It is possible to determine how much a nation will import at various international prices, other things being equal, by finding a set of equilibria. This schedule is the:
A) import demand curve for a nation.
B) export supply curve for a nation.
C) production possibilities frontier for a nation.
D) "no-trade" equilibrium.

Question

Quizplus · Accepted Answer

The import demand curve for a nation shows the quantity of goods and services that a nation will import at various international prices, assuming all other factors remain constant. This curve is based on the law of demand, which states that as the price of an item increases, the quantity demanded decreases. Therefore, the import demand curve represents the inverse relationship between the price of imports and the quantity of imports demanded by a nation.

It Is Possible to Determine How Much a Nation Will