*3 Suppose that with no international trade, Virtual Reality in problem 1 produces and consumes 10 TV...
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*3 Suppose that with no international trade, Virtual Reality in problem 1 produces and consumes 10 TV sets a day and Vital Signs produces and consumes 60 TV sets a day. Now suppose that the two countries begin to trade with each other. a Which country exports TV sets? b What adjustments are made to the amount of each good produced by each country? c What adjustments are made to the amount of each good produced by each country? d What can you say about the terms of trade (the price of a TV set expressed as computers per TV set) under free trade?
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