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ECON 440 Test 1 Questions And Answers 2024/2025 Update
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ECON 440 Test 1 Questions And Answers 2024/2025 Update
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ECON 440 Test 1 Questions And Answers2024/2025 Update
Historians of economic thought often describe ________ written by ________ and published in
________ as the first real exposition of an economic model.
"Wealth of Nations," Adam Smith, 1758
"Of the Balance of Trade," David Hume, 1758
"Wealth of Nations," Adam Smith, 1776
"Wealth of Nations," David Hume, 1758
"Of the Balance of Trade," David Hume, 1776 ANS✔✔ "Of the Balance of Trade," David Hume, 1758
The United States is less dependent on trade than most other countries because
the United States invests in many other countries.
many countries invest in the United States.
the United States is a "Superpower."
the military power of the United States makes it less dependent on anything.
the United States is a relatively large country with diverse resources. ANS✔✔ the United States is a
relatively large country with diverse resources.
An important insight of international trade theory is that when two countries engage in voluntary trade
, it is almost always beneficial to both countries.
it is almost never beneficial to both countries.
it only benefits the low wage country.
it only benefits the high wage country.
one country always benefits at the expense of the other. ANS✔✔ it is almost always beneficial to both
countries.
The benefits of international trade are derived from trade in
tangible goods only.
intangible goods only.
anything of value.
services but not goods.
goods but not services. ANS✔✔ anything of value.
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