Exam (elaborations)
AGB 302 Quiz 3 with complete solutions
- Module
- Institution
AGB 302 Quiz 3 with complete solutions
[Show more]
Seller
Follow
millyphilip
Reviews received
Content preview
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
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 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 £6.13. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76658 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now