Macroeconomics
When a country transitions from autarky to international trade with a higher world price, what happens to consumer and producer surplus?
Which of the following scenarios best illustrates the concept of comparative advantage?
If the world price is higher than the domestic price, what happens to the quantity supplied and quantity demanded domestically?
When the world price is higher than the domestic price, what happens to the domestic market?
If the world price of a good is lower than the domestic price, what is the likely trade outcome?
What are imports?
If the domestic price of a good is higher than the world price, what is the likely trade outcome?
How does international trade affect a nation's total surplus?
How does comparative advantage influence international trade?
In a country transitioning from autarky to trade with a lower world price, what happens to consumer and producer surplus?
