Heckscher ohlin Study guides, Class notes & Summaries

Mercantilism - ️️1st theory of international trade- an economic policy under which nations sought to increase their wealth and power by obtaining large amounts of gold and silver and by maximizing exports and minimizing imports Economic Motives - ️️the motivation to increase return through higher revenues or lower costs through international raw materials, natural resources, a cheap labor supply for manufacturing goods Global Institutions - ️️(1) -Help manage, regulate, and pol...

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...

C211 GLOBAL ECONOMICS FOR MANAGERS (WGU ACTUAL EXAM) WITH VERIFIED SOLUTIONS Base of the pyramid (BOP) - CORRECT ANSWER-Economies where people make less than $2,000 per capita per year. BRICA - CORRECT ANSWER-Brazil, Russia, India, and China. Emerging economies - CORRECT ANSWER-term that has gradually replaced the term "developing countries" since the 1990s. Emerging markets - CORRECT ANSWER-A term that is often used interchangeably with "emerging economies." Expatriate manag...

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...

Assume that labor is the only factor of production and that wages in the United States equal $20 per hour while wages in Japan are $10 per hour. Production costs would be lower in the United States as compared to Japan if A. U.S. labor productivity equaled 40 units per hour and Japan's 15 units per hour. B. U.S. productivity equaled 30 units per hour whereas Japan's was 20. C. U.S. labor productivity equaled 20 and Japan's 30. D. U.S. labor productivity equaled 15 and Japan's 25 units...

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...

IPE (International Political Economy) correct answers International political economy is the study of the "interplay" of economics and politics in the world arena. i) the study of the political basis of economic actions, the ways in which government policies affect market operations. i.e.) the evolution of European Union; gov't subsidies; Japan and Korean auto transplants in the U.S.... ii) the economic basis of political action, the ways in which economic forces mold government polic...

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