International Economics: Comparative Advantage and Ricardian Model Quiz

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28 Questions

When a country requires fewer resources to produce a product than other countries, it is said to have a(n):

When a country requires more resources to produce a product than other countries, it is said to have a(n):

The primary explanation of trade among nations is Ricardo's theory of:

The focus of the Ricardian model is on how differences in _________ influence international trade patterns.

According to Ricardo:

According to the Ricardian principle of comparative advantage, international trade increases a nation's total output because:

Which of the following is NOT a reason why countries trade goods with one another (from an economist’s point of view)?

A country's factors of production include its:

Which of the following is NOT considered to be a factor of production?

In trade, if a nation can produce a good with the fewest resources due to technology, it is known as a(n):

The focus of the Ricardian model is on how:

Which of the following is a reason why countries might not trade goods with one another based on the economist’s point of view?

Which of the following is considered a factor of production according to the text?

Based on the text, what is the focus of the Ricardian model?

In trade, if a nation can produce a good with fewer resources due to technology, it is known as a(n):

What is NOT a reason why countries trade goods with one another according to the text?

Which of the following is NOT considered a factor of production according to the text?

According to the text, which of the following is NOT a reason why countries trade goods with one another?

What is the primary explanation of trade among nations according to Ricardo's theory?

In trade, if a nation can produce a good with the fewest resources due to technology, it is known as a(n):

According to Ricardo, all countries can gain from trade if they export goods for which they have:

When a country requires more resources to produce a product than other countries, it is said to have a(n):

The focus of the Ricardian model is on how differences in _________ influence international trade patterns.

According to the Ricardian principle of comparative advantage, international trade increases a nation's total output because:

What is meant by a country having an absolute disadvantage in the production of a product?

What does it mean when a country is said to have an absolute advantage in the production of a product?

What is David Ricardo's belief about trade according to his theory of comparative advantage?

According to Ricardo's theory, what increases a nation's total output through international trade?

Description

Test your knowledge of international economics with this multiple choice quiz based on R.C. Feenstra and A. M. Taylor's book 'International Trade, 2nd Edition'. The questions cover topics from Chapter 1, including comparative advantage and the Ricardian Model.

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