Classical theories of International Trade

Classical theories of International Trade

University

13 Qs

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Classical theories of International Trade

Classical theories of International Trade

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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Theory of comparative advantage was given by ______

A. Philip Kotler

B. Adam Smith

C. Peter Drucker

D. David Ricardo

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Theory of absolute advantage was given by ______

A. Philip Kotler

B. Adam Smith

C. Peter Drucker

D. David Ricardo

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Who has the COMPARATIVE ADVANTAGE in making bracelets?

A. Marie

B. Isabella

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When determining comparative advantage one must determine

Opportunity cost

Specialization

Absolute Advantage

Embargos 

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If I am better at all types of production, I have the ______ in all forms of production.

Comparative advanatage

Specialization

Absolute Advantage

Developed nation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_________ stresses on the ‘relative cost difference’ rather than ‘absolute cost difference’ between the goods as the basis for carrying out trade.

A. Theory of absolute advantage

B. Theory of comparative advantage

C. Hecksher Ohlin Theory

D. Theory of mercantilism

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________ advocates that a country should focus and specialize in the production of goods that it can produce relatively at a lower cost than other countries.

A. Theory of absolute advantage

B. Theory of comparative advantage

C. Hecksher Ohlin Theory

D. Theory of mercantilism

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