International Trade Theory and Policy
by Steven M. Suranovic

Trade 80

Trade 80

Trade Problem Set 80 J-1

DIRECTIONS: As in the popular TV game show, you are given an answer to a question and you must respond with the question. For example, if the answer is, "a tax on imports", then the correct question is, "What is a tariff?"

    Set A:
  1. term used to describe two-way trade in identical or similar products.
  2. term used to describe non-homogeneous goods produced by different firms within the same industry.
  3. type of cost derived by dividing total cost by total output.
  4. another term that essentially means the same thing as economies of scale.
  5. term used to describe an increase in total world output achieved without an increase in resources and without an improvment in technology.

    Set B:

  7. type of market structure that mixes assumptions from perfect competition with assumptions from monopoly models.
  8. demand assumption in which each consumer has a demand for multiple varieties of a product over time
  9. demand assumption in which each consumer has a demand for different sets of characteristics of a particular product type.
  10. of elastic or inelastic, the type of market demand that would arise if demand is very responsive to changes in the price.
  11. the change in total revenue given a change in output.


International Trade Theory and Policy - Chapter 80: Last Updated on 1/06/08