Equation says that trade between any two countries is proportional to the product of their GDPs. Does
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Equation says that trade between any two countries is proportional to the product of their GDPs. Does this mean that if the GDP of every country in the world doubled, world trade would quadruple?
Tij = A x Yi * Yj /Dij,
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No if every countrys GDP were to double world trade would not quadruple Consider a simple example wi...View the full answer
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Related Book For
International Economics Theory and Policy
ISBN: 978-0273754206
9th Edition
Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz
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