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AGB 302 Quiz 3 Exam Questions with Answers
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AGB 302 Quiz 3 Exam Questions with Answers
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AGB 302 Quiz 3 Exam Questions withAnswers
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 -argued that countries should specialize in the production of goods for which
they have an absolute advantage. - -Adam Smith -The theory of comparative advantage suggests that trade is a game in which all countries that participate realize economic gains - -positive-sum -The _________ argues that a large proportion of the world's new products had been developed by U.S. firms. - -product life-cycle theory -are unit cost reductions associated with a large scale of output - -
Economies of scale -refers to a situation where a government does not attempt to influence through quotas duties what its citizens can buy from another country - -Free
trade -David Ricardo's theory of comparative advantage explains global trade in terms of the: - -International differences in labor productivity -the following is a theory that can be used to justify limited government intervention to support the development of certain export-oriented industries? - -New trade theory -A country has an absolute advantage in the production of a product when it: - -is more efficient than any other country -According to Ricardo's theory of comparative advantage, a country should produce goods - -that it produces most efficiently. -are levied as a proportion of the value of the imported good - -Specific tariffs -A(n) ______________ helps domestic producers to compete against foreign imports - -import quota -A company that sells its product in a foreign market below the cost of production may be accused of - -dumping
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