A. Comparative advantage
B. Comparative scale
C. Economies of advantage
D. Production possibility advantage
Correct Answer: Comparative advantage ✔
Last Updated: June 18, 2019
Related MCQs
- LDCs often have a comparative advantage in the production of ?
- Output fell sharply in the transition economies because ?
- If goods are exported for less than society’s marginal production cost and the marginal benefit to domestic consumers, it is likely that they benefit from?
- A tariff causes domestic firms to ________ and consumers to?
- The level of the equilibrium exchange rate offsets international differences in ?
- International difference is opportunity costs lead to countries acquiring ?
- To prevent the external value of the currency from falling the government might ?
- The marginal propensity of consume is equal to ?
- The terms of trade measure ?
- If a country can produce 10 of product A or 4 of product B the opportunity cost of 1B is ?
- A demand switching policy could be ?
- What is not a feature of the EU as a single market ?
- When free trade areas are set up the member countries trade with each other grows faster than their trade with other countries This is due to what economist call ?
- Economic integration ?
- Tariffs are used to protect infant industries these industries are those which ?
- If the Uk placed a limit on the amount of steel that could be imported into the UK in a particular period this would be an example of ?
- One of the main advantages of trade economists suggest is ?
- A country has a comparative advantage in the production of a product if the good’s _____ cost in different from the good’s _____ cost in another country ?
- A significant portion of actual world trade patterns results from ?
- The most wave of globalization which began in the 1980s has emphasized the outsourcing of ?
- A sudden shift from import tariffs to free trade may induce short-term unemployment in ?
- For the United States, commercial jetliners are ?
- International trade in goods and services tends to ?
- A feasible effect of international trade is that a (an) ?
- International trade tends to cause welfare losses to at least some groups in a country ?
- Free traders maintain that an open economy is advantageous is that it provides all of the following except ?
- For the United states, exports plus imports are about _____ of its gross national product?
- The largest amount of trade with the United States in recent years has been conducted by ?
- Arguments for free trade are sometimes disregarded by politicians because ?
- The movement to free international trade is most likely to generate short-term unemployment in which industries ?
- If a nation has an open economy it means that the nation ?
- A main advantage of specialization results from ?
- If a country has a burden of debt it cannot sustain it can ?
- Import substitution is the replacement of by domestic production __ protection of ________?
- LDCs are reluctant to pursue development through the export of primary products because of ____ and _____ ?
- All of the following represent obstacles to LDC development except ?
- Economic transition involves high inflation because ____ and ______?
- An optimal tariff is one which reduces imports to the level at which ____ equals ____?
- The imposition of a tariff causes consumption to _ and imports to _________?
- The main cause of different relative costs between countries are ?
- International specialization takes place because of__________?
- If there is a balance of payments deficit then in a floating exchange rate system ?
- In a floating exchange rate system ?
- Tariffs ?
- Which of the following is not an argument for protectionism ?
- When countries from large trading blocs like the EU, the size of the bloc has the effect of improving them ?
- If a group of countries abolish trade barriers between them and set same tariffs on goods coming in from other countries they are a ?
- Economists suggest that an optimum tariff would be one which reduce imports to a point where__________?
- Government payments made to domestic firms in order to encourage exports are called ?
- The term tariff, as used in international trade refers to ?
- Term of trade for a country are the ratio of to __________?