If the price in the U.S. is higher than the price of identical good abroad before...
If the price in the U.S. is higher than the price of identical good abroad before trade, after opening trade which of the following should occur?
Homework Answers
As the price is higher in the US as compared to the world, after the trade is opened US will import those goods , this will increase the demand for it in the local market and increase the consumer satisfaction, impororts will continue till the time price in both the market are equal .
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Which country exports good X, which country imports good X?
Explain
Mark is the relative price line for country A and country B in
the graph before trade.
At Autarky (pre-trade), which point represents production point
for country A? Which point represent consumption point for country
A?
At Autarky (pre-trade), which point represents production point
for country B? Which point represent consumption point for country
B?
With free trade, which point represents production point for
country A? Which point represent...
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