Exam (elaborations)
ECN 306 Economics Quiz 1 (Ch 2, 3) 2nd version 2025 Arizona State University
- Course
- ECN 306
- Institution
- Arizona State University
ECN 306 Economics Quiz 1 (Ch 2, 3) 2nd version 2025 Arizona State University
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ECN 306 Economics Quiz 1 (Ch 2, 3) 2nd version 2025 Arizona StateUniversity
Started: Jan 14 at 8:25pm
Quiz Instructions
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Question 1 1.5 pts
According to Ricardo, a country will have a comparative advantage in the product in which its
labor mobility is relatively high.
labor productivity is relatively low.
labor mobility is relatively low.
labor productivity is relatively high.
Question 2 1.5 pts
A nation's trade triangle denotes its exports, imports, and terms of trade.
True
Fals
e
Question 3 1.5 pts
Which is NOT true about Adam Smith?
He developed the concept of absolute advantage.
He stated that a favorable trade balance is possible only in the short run, as over time it would automatically be eliminated.
He was a leading advocate of free trade.
, He maintained that labor costs represent the major determinant of production cost.
Question 4 1.5 pts
ATchicsostruddiynsgoutroce twhaes dtroawdneloamdeoddbey l10o0f00D08a9v5i6d62R39i0cafrrodmoC, otuhresedHierroe.ccotimonono0f1-t2r2a-
2d0e25is11d:0e3t:e1r3mGiMnTed-06b:0y0absolute advantage.
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