1. To derive relative supply curve, we use ( ), while to derive relative demand

Answer(1). C. PPF and isovalue lines; indifference curves and budget lines Answer(2). B. Partially specialize.

ID: 1107536 • Letter: 1

Question

1. To derive relative supply curve, we use ( ), while to derive relative demand curve, we use ( ).

A. PPF and budget lines; indifference curves and price line;

B. Budget line and isovalue lines; price line and indifference curves;

C. PPF and isovalue lines; indifference curves and budget line;

D. Indifference curves and isovalue lines; PPF and budget line;

2. The Standard Trade Model shows that after trade, both countries ( )?

A. Completely specialize

B. Partially specialize

C. Do not specialize at all

D. Not sure because we don’t know their preferences

E. Not sure because of other reasons

Answer(1). C. PPF and isovalue lines; indifference curves and budget lines

Answer(2). B. Partially specialize.

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