David ricardo - Study guides, Class notes & Summaries
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THE Test Bank for Economics Private and Public Choice 17th Edition Gwartney
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Adam Smith believed that if people were free to pursue their own interests, 
a. less would be produced than if altruism were the guiding principle. 
b. the public interest would be served quite well. 
c. they would generally apply their talents to unproductive activities that would generate little value to society. 
d. they would have little incentive to undertake productive activities. 
ANSWER: b 
2. Modern economics as a field of study is usually thought to have begun with 
a. Adam Smith and t...
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Economics (Economists) Exam Guide Latest Update
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Adam Smith - Answer-1723 to 1790; Scottish; The founder of ECONOMICS as we know it. Born in Kirkcaldy, Fife, Adam Smith (1723-90) was educated at Glasgow and Oxford, and in 1751 became professor of logic at Glasgow University. Eight years later he made his name by publishing the THEORY OF MORAL SENTIMENTS. His 1776 book, An Inquiry into the Nature and Causes of the Wealth of Nations, is the bible of CLASSICAL ECONOMICS. He emphasized the role of specialization (the DIVISION OF LABOUR), TECHNICAL...
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AGB 302 Exam Questions with 100% Correct Answers
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Free trade Correct Answer a situation in which a government does not attempt to influence through quotas or duties what its citizens can buy from another country or what they can produce and sell to another country 
 
Comparative advantage Correct Answer the intellectual basis of modern argument for unrestricted free trade 
 
David Ricardo Correct Answer comparative advantage 
 
Heckscher-Ohlin Theory Correct Answer The theory that a country will export goods that make intensive use of the facto...
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Test Bank For Brief Principles of Macroeconomics International Edition 5th Edition by N. Gregory Mankiw
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Chapter 3 
Interdependence and the Gains from Trade 
TRUE/FALSE 
1. In most countries today, many goods and services consumed are imported from abroad, and many goods and services produced are exported to foreign customers. 
 ANS: T 
NAT: Analytic TOP: Trade 
DIF: 1 REF: 3-0 
LOC: Gains from trade, specialization and trade MSC: Definitional 
2. Interdependence among individuals and interdependence among nations are both based on the gains from trade. 
ANS: T DIF: 2 REF: 3-0 
NAT: Analytic LOC: G...
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WGU C211 focus questions from chapters, C211 Global Economics for Managers Questions and answers 2023 With Complete Solution Graded and Already Passed.
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Globalization can be viewed as: - CORRECT ANSWER 1. a new force sweeping through the 
world in recent times. 
2. a long-run historical evolution since the dawn of human history. 
3. a pendulum that swings from one extreme to another from time to time. 
Which are the three views of globalization? - CORRECT ANSWER A recent force, a longrunning evolution, and a pendulum 
An import quota is: - CORRECT ANSWER restriction on the quantity of imports that can be 
brought into a country. 
Examples o...
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IBUS 370 Exam 2 with Complete Solutions
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Mercantilism (mid-16th century England) - ANSWER-It is in the best interests of a country to maintain a trade surplus, even if this means government intervention (maximize exports, minimize imports). (Sell more abroad and buy less) 
 
Absolute Advantage (Adam Smith 1776) - ANSWER-Countries should specialize in, or focus on, producing and exporting products which they have an absolute advantage in (they are more efficient at producing that product than any other country) 
 
Comparative Advantage ...
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International Political Economy Midterm exam with correct answers 2024
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International Political Economy is correct answers interplay of economics & political affairs. 
what drives and explains events 
in the world economy? 
Who runs the global economy? 
Who has enough influence to define the rules of 
the game and give direction (in one way or 
another) to economic globalization? 
 
What is the role of the state in the economy? 
 
Traditional Approaches to IPE (3) correct answers Liberalism, realism/mercantilist, and marxist traditions 
 
Realism/Mercantilism (na...
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AGB 302 exam 2023 with 100% correct answers
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free trade 
a situation in which a government does not attempt to influence through quotas or duties what its citizens can buy from another country or what they can produce and sell to another country 
 
 
 
comparative advantage 
the intellectual basis of modern argument for unrestricted free trade 
 
 
 
David Ricardo 
comparative advantage 
 
 
 
Heckscher-Ohlin Theory 
The theory that a country will export goods that make intensive use of the factors of production in which it is well endowed...
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Economists Exam Guide with Latest Update
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(Adam )Smith -Answer- () Scottish philosopher and economist. Though he wrote on nearly every subject of moral and social philosophy, he is remembered as the author of An Inquiry into the nature and causes of the Wealth of Nations (1776) and as the creator of the metaphor of the "invisible hand." This work more-or-less single-handedly founded the Classical school of economics. 
 
(David )Ricardo -Answer- () English economist. Ricardo is best known for Principles of Political Economy and Taxatio...
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AGB 302 Final Exam Questions with 100% Verified Answers
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FDI has accelerated faster than world trade growth. - Answer-Which of the following statements is true about the growth of foreign direct investment in the world economy over the last few decades? 
 
It's wealthy domestic markets - Answer-Which of the following factors has made the United States an attractive target for foreign direct investment? 
 
total accumulated value of foreign owned assets at a given time - Answer-The stock of FDI is the: 
 
Raw material availability - Answer-Which of th...
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