In an open,two-good economy in a two-good world,the relative price of one good in terms of the other is called the

Name: In an open,two-good economy in a two-good world,the relative price of one good in terms of the other is called the
Brand: Quizplus
Rating: 4.9 (47 reviews)

Question

Quizplus · Accepted Answer

The relative price of one good in terms of the other is called the terms of trade. This refers to the ratio at which two countries exchange goods and services. It is determined by the relative supply and demand of each country's goods on the international market.

In an Open,two-Good Economy in a Two-Good World,the Relative Price