c. What are the limits of the terms of trade? The most China will trade (give up) is unit(s) of apparel for 1 ton of chemicals. The most the United States will trade (give up) is ton(s) of chemicals for 1 unit of apparel. This implies the following range, or limits, of the terms of trade: 1 unit of apparel for ton(s) of chemicals (from China's position) 1 unit of apparel for| ton(s) of chemicals (from the U.S. position) Suppose that the actual terms of trade are 1 unit of apparel for 1½ tons of chemicals, and that the amount exchanged is 4 units of apparel for 6 tons of chemicals. What are the gains from specialization and trade for each nation? China has a gain of unit(s) of apparel v The United States has a gain of ton(s) of chemicals v

c. What are the limits of the terms of trade? The most China will trade (give up) is unit(s) of apparel for 1 ton of chemicals. The most the United States will trade (give up) is ton(s) of chemicals for 1 unit of apparel. This implies the following range, or limits, of the terms of trade: 1 unit of apparel for ton(s) of chemicals (from China's position) 1 unit of apparel for| ton(s) of chemicals (from the U.S. position) Suppose that the actual terms of trade are 1 unit of apparel for 1½ tons of chemicals, and that the amount exchanged is 4 units of apparel for 6 tons of chemicals. What are the gains from specialization and trade for each nation? China has a gain of unit(s) of apparel v The United States has a gain of ton(s) of chemicals v

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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