1M = 2P. 1M = 4P. 1M = 6P. If the opportunity cost is 2X = 1Y for country A and

Question

1M = 2P. 1M = 4P. 1M = 6P. If the opportunity cost is 2X = 1Y for country A and 1X = 3Y for country B, then a possible terms of trade is: 1X = 1/3Y. 1X = 1/4Y. 1X = 1/5Y. Opportunities created by trade: induce a greater degree of specialization. are evidenced by higher opportunity costs of production. are a result of absolute advantage. Most nations all over the world have raised trade barriers over the past decade. True False True False The most likely effects of tariffs and/or quotas is to _______ prices and to _______ consumption of the protected goods in the importing country. raise; raise raise; lower lower; raise 1M = 2P.

Explanation / Answer

1M = 4P

1X = 1/4Y

False

raise; lower

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