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AGB 302 QUIZ 3 with correct Answers
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AGB 302 QUIZ 3 with correct Answers
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AGB 302 QUIZ 3 with correct AnswersFree Trade - Answer -refers to a situation where a government does not attempt to
influence through quotas or duties what its citizens can buy from another country
New trade theory - Answer -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
Mercantilism - Answer -supports the idea that countries should export more than what they
import
adam smith - Answer -argued that countries should specialize in the production of goods
for which they have an absolute advantage.
a straight line - Answer -The production possibility frontier will be ________ if constant
return to specialization is observed
The Heckscher-Ohlin theory predicts that countries will: - Answer -export those goods that
make intensive use of factors that are locally abundant.
product life-cycle theory - Answer -The ________ argues that a large proportion of the
world's new products had been developed by U.S. firms.
economies of scale - Answer -The variety of goods that a country can produce is limited by
the size of the market in industries where ________ are important.
Free Trade - Answer -Refers to a situation where a government does not attempt to
influence through quotas or duties what its citizens can buy from another country?
Mercantilists view trade as a zero-sum game - Answer -Which of the following is a major
flaw associated with mercantilism?
Voluntary export restraint - Answer -________ is a quota on trade imposed by the
exporting country, typically at the request of the importing country's government
Tariff rate quotas are common in agriculture, where their goal is to: - Answer -limit imports
over quota
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