_ 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 su...
__ refers to a situation where a government does not attempt to influence through
quotas or duties what its citizens can buy from another country - ANSWER- 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 - ANSWER- New Trade Theory
__ supports the idea that countries should export more than what they import -
ANSWER- Mercantalism
__ argued that countries should specialize in the production of goods for which
they have an absolute advantage - ANSWER- Adam Smith
The production possibility frontier will be __ if constant return to specialization is
observed - ANSWER- a straight line
The Heckscher-Ohlin theory predicts that countries will - ANSWER- 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 - ANSWER- 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 - ANSWER- economies of scale
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