Factor endowments - Study guides, Class notes & Summaries

AGB 302 Assessment Test Questions with Complete Answers (Guaranteed Pass) Constant Returns to Specialization - Answer- The units of resources required to produce a good are assumed to remain constant no matter where one is on a country's production possibility frontier. Factor Endowments - Answer- A country's endowment with resources such as land, labor, and capital. Leontief Paradox - Answer- The empirical finding that, in contrast to the predictions of the Heckscher-Ohlin theory, U...

Chapter 4: Resources and Trade: The Heckscher-Ohlin Model 1. In the 2-factor, 2 good Heckscher-Ohlin model, an influx of workers from across the border would A. move the point of production along the production possibility curve. B. shift the production possibility curve outward, and increase the production of both goods. C. shift the production possibility curve outward and decrease the production of the labor-intensive product. D. shift the production possibility curve outward and decr...

Mercantilism, absolute advantage, and comparative advantage are examples of modern theories - Answer-false The theory of comparative advantage states that even if a country does not have absolute advantage in production, the country can still profitably specialize if the country is relatively more efficient. - Answertrue Indian innovation can reduce the price of US software exports and curtail the wage of the US IT worker - Answer-true Managers should monitor and nurture current comparativ...

Free Trade - ANSWER-refers to a policy or practice of allowing goods and services to be traded between countries with minimal or no government-imposed restrictions, such as tariffs, quotas, or trade barriers Economies of Scale - ANSWER-cost advantages that result from an increase in the scale of production or operation of a business. As production quantities increase, the average cost per unit of output decreases First Mover Advantages - ANSWER-refer to the benefits that a company can gain...

Mercantilism, absolute advantage, and comparative advantage are examples of modern theories - Answer-false The theory of comparative advantage states that even if a country does not have absolute advantage in production, the country can still profitably specialize if the country is relatively more efficient. - Answertrue Indian innovation can reduce the price of US software exports and curtail the wage of the US IT worker - Answer-true Managers should monitor and nurture current comparativ...

IPE (International Political Economy) correct answers International political economy is the study of the "interplay" of economics and politics in the world arena. i) the study of the political basis of economic actions, the ways in which government policies affect market operations. i.e.) the evolution of European Union; gov't subsidies; Japan and Korean auto transplants in the U.S.... ii) the economic basis of political action, the ways in which economic forces mold government polic...

IPE (International Political Economy) correct answers the interdisciplinary science that examines the dynamic interactions between markets, states and societies, and how the tensions and conflicts between these arenas both affect and reflect conditions outside the nation-state and society State / Nation correct answers Nation, state and nation-state are three different concepts. A nation defines a group of people with a shared sense of cultural identity and territoriality. A state is a lega...

BMGT 205, Exam Review Questions and answers, rated A+ The idea that governments should actively protect domestic industries from imports and vigorously promote exports represents: - -Protectionism The national competitive advantage of industries depends on: - -All of these answers (Related and supporting industries,Country factor endowments and firm strategy, structure, and rivalry Domestic demand conditions ) Non Tariff Barriers (NTBs) include: - -All of these answers: (Administrati...

free trade a situation in which a government does not attempt to influence through quotas or duties what its citizens can buy from another country or what they can produce and sell to another country comparative advantage the intellectual basis of modern argument for unrestricted free trade David Ricardo comparative advantage Heckscher-Ohlin Theory The theory that a country will export goods that make intensive use of the factors of production in which it is well endowed...

(GLOBAL ECONOMICS FOR MANAGERS) WGU C211 Q&A 2023/2024 LATEST The term "emerging economies" has replaced the term - CORRECT ANSWERdeveloping countries The gross domestic product plus the income from non-resident sources abroad gives the - CORRECT ANSWER-gross national product Which of the following countries would be characterized as an emerging economy? - CORRECT ANSWER-Brazil More than 25% of global GDP comes from - CORRECT ANSWER-BRICS countries Viewing the global economy as a ...