G. MecDougall showed in his tests that ? A. relatively higher U.S labor productivity was associated with relatively higher U.K export ratiosB. relatively high U.K labor productivity was associated with relatively higher U.K export ratios C. Labor productivity ratios and…
Dynamic gains from trade could result from ? A. The stimulus of additional investment spending as market open B. Economies of large scale production as markets open C. Additional competition made possible by the opening of marketsD. All of the…
Under free trade, Canada would not realize any gains from trade with Sweden if Canada ? A. Trades at Canada’s marginal rate of transformation B. Trade at Sweden’s marginal rate of transformation C. Specializes completely in the production of its…
In autarky, when a community maximizes its standard of living its production point is ? A. below the production possibility frontierB. on the production possibility frontier C. above the production possibility frontier D. can’t tell without more information
In aukarky, when a community maximizes its standard of living, its production and consumption point is ? A. below the production possibility frontierB. On the production possibility frontier C. above the production possibility frontier D. can’t tell without more information
Which countries terms of trade improved between 1990 and 2000 ? A. Mexico and Denmark B. Sweden and Denmark C. Sweden and SpainD. Mexico and Sweden
If a country has a liner (downward slog) production possibilities frontier, then production is said to be subjected to ? A. constant opportunity costs B. decreasing opportunity costs C. first increasing and then decreasing opportunity costs D. increasing opportunity costs
If the relative Price (MRT) of T were to increase, then the price line would ? A. Shift out in a parallel fashion B. shift in a parallel fashion C. become steeperD. Become flatter
The relative price (MRT) of T in terms of S is ? A. 2 B. 1/2 C. 500 D. 1000
Country B has the comparative advantage in ? A. WineB. Beer C. Both wine and beer D. Neither wine nor beer