Other Economics Answers

What do the terms of trade measure? What is the relationship between the terms of trade in a world of two trading nations? How are the terms of trade measured in a world of more than two traded commodities?

What do the terms of trade measure? What is the relationship between the terms of trade in a world of two trading nations? How are the terms of trade measured in a world of more than two traded commodities?

Why does the use of demand and supply curves of the traded commodity refer to partial equilibrium analysis? In what way is partial equilibrium analysis of trade related to general equilibrium analysis? 

How is a nation’s supply curve of its export commodity and demand for its import commodity derived from the nation’s production frontier and indifference map?

How do offer curves define the equilibrium-relative commodity price at which trade takes place? 

What do offer curves show? How are they derived? What is their shape? What explains their shape? 

How is the equilibrium-relative commodity price with trade determined with demand and supply curves? 

How can the supply curve of exports and the demand curve of imports of a commodity be derived from the total demand and supply curves of a commodity in the two nations?