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4. When th relative price of cheese in terms of wine on the world market is higher the the opportunity cost of cheese in terms of wine in Home, but lower than the opportunity cost of cheese in Foreign, Home and foreign will specialize in the production of cheese, no wine production according to Ricardian model.

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3. Free trade is beneficial only your country is strong enough to stand up foreign competition.

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2. Land and labor are used to produce two products, a land abundant country increasesthe labor supply, and then this would improve the country’s terms of trade.

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1. Canada is a large trading partner of U.S. This is not reasonable according to the Gravity model.

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10. An increase in government purchases will lead to ( )

A. a rise in its exchange rate and a fall in its output
B. a rise in both its exchange rate and its output
C. a fall in its exchange rate and rise in its output
D. a fall in both its exchange rate and its output

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