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AGB 302 QUIZ 3/20 QUESTIONS AND ANSWERS (A+)
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AGB 302 QUIZ 3/20 QUESTIONS AND ANSWERS (A+)
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AGB 302 QUIZ 3/20QUESTIONS AND
ANSWERS (A+)
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
Quiz :argued that countries should specialize in
the production of goods for which they have an
absolute advantage. - √Answer>Adam Smith
Quiz :The theory of comparative advantage
suggests that trade is a game in which all
countries that participate realize economic gains -
√Answer>positive-sum
Quiz :The _________ argues that a large
proportion of the world's new products had been
developed by U.S. firms. - √Answer>product life-
cycle theory
Quiz :are unit cost reductions associated with a
large scale of output - √Answer>Economies of
scale
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