{"id":47012,"date":"2024-04-15T22:20:41","date_gmt":"2024-04-15T22:20:41","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=47012"},"modified":"2024-04-15T22:20:41","modified_gmt":"2024-04-15T22:20:41","slug":"the-offer-curves-introduced-by-alfred-marshall-helps-us-to-understand-how-the-___-is-established-in-international-trade","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-offer-curves-introduced-by-alfred-marshall-helps-us-to-understand-how-the-___-is-established-in-international-trade\/","title":{"rendered":"The offer curves introduced by Alfred Marshall, helps us to understand how the ___ is established in international trade."},"content":{"rendered":"

[amp_mcq option1=”Terms of trade” option2=”Equilibrium price ratio” option3=”Exchange rate” option4=”Satisfaction level” correct=”option1″]<\/p>\n

The correct answer is: A. Terms of trade.<\/p>\n

The offer curve is a graphical representation of a country’s willingness to trade goods and services. It shows the amount of one good that a country is willing to export in exchange for another good. The terms of trade are the ratio of the prices of exports to the prices of imports. A country’s terms of trade are said to improve when the price of its exports rises relative to the price of its imports.<\/p>\n

The offer curve is a useful tool for understanding how international trade works. It can be used to predict the effects of changes in trade policy, such as tariffs or quotas. It can also be used to analyze the gains from trade.<\/p>\n

The other options are incorrect because they do not accurately describe what the offer curve shows. The equilibrium price ratio is the price at which the quantity of goods demanded equals the quantity of goods supplied. The exchange rate is the price of one currency in terms of another. Satisfaction level is a measure of how much a person enjoys a good or service.<\/p>\n","protected":false},"excerpt":{"rendered":"

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