Exam (elaborations)
AGB 302 QUIZ 3 with correct Answers
- Course
- Institution
AGB 302 QUIZ 3 with correct Answers
[Show more]
Content preview
AGB 302 QUIZ 3 with correct AnswersFree Trade - Answer -refers to a situation where a government does not attempt to
influence through quotas or duties what its citizens can buy from another country
New trade theory - Answer -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
Mercantilism - Answer -supports the idea that countries should export more than what they
import
adam smith - Answer -argued that countries should specialize in the production of goods
for which they have an absolute advantage.
a straight line - Answer -The production possibility frontier will be ________ if constant
return to specialization is observed
The Heckscher-Ohlin theory predicts that countries will: - Answer -export those goods that
make intensive use of factors that are locally abundant.
product life-cycle theory - Answer -The ________ argues that a large proportion of the
world's new products had been developed by U.S. firms.
economies of scale - Answer -The variety of goods that a country can produce is limited by
the size of the market in industries where ________ are important.
Free Trade - Answer -Refers to a situation where a government does not attempt to
influence through quotas or duties what its citizens can buy from another country?
Mercantilists view trade as a zero-sum game - Answer -Which of the following is a major
flaw associated with mercantilism?
Voluntary export restraint - Answer -________ is a quota on trade imposed by the
exporting country, typically at the request of the importing country's government
Tariff rate quotas are common in agriculture, where their goal is to: - Answer -limit imports
over quota
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now