BUSI 303 Quiz 2 Liberty University Complete Answers
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Which of the following is NOT included in the Doha agenda of the WTO?
Which of the following is true of the Heckscher-Ohlin theory?
According to Porter, which of the following factor endowments would be classified as an advanced factor?
Examples of sources of economies of scale
Theory by Adam Smith Proposed in 1776 Was the first to explain why unrestricted free trade is beneficial to a country. A country has this in a product when it is more efficient than any other country at producing it.
According to Adam Smith, _____ should determine what a country imports and what it exports.
According to internalization theory, licensing has three major drawbacks as a strategy for exploiting foreign market opportunities, they are
According to the pragmatic nationalist view
According to the product life-cycle theory, once a new product becomes widely accepted internationally then production for that product
Adam Smith states that countries should specialize in the production of goods for which they can produce most efficiently and then trade these for goods produced by other countries. 1776
_____ advocates that countries should simultaneously encourage exports and discourage imports
A(n) _____ has no barriers to trade among member countries, includes a common external trade policy, and allows factors of production to move freely among members, but does not have a common currency.
_____ are the oldest and simplest instrument of trade policy.
An argument against economic integration is that it
___ arises when two or more enterprises encounter each other in different regional markets, national markets, or industries.
At what stage of the product life-cycle theory does production within other advanced countries begin to limit the potential for exports from the United States?
The basic message of _____ is that potential world production is greater with unrestricted free trade than it is with restricted trade.
The basic objective of the Association of Southeast Asian Nations is to
Benefits of inward FDI for a host country
Bureaucratic rules designed to make it difficult for imports to enter a country are referred to as
Constant returns to specialization
The country of Begola imposes an ad valorem tariff rate of 2.5 percent on 1 million tons of sugar imports, after which an out-of-quota rate of 30 percent is applied. Which instrument of trade policy is being used by Begola?
The country of Pabul and the country of Kimmurak have formed a free trade agreement. This has resulted in Pabul importing textiles from Kimmurak, which Pabul previously produced at a higher cost. This is an example of
David Ricardo states that it makes sense for a country to specialize in the production of those goods that it produces most efficiently and to buy the goods that it produces less efficiently from other countries. 1817
The economic and strategic advantages that accrue to early entrants into an industry are called
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