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IBC Chapter 6

Authored by Samantha Liew

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IBC Chapter 6
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15 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following refers to the purchase, sale, or exchange of goods and services across national borders?

Domestic trade

Foreign direct investment

International trade

Mercantilism

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Most of the world merchandise trade is comprised of trade in ________.

         

  natural resources

services

manufactured goods

knowledge-based goods

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Countries did all of the following to implement mercantilism EXCEPT ________.

enhanced trade deficits

government intervention

colonization

maintained trade surpluses

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Both absolute and comparative advantage theories assume that ________ is the only resource used in the production process.

land

labour

capital

information

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a country is not able to produce a good more efficiently than other nations, but produces the good more efficiently than it does any other good, it is said to have a(n)

absolute advantage

resource problem

first-mover advantage

comparative advantage

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The _______ theory states that countries produce and export goods that require resources that are abundant, and import goods that require resources in short supply.

new trade

absolute advantage

international product life cycle

factor proportions

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Leontief paradox describes evidence ________.

that U.S. exports require more labor-intensive production than its imports

in support of factor proportions theory

that U.S. exports require more capital-intensive production than its imports

that the assumptions of new trade theory are invalid

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