Unfavorable to the trade partner

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Reference no: EM138716

Q1. Suppose that the terms of trade of a nation improved from 100 to 110 over a given period of time.
(A) By how much did the terms of trade of its trade partner deteriorate?
(B) In what sense can this be said to be unfavorable to the trade partner?
(C) Does this mean that the welfare of the trade partner has definitely declined?

Q2. Evaluate the following statement;"Managers should specialize by acquiring only the tools needed to operate in a particular market structure i.e. managers could specialize in managing either a perfectly competitive, monopoly, monopolistically also oligopoly firm."

Reference no: EM138716

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