G. MecDougall showed in his tests that ?
Dynamic gains from trade could result from ?
Under free trade, Canada would not realize any gains from trade with Sweden if Canada ?
In autarky, when a community maximizes its standard of living its production point is ?
In aukarky, when a community maximizes its standard of living, its production and consumption point is ?
Which countries terms of trade improved between 1990 and 2000 ?
If a country has a liner (downward sloping) production possibilities frontier, then production is said to be subjected to ?
If the relative Price (MRT) of T were to increase, then the price line would ?
The relative price (MRT) of T in terms of S is ?
Country B has the comparative advantage in ?
In autarky the relative price of wine, in terms of beer, in Country B is ?
Country A has an absolute advantage in ?
If countries were to trade along the lines of comparative advantage ?
Country B has an absolute advantage in ?
Comparative advantage is determined by ?
In the classical model of Ricardo, the direction of trade is determined by ?
The gains from international trade are closely related to ?
If the international terms of trade settle at a level that is between each country’s opportunity cost ?
The earliest statement of the principle of comparative advantage is associated with ?
According to the principle of comparative advantage ?
The opportunity cost of one DVD in South Korea is ?
G. MacDougall’s empirical results can be interpreted as ?
G. MacDougal compared export ratios and labor productivity ratios for the United States and the United Kingdom in order to test the:
John Stuart Mill was the founder of the ?
If the autarky price of S were lower in country A than in country B then if trade were allowed ?
In autarky equilibrium ?
Given free trade, small nations tend to benefit the most from trade since they ?
The terms of trade is given by the prices ?
If a country has a bowed out (concave to the origin) production possibility frontier then production is said to be subject to ?
If the relative price (MRT) of S were to increase, then the price line would ?
The Relative price (MRT)of S in terms of T i ?
Country A has the comparative advantage in ?
In autarky, the relative price of wine, in terms of beer, in country A is ?
In autarky, the relative price of X, in terms of Y in A would be ?
If the countries were to trade along the lines of absolute advantage ?
Country A has an absolute advantage in__________?
Absolute advantage is determined by ?
According to the Classical theory of international trade ?
The classical trade theories of Smith and Ricardo predict that ?
International trade is based on the nation that ?
If Hong Kong and Taiwan have identical production possibilities curves that are subject to increasing opportunity costs ?
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 ?
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 ?
According to the Principle of absolute advantage Japan should ?
The opportunity cost of one DVD in Japan is ?

Mercantilism ?

A. Is the philosophy of free international trade?
B. Was a system of export promotion and barriers to imports practiced by governments?
C. Was praised by Adam Smith in the Wealth of Nations
D. Both (a) and (c)

Correct Answer: Was a system of export promotion and barriers to imports practiced by governments? ✔

Last Updated: June 11, 2019