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AGB 302 Final Review pt 3 Exam – Complete Questions and Answers 2024
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AGB 302 Final Review pt 3 Exam – Complete Questions and Answers 2024
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AGB 302 Final Review pt 3 Exam –Complete Questions and Answers 2024
________ refers to a situation where a government does not attempt to influence through quotas or duties what its citizens can buy from another country. - -Free trade -________ stresses that in some cases countries specialize in the production and export of particular products because the world market can support only
a limited number of firms. - -New trade theory -________ supports the idea that countries should export more than what they import. - -Mercantilism -________ argued that countries should specialize in the production of goods for which they have an absolute advantage. - -Adam Smith -The production possibility frontier will be ________ if constant return to specialization is observed. - -a straight line -The Heckscher-Ohlin theory predicts that countries will: - -export those goods that make intensive use of factors that are locally abundant. -The ________ argues that a large proportion of the world's new products had
been developed by U.S. firms. - -product life-cycle theory -The variety of goods that a country can produce is limited by the size of the
market in industries where ________ are important. - -economies of scale -Which of the following refers to a situation where a government does not attempt to influence through quotas or duties what its citizens can buy from another country? - -Free trade -Which of the following is a major flaw associated with mercantilism? - -
Mercantilists view trade as a zero-sum game. -________ is a quota on trade imposed by the exporting country, typically at the request of the importing country's government. - -Voluntary export restraint -Tariff rate quotas are common in agriculture, where their goal is to: - -limit imports over quota.
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