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INTB 3080 Exam 2 Questions and Answers | Latest Update 2024/2025 $11.49   Add to cart

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INTB 3080 Exam 2 Questions and Answers | Latest Update 2024/2025

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  • INTB 3080
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  • INTB 3080

Mercantilism, as advocated in the 16th and 17th centuries, believed that countries should simultaneously encourage both imports and exports. ~~> False Largely discredited and primitive, mercantilism still influences the trade policies of many countries today. ~~> True Free trade refe...

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  • September 20, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • INTB 3080
  • INTB 3080
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1 | P a g e | © copyright 2024/2025 | Grade A+


INTB 3080 Exam 2 Questions and
Answers | Latest Update 2024/2025
Mercantilism, as advocated in the 16th and 17th centuries, believed that

countries should simultaneously encourage both imports and exports.

✓ ~~> False



Largely discredited and primitive, mercantilism still influences the trade

policies of many countries today.

✓ ~~> True



Free trade refers to a situation where a government, through quotas or duties,

attempts to influence what its citizens can buy from another country, or what

they can produce and sell to another country.

✓ ~~> False



David Ricardo's theory of comparative advantage was the first to explain

why unrestricted free trade is beneficial to a country.

✓ ~~> False



Smith, Ricardo, and Heckscher-Ohlin suggest that a country's economy

would gain only if its citizens buy products that are made in that country.

✓ ~~> False




Master01 | September, 2024/2025 | Latest update

, 2 | P a g e | © copyright 2024/2025 | Grade A+

Embracing a free trade regime for an advanced economy often implies that

the country will produce less of some labor-intensive goods and more of

some knowledge-intensive goods.

✓ ~~> True



According to Porter, both advanced factor endowment and basic factor

endowments are equally significant for competitive advantage.

✓ ~~> False



According to Michael Porter, factor endowments can be affected by

subsidies, policies toward capital markets, and policies toward education.

✓ ~~> True



The individual firm should invest substantial financial resources in trying to

build a first-mover advantage, even if that means several years of losses

before a new venture becomes profitable.

✓ ~~> True



The new trade theory suggests that a country may predominate in the export

of a good simply because it was lucky enough to have one or more

pioneering firms to produce that good.

✓ ~~> True




Master01 | September, 2024/2025 | Latest update

, 3 | P a g e | © copyright 2024/2025 | Grade A+

Climate and natural resource endowments explain all of the following

happening, EXCEPT:

✓ ~~> Switzerland exporting watches.



The difference in growth rates between Ghana and South Korea since 1970

can be attributed to

✓ ~~> Both countries' attitudes towards international trade



Ghana's anti trade policy destroyed the Ghanaian economy because

farmers

✓ ~~> Switched to the production of subsistence food stuffs.



Tariffs are the instrument that the GATT and WTO have been most successful

in limiting.

✓ ~~> True



In recent decades, a fall in subsidies, quotas, and voluntary export restraints

has been accompanied by a corresponding fall in nontariff barriers

✓ ~~> False



Ad valorem tariffs reduce the cost of imported products relative to domestic

products.




Master01 | September, 2024/2025 | Latest update

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