Exam (elaborations)
AGB 302 Final Review pt 3 Exam – Complete Questions and Answers 2024
- Course
- Institution
AGB 302 Final Review pt 3 Exam – Complete Questions and Answers 2024
[Show more]
Content preview
AGB 302 Final Review pt 3 Exam –Complete Questions and Answers 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. - -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. - -New trade theory -________ supports the idea that countries should export more than what they import. - -Mercantilism -________ argued that countries should specialize in the production of goods for which they have an absolute advantage. - -Adam Smith -The production possibility frontier will be ________ if constant return to specialization is observed. - -a straight line -The Heckscher-Ohlin theory predicts that countries will: - -export those goods that make intensive use of factors that are locally abundant. -The ________ argues that a large proportion of the world's new products had
been developed by U.S. firms. - -product life-cycle theory -The variety of goods that a country can produce is limited by the size of the
market in industries where ________ are important. - -economies of scale -Which of the following refers to a situation where a government does not attempt to influence through quotas or duties what its citizens can buy from another country? - -Free trade -Which of the following is a major flaw associated with mercantilism? - -
Mercantilists view trade as a zero-sum game. -________ is a quota on trade imposed by the exporting country, typically at the request of the importing country's government. - -Voluntary export restraint -Tariff rate quotas are common in agriculture, where their goal is to: - -limit imports over 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 or Stuvia-credit 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 Nursephil2023. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79650 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now