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WorksheetsInternational Business Economics
Total questions: 5
Worksheet time: 4mins
Which of the following is international trade?
Trade between provinces
Trade between regions
Trade between countries
Trade between provinces and regions
Trade theory helps managers and governmental policymakers focus on all of the following questions EXCEPT:
whether to own production rather than buy from others.
what products to export
how much to trade
with whom to trade
Suppose that Austria and Belgium have the unit labor requirements for producing steel and brooms shown in the table at the right. Then-
Belgium has a comparative advantage in brooms.
Austria has a comparative advantage in steel
Austria has an absolute advantage in steel.
Belgium has an absolute advantage in brooms.
All of the above
Study on economic interdependence between countries and its effects on economies is known as
International Economics
Business Economics
Gender economics
none of the above
Which of these are the assumptions of absolute cost advantage theory?
2 countries, 2 products
Labour is homogeneous
Perfect competition prevails
No restrictions on trade
