries

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Definitions:

Enclosed Places

Areas or spaces that are completely or partially surrounded by walls, barriers, or structures.

Fear

An unpleasant emotion caused by the belief that someone or something is dangerous, likely to cause pain, or a threat.

Trapped

A feeling or situation where an individual believes they have no escape or options available, often leading to stress or anxiety.

Antisocial Personality Disorder

A mental condition in which a person consistently shows no regard for right and wrong, disregards the feelings of others, often leading to conflict with societal norms.