Ch. 9 - International TradeWorksheetSee all chapters
All Chapters
Ch. 1 - Introduction to Macroeconomics
Ch. 2 - Introductory Economic Models
Ch. 3 - Supply and Demand
Ch. 4 - Elasticity
Ch. 5 - Consumer and Producer Surplus; Price Ceilings and Price Floors
Ch. 6 - Introduction to Taxes
Ch. 7 - Externalities
Ch. 8 - The Types of Goods
Ch. 9 - International Trade
Ch. 10 - Introducing Economic Concepts
Ch. 11 - Gross Domestic Product (GDP) and Consumer Price Index (CPI)
Ch. 12 - Unemployment and Inflation
Ch. 13 - Productivity and Economic Growth
Ch. 14 - The Financial System
Ch. 15 - Income and Consumption
Ch. 16 - Deriving the Aggregate Expenditures Model
Ch. 17 - Aggregate Demand and Aggregate Supply Analysis
Ch. 18 - The Monetary System
Ch. 19 - Monetary Policy
Ch. 20 - Fiscal Policy
Ch. 21 - Revisiting Inflation, Unemployment, and Policy
Ch. 22 - Balance of Payments
Ch. 23 - Exchange Rates
Ch. 24 - Macroeconomic Schools of Thought
Ch. 25 - Dynamic AD/AS Model
Ch. 26 - Special Topics

Concept #2: High World Price: Export

Concept #3: Low World Price: Import

Practice: A nation practicing autarky has a domestic price of extremely tight pants that is lower than the world price. If the nation opened up trade,