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What will be the impact on the terms of trade

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Reference no: EM131917812

Problem

1. Suppose that country I and trading partner country II decrease their willingness to trade at the same time. What will be the impact on the terms of trade and on the volume of trade? (Note: You will not be able to say anything concrete about one of these impacts. Why not?)

2. In the offer curve analysis, why must an excess supply of one good be associated with an excess demand for the other good?

Reference no: EM131917812

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