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ECS3702 Assignment 1 QUESTIONS AND ANSWERS 100 VERIFIED A GUARANTEED $12.49   Add to cart

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ECS3702 Assignment 1 QUESTIONS AND ANSWERS 100 VERIFIED A GUARANTEED

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ECS3702 Assignment 1 QUESTIONS AND ANSWERS 100% VERIFIED A+ GUARANTEED International trade theory refers to... An improvement in a nation's terms of trade means that... According to the mercantilists, trade was considered a... The mercantilists believed that a country's economic welfare depend...

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  • March 18, 2024
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  • 2023/2024
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ECS3702 Assignment 1 QUESTIONS AND
ANSWERS 100% VERIFIED A+ GUARANTEED

1). International trade theory refers to...

 Ans: i) the microeconomic aspects of international trade
ii) the macroeconomic aspects of international trade
iii) open economy macroeconomics


2). An improvement in a nation's terms of trade means that...

 Ans: The prices of its exports have increased more than the prices of its imports.


3). According to the mercantilists, trade was considered a...

 Ans: Zero-sum game


4). The mercantilists believed that a country's economic welfare depends on...

 Ans: Achieving a favourable trade balance


5). Which of the following policies did the mercantilists advocate to achieve their objective?

 Ans: Imposing tariffs, quotes, and other trade barriers


6). According to the law of comparative advantage, a country should specialise in producing a
good or service in which it has a comparative advantage. comparative advantage is
determined by...

 Ans: Opportunity cost of production




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