International Trade Theories and Economists Quiz

Who heralded the formulation of a theory of free trade?

What type of theories does the country-based international trade theory refer to?

What is the purpose of the division of labor in a work process?

What does a trade surplus indicate for a country?

Which economic concept restricts imports and reduces consumer choices?

According to the information provided, what was the second phase of capitalism characterized by?

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between ______.

Country-based international trade theory states that a country's wealth is determined by its holdings of ______ and silver.

Classical refers to the ______-based theories.

Modern refers to the ______-based theories.

Adam Smith published Wealth of Nation in ______.

David Ricardo published Principles of Economics in ______.

David Hume offered the theory of the ______-specie flow mechanism.

Division of labor is the separation of a work process into a number of tasks, with each task performed by a separate person or group of persons to boost productivity and efficiency and enhance ______.

Trade surplus is the amount by which the value of a country's exports exceeds the cost of its ______.

Industrial capitalism was the second phase of capitalism in which industries/ factories became the dominant factor in the production of ______.

Individuals benefit from a greater choice of affordable goods in a ______ trade system.

__________ refers to the firm-based theories.

It restricts imports and reduces the choices available to consumers - __________.

__________ was the second phase of capitalism in which industries/ factories became the dominant factor in the production of goods.

Country-based international trade theory states that a country's wealth is determined by its holdings of ______ and silver.

David Ricardo published Principles of Economics in ______.

Adam Smith published Wealth of Nation in ______.

David Hume offered the theory of the ______-specie flow mechanism.

__________ advantage is the country's inherent ability to produce specific goods efficiently and effectively at a relatively lower marginal cost.

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between ______.