|Question||For each of the following events, explain the likely effect on Canada’s terms of trade. Your existing knowledge of Canada’s imports and exports should be adequate to answer this question.
a. A hurricane damages much of Brazil’s coffee crop.
b. OPEC countries succeed in significantly restricting the world supply of oil.
c. Several new large copper mines come into production in Chile.
d. A major recession in Southeast Asia reduces the world demand for pork.
e. Russia, a large producer of wheat, experiences a massive drought that reduces its wheat crop by more than 30 percent.
f. Three major potash-producing firms form a cartel and restrict the world’s output of potash.