By Michael Melvin, Steven Husted
Overseas Economics is an available, complete and correct consultant for learning foreign economics. utilizing actual facts and concerns that encourage theoretical discussions, this article captures readers’ awareness and equips them with a realistic figuring out of significant coverage questions.
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Extra resources for International Economics (9th Edition)
Retools Economy, Curbing Thirst for Oil,” Wall Street Journal, August 12, 2008. the answer is 20 units. We show this relation on the graph by drawing a line between 20 units of T and 10 units of S. This line is known as the price (or terms of trade) line. The price line shows us (for a given relative price) all the possible combinations of the two goods that can be purchased with a fixed amount of money. The most important feature of the price line is that the slope of the line (in absolute value) tells us the relative price PS/PT.
Before we consider major exports and imports of individual countries, let’s examine which goods are most likely to be traded. 3. † Petroleum was the largest single traded item (by value) in 2007, up from fourth position in 1999. As the table shows, the value of petroleum exports in 2010 was roughly triple what it had been in 2003. Petroleum’s number one ranking that year (and probably again in 2012) was due to two related factors. First, rising incomes throughout many developing countries from 2002 and continuing through the Great Recession period spurred demand for oil.
Chapter 2 • Tools of Analysis for International Trade Models 29 Hence, the end points of the price line would be 1,000 on the S axis and 2,000 on the T axis, and the slope of the line connecting these points would again be 2 (in absolute value)—the relative price of S. Thus, for any given level of S (or T) the price line tells us at what rate that good could be exchanged in the market for the other. Finally, suppose that PS/PT rises from 2 to 3. What will be the effect on the price line? It will get steeper.