International Trade

... involves the buying and selling of goods and services across international boundaries.

(a)  

International Trade Types

• Export

• Entrepot

• Import

• Entreport

Choose all the benefits of international trade

• Dependency on Global Markets

• Cultural Homogenization

• Economic Growth

• Specialization

... is defined as the absence of government intervention of any kind in international trade, so that trade takes place without any restrictions (or barriers) between individuals or firms in different countries.

(a)  

"The father of classical economics" is called ...

• Karl Marx

• Adam Smith

• John Keynes

• David Ricardo

Сoffenia produces 8 robots and 4 cans of coffee per year, Robotia produces 3 robots and 6 cans of coffee per year. Which country will have an absolute advantage in robot production?

• Сoffenia

• Robotia