He said that comparative advantage as the best example he knows of an economic principle that is undeniably true yet not obvious to intelligent people

Midterm Exam for International Trade and Agreement

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Other, Business
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Joan Perez
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50 questions
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1.
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30 sec • 1 pt
2.
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30 sec • 1 pt
Economists use the term ___________ to describe such trade-offs
3.
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30 sec • 1 pt
Because any economy has ________________, there are limits on what it can produce, and there are always trade-offs; to produce more of one good, the economy must sacrifice some production of another good.
4.
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30 sec • 1 pt
In a _________ economy, supply decisions are determined by the attempts of individuals to maximize their earnings.
5.
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30 sec • 1 pt
__________________is the simplest model that shows how differences between countries give rise to trade and gains from trade. In this model, labor is the only factor of production, and countries differ only in the productivity of labor in different industries.
6.
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30 sec • 1 pt
In the Ricardian model, countries will export goods that their labor produces relatively efficiently and will import goods that their labor produces relatively inefficiently. In other words, a country’s production pattern is determined by _______________________.
7.
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30 sec • 1 pt
We can show that trade benefits a country in either of two ways. First, we can think of trade as an____________________ method of production. Instead of producing a good for itself, a country can produce another good and trade it for the desired good.
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