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Questions › JNU › JNU SIS 2011 › Q10
4 marks, −1International Economics › Theories of international trade › Offer curves and reciprocal demandHardabout 4 min

JNU SIS 2011 Question 10: Theories of international trade

For the above offer curve OFOFOF, the absolute value of the elasticity of demand for imports is measured by

Offer curve diagram with Export on the horizontal axis and Import on the vertical axis, origin O; the offer curve OF starts at O and rises, bending upward ever more steeply towards F at the top right. At a point on OF a vertical line drops to point C on the export axis, and the straight-line tangent to OF at that point is extended down to cut the export axis at T, which lies between O and C (order along the axis: O, T, C); no numerical values are shown.
Offer curve diagram with Export on the horizontal axis and Import on the vertical axis, origin O; the offer curve OF starts at O and rises, bending upward ever more steeply towards F at the top right. At a point on OF a vertical line drops to point C on the export axis, and the straight-line tangent to OF at that point is extended down to cut the export axis at T, which lies between O and C (order along the axis: O, T, C); no numerical values are shown.

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For the above offer curve OF, the absolute value of the elasticity of demand for imports is measured by (A) OT/TC (B) OC/TC (C) OC/OT (D) CT/OT

Theories of international trade has come up 151 times in 6 exams since 2006.

What this question tests

This question is on Offer curves and reciprocal demand, part of Theories of international trade in International Economics.

The Marshall-Edgeworth diagram that finds the equilibrium terms of trade.

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