Economics - Foundations Of Modern Trade Theory
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This is The MCQs of Economics
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Question 1 of 46
1. Question
The opportunity cost of one DVD in Japan is:
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Question 2 of 46
2. Question
The opportunity cost of one DVD in South Korea is:
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Question 3 of 46
3. Question
According to the Principle of absolute advantage Japan should:
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Question 4 of 46
4. Question
According to the principle of comparative advantage:
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Question 5 of 46
5. Question
With International trade, what would be the maximum amount of steel that South Korea would be willing to export to Japan in exchange for each DVD:
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Question 6 of 46
6. Question
With international trade, what would be the maximum number of DVDs that Japan would be willing to export to South Korea in exchange for each ton of steel:
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Question 7 of 46
7. Question
The earliest statement of the principle of comparative advantage is associated with:
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Question 8 of 46
8. Question
If Hong kong amd Taiwan have identical production possibilities curves that are subject to increasing opportunity costs:
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Question 9 of 46
9. Question
If the international terms of trade settle at a level that is between each country’s opportunity cost:
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Question 10 of 46
10. Question
International trade is based on the nation that:
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Question 11 of 46
11. Question
Mercantilism:
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Question 12 of 46
12. Question
The classical trade theories of Smith and Ricardo predict that:
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Question 13 of 46
13. Question
The gains from international trade are closely related to:
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Question 14 of 46
14. Question
According to the Classical theory of international trade:
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Question 15 of 46
15. Question
In the classical model of Ricardo, the direction of trade is determined by:
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Question 16 of 46
16. Question
Absolute advantage is determined by:
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Question 17 of 46
17. Question
Comparative advantage is determined by:
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Question 18 of 46
18. Question
Country A has an absolute advantage in
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Question 19 of 46
19. Question
Country B has an absolute advantage in
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Question 20 of 46
20. Question
If the countries were to trade along the lines of absolute advantage:
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Question 21 of 46
21. Question
If countries were to trade along the lines of comparative advantage
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Question 22 of 46
22. Question
In autarky, the relative price of X, in terms of Y in A would be:
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Question 23 of 46
23. Question
Country A has an absolute advantage in:
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Question 24 of 46
24. Question
In autarky, the relative price of wine, in terms of beer, in country A is:
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Question 25 of 46
25. Question
In autarky the relative price of wine, in terms of beer, in Country B is:
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Question 26 of 46
26. Question
Country A has the comparative advantage in:
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Question 27 of 46
27. Question
Country B has the comparative advantage in:
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Question 28 of 46
28. Question
The Relative price (MRT)of S in terms of T i:
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Question 29 of 46
29. Question
The relative price (MRT) of T in terms of S is:
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Question 30 of 46
30. Question
If the relative price (MRT) of S were to increase, then the price line would:
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Question 31 of 46
31. Question
If the relative Price (MRT) of T were to increase then the price line would:
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Question 32 of 46
32. Question
If a country has a bowed out (concave to the origin) production possibility frontier then production is said to be subject to:
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Question 33 of 46
33. Question
If a country has a liner (downward sloping) production possibilities frontier, then production is said to be subjected to:
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Question 34 of 46
34. Question
The terms of trade is given by the prices:
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Question 35 of 46
35. Question
Which countries terms of trade improved between 1990 and 2000?
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Question 36 of 46
36. Question
Given free trade, small nations tend to benefit the most from trade since they:
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Question 37 of 46
37. Question
In aukarky, when a community maximizes its standard of living, its production and consumption point is:
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Question 38 of 46
38. Question
In autarky equilibrium
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Question 39 of 46
39. Question
In autarky, when a community maximizes its standard of living its production point is:
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Question 40 of 46
40. Question
If the autarky price of S were lower in country A than in country B then if trade were allowed
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Question 41 of 46
41. Question
Under free trade, Canada would not realize any gains from trade with Sweden if Canada:
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Question 42 of 46
42. Question
John Stuart Mill was the founder of the:
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Question 43 of 46
43. Question
Dynamic gains from trade could result from:
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Question 44 of 46
44. Question
G. MacDougal compared export ratios and labor productivity ratios for the United States and the United Kingdom in order to test the:
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Question 45 of 46
45. Question
G. MecDougall showed in his tests that:
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Question 46 of 46
46. Question
G. MacDougall’s empirical results can be interpreted as:
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