Heckscher ohlin theory - Study guides, Class notes & Summaries

Comparative advantage correct answers The ability of a country or firm to produce a particular good or service more efficiently than other goods or services, such that its resources are most efficiently employed in this activity. The comparison is to the efficiency of other economic activities the actor might undertake, not to the efficiency of other countries or firms. Absolute advantage correct answers The ability of a country or firm to produce more of a particular good or service than oth...

WGU C211 GLOBAL ECONOMICS FOR MANAGERS (WGU) CENGAGE TEXT ACTUAL EXAM WITH VERIFIED & UPDATED ANSWERS 2023/2024 Globalization - CORRECT ANSWER-The close integration of countries and peoples of the world. Purchasing Power Parity (PPP) - CORRECT ANSWER-A conversion that determines the equivalent amount of goods and services that different currencies can purchase. Scenario Planning - CORRECT ANSWER-A technique to prepare and plan for multiple scenarios (either high or low risk). Ris...

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...

ethics correct answers the principles of right and wrong that guide an individual in making decisions ethical strategy correct answers a course of action that does not violate a company's business ethics Friedman Doctrine correct answers the only social responsibility of business is to increase profits, so long as the company stays within the rules of law Culturual Relativism correct answers belief that cultures should be judged by their own standards Utilitarian Approach correct an...

WGU C211 Global Economics Exam 2023 Questions and Answers (Graded A) advantage - ANSWER-The economic advantage one nation enjoys that is absolutely superior to other nations. Administrative policy - ANSWER-Bureaucratic rules that make it harder to import foreign goods. Antidumping duty - ANSWER-Tariffs levied on imports that have been "dumped" (selling below costs to "unfairly" drive domestic firms out of business). Balance of trade - ANSWER-The aggregation of importing and exporti...

free trade correct answersa 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 answersthe intellectual basis of modern argument for unrestricted free trade David Ricardo correct answerscomparative advantage Heckscher-Ohlin Theory correct answersThe theory that a country will export goods that make intensive use of the facto...

Quotas correct answers the application of a quantitative restriction against goods or services from another region Currency Controls correct answers limit the availability of foreign currency for the purchase of foreign goods Voluntary Export Restraints correct answers Voluntary Export Restraints: one country agrees to limit its exports to a third country, usually because the importing country threatens to place barriers against the goods of the exporting country. Factor Endowment Th...

C211 Global Economics for Managers Exam Questions and Answers 100% Pass Base of the pyramid (BOP) - Answer- Economies where people make less than $2,000 per capita per year. BRICA - Answer- Brazil, Russia, India, and China. Emerging economies - Answer- term that has gradually replaced the term "developing countries" since the 1990s. Emerging markets - Answer- A term that is often used interchangeably with "emerging economies." Expatriate manager - Answer- A manager who works abroad,...

Country A exports more goods to Country B than it imports from Country B. Country A receives more monetary gain by using this practice. Which relationship does Country A have with Country B? correct answer: Trade surplus Correct! Trade surplus is when a country exports more than it imports from another country. For example, China normally exports more manufactured goods to the United States than it imports from the United States. China has a trade surplus. Country A has been criticized by ...

AGB 302 week 3 | Questions and Correct Solutions 2024 ________ 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 mor...