Exam (elaborations)
AGB 302 Quiz 3 Exam Questions with Answers
- Course
- Institution
AGB 302 Quiz 3 Exam Questions with Answers
[Show more]
Content preview
AGB 302 Quiz 3 Exam Questions withAnswers
refers to a situation where a government does not attempt to influence through quotas or duties what its citizens can buy from another country - -
free trade -argued that countries should specialize in the production of goods for which
they have an absolute advantage. - -Adam Smith -The theory of comparative advantage suggests that trade is a game in which all countries that participate realize economic gains - -positive-sum -The _________ argues that a large proportion of the world's new products had been developed by U.S. firms. - -product life-cycle theory -are unit cost reductions associated with a large scale of output - -
Economies of scale -refers to a situation where a government does not attempt to influence through quotas duties what its citizens can buy from another country - -Free
trade -David Ricardo's theory of comparative advantage explains global trade in terms of the: - -International differences in labor productivity -the following is a theory that can be used to justify limited government intervention to support the development of certain export-oriented industries? - -New trade theory -A country has an absolute advantage in the production of a product when it: - -is more efficient than any other country -According to Ricardo's theory of comparative advantage, a country should produce goods - -that it produces most efficiently. -are levied as a proportion of the value of the imported good - -Specific tariffs -A(n) ______________ helps domestic producers to compete against foreign imports - -import quota -A company that sells its product in a foreign market below the cost of production may be accused of - -dumping
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Nursephil2023. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75391 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now