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Assume that Down Slope specializes in producing snow boards and Seven Seas specializes in producing ...

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Assume that Down Slope specializes in producing snow boards and Seven Seas specializes in producing ...

Question 1.

According to ________, trade between two countries allows each of the trading countries to allocate its resources most efficiently.

▸ the Heckscher-Ohlin theorem

▸ the theory of absolute advantage

▸ the General Agreement on Tariffs and Trade

▸ the theory of comparative advantage

Question 2.

Assume that Down Slope specializes in producing snow boards and Seven Seas specializes in producing scuba tanks. After trade, Down Slope exports 2,000 snow boards and imports 400 scuba tanks. The terms of trade

▸ are 1/5:1 snow boards to scuba tanks.

▸ are 5:1 snow boards to scuba tanks.

▸ are 1:5 snow boards to scuba tanks.

▸ cannot be determined from this information.

Textbook

Principles of Economics

Edition: 12^th

Authors: Case, Fair, Oster

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Just got PERFECT on my quiz

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I appreciate what you did here, answered it right Smiling Face with Open Mouth

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