A commodity-indexed form of this quantity is multiplied by factor productivity to obtain the "single factorial" form of this quantity, and was developed by Jacob Viner. According the Herberger-Laursen-Metzler hypothesis, a decrease in this quantity directly leads to a decrease in savings rate. Singer and Prebisch invoked low income-elasticity of demand to hypothesize that in the long run, this quantity declines for primary products and natural resources, prompting many countries to adopt (*) ISI policies. A "small open economy" is one which is unable to shift this quantity even with changes in its offer curve, and in the 2-factor, 2-country, 2-goods neoclassical framework, it is calculated as the slope of the line connecting the origin to the intersection of offer curves. For 10 points, id
A commodity-indexed form of this quantity is multiplied by factor productivity to obtain the "single factorial" form of this quantity, and was developed by Jacob Viner. According the Herberger-Laursen-Metzler hypothesis, a decrease in this quantity directly leads to a decrease in savings rate. Singer and Prebisch invoked low income-elasticity of demand to hypothesize that in the long run, this quantity declines for primary products and natural resources, prompting many countries to adopt (*) ISI policies. A "small open economy" is one which is unable to shift this quantity even with changes in its offer curve, and in the 2-factor, 2-country, 2-goods neoclassical framework, it is calculated as the slope of the line connecting the origin to the intersection of offer curves. For 10 points, identify this quantity which describes the prices at which imported and exported goods are exchanged.
A commodity-indexed form of this quantity is multiplied by factor productivity to obtain the "single factorial" form of this quantity, and was developed by Jacob Viner.
{terms} of {trade} [accept “{trade price}” or “{trade price ratio}” or “{price ratio}” until For {10} points]