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.Management Sciences
Category: Foundations Of Modern Trade Theory
Country A has the comparative advantage in ?
A. Wine
B. Beer
C. Both wine and beer
D. Neither wine nor beer
The terms of trade is given by the prices ?
A. Paid for all goods exported by the home country
B. Received for all goods exported by the home country
C. Received for exports and paid for imports
D. Of primary products as opposed to manufactured products
With International trade, what would be the maximum amount of steel that South Korea would be willing to export to Japan in exchange for each DVD ?
A. One-half ton of steel
B. One ton of steel
C. Two tons of steel
D. Two and one-half tons of steel
With international trade, what would be the maximum number of DVDs that Japan would be willing to export to South Korea in exchange for each ton of steel ?
A. One DVD
B. Two DVDs
C. Three DVDs
D. Four DVDs
Dynamic gains from trade could result from ?
A. The stimulus of additional investment spending as market open
B. Economies of large scale production as markets open
C. Additional competition made possible by the opening of markets
D. All of the above
The earliest statement of the principle of comparative advantage is associated with ?
A. Adam Smith
B. David Ricardo
C. Eli Heckscher
D. Berti IOhlin
G. MacDougall’s empirical results can be interpreted as ?
A. evidence against the classical model
B. evidence against the Heckscher-Ohlin model
C. Support for the Ricardian modal
D. Support for the Heckscher-Ohlin model
The opportunity cost of one DVD in South Korea is ?
A. One-half ton of steel
B. One ton of steel
C. One and one-half tons of steel
D. Two tons of steel
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