International Trade Exam Review

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7 Terms

1
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Points on the same isovalue line represent different quantity combinations of goods that have the same _________

total value

2
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Father isovalue lines from the origin have a (higher/lower) value V

higher

3
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General equation for isovalue line given quantities (QC, QF) and prices (PC, PF)

V = PCQC+PFQF

4
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Slope of isovalue line given quantities (QC, QF) and prices (PC, PF)

- PC/PF

5
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Points on the same indifference curve represent different consumed quantity combinations of goods (DC, DF) of the same __________

Utility (or welfare)

6
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Farther indifference curves from the origin have (higher/lower) utility

Higher

7
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Shape of indifference curves


Downward sloping, convex to origin