INTLBUS - SEMIFINALS

raises the real incomes of trading countries.

(a)  

is simply inflation-adjusted income, the amount of disposable income available to consumers (e.g., households and individuals).

(a)  

is the sum of the value added by all the goods and services produced within a particular country.

(a)  

There are at least two reasons why trade has an important influence upon the income distribution:

cannot be transferred immediately and without costs from one industry to another.

(a)  

use different factors and a change in the production mix a country offers will reduce the demand for some of the production factors and increase for others.

(a)  

are produced using a mix of the factors of production-land, labor, and capital.

(a)  

is any resource that is used by firms to produce goods and services.

(a)  

Ricardian model of trade was developed by

(a)  

first formal model of international trade.

(a)