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Questions and Answers
According to Adam Smith, why is trade undertaken by two or more countries?
According to Adam Smith, why is trade undertaken by two or more countries?
- Because of factor endowments
- Because of autarky
- Because of absolute advantage (correct)
- Because of comparative advantage
According to David Ricardo, why is trade undertaken by two or more countries?
According to David Ricardo, why is trade undertaken by two or more countries?
- Because of autarky
- Because of factor endowments
- Because of comparative advantage (correct)
- Because of absolute advantage
What is autarky?
What is autarky?
- The type of commodities that are exported or imported
- The increase in welfare resulting from international trade
- The absence of trade (correct)
- The presence of trade
What are the reasons for specialization?
What are the reasons for specialization?
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What is the pattern of trade?
What is the pattern of trade?
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According to Adam Smith, why is trade undertaken by two or more countries?
According to Adam Smith, why is trade undertaken by two or more countries?
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What is autarky?
What is autarky?
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According to Heckscher-Ohlin, why is trade undertaken by two or more countries?
According to Heckscher-Ohlin, why is trade undertaken by two or more countries?
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What are the reasons for specialization?
What are the reasons for specialization?
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What are gains from trade?
What are gains from trade?
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