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AGB 302 Quiz 3 with complete solutions
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AGB 302 Quiz 3 with complete solutions
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AGB 302 Quiz 3 with complete solutionsrefers 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
argued that countries should specialize in the production of goods for which they have an
absolute advantage. - Answer -Adam Smith
The theory of comparative advantage suggests that trade is a game in which all countries
that participate realize economic gains - Answer -positive-sum
The _________ argues that a large proportion of the world's new products had been
developed by U.S. firms. - Answer -product life-cycle theory
are unit cost reductions associated with a large scale of output - Answer -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 - Answer -Free trade
David Ricardo's theory of comparative advantage explains global trade in terms of the: -
Answer -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? - Answer -New trade theory
A country has an absolute advantage in the production of a product when it: - Answer -is
more efficient than any other country
According to Ricardo's theory of comparative advantage, a country should produce goods
- Answer -that it produces most efficiently.
are levied as a proportion of the value of the imported good - Answer -Specific tariffs
A(n) ______________ helps domestic producers to compete against foreign imports -
Answer -import quota
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