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Get faster at matching terms Terms in this set (19)Which of the following statements BEST describes the new trade theory? There are gains to be made from specialization and increasing economies of scale. Which one of the following statements BEST explains the benefits of international trade to nations? International trade is an important engine for job creation. Which one of the following trade conditions occurs when a country is unable to produce a good more efficiently than other nations, but produces the good more efficiently than it does any other good? Comparative advantage Country X specializes in the production of corn more efficiently than any other nation and buys rice which it produces less efficiently than corn from Country Z, despite the fact that Country Z produces rice less efficiently than Country X. Which one of the following international trade theories agrees with Country X's decision to buy rice from Country Z? Comparative advantage Which one of the following is a component of Porter's diamond? Firm strategy, structure, and rivalry Which one of the following represents the core of the national competitive advantage theory? A nation's competitiveness in an industry depends on the capacity of the industry to innovate and upgrade. As the world becomes even more like a global village, countries become dependent on trade with each other to sustain their own economies. However, the dangers of trade dependency become apparent when _______________ a nation experiences economic recession or political turmoil ________ says that a company will begin by exporting its product and later undertake foreign direct investment. The theory also says that, for a number of reasons, a country's export eventually becomes its import. The product life cycle theory There has been a persistent pattern of merchandise trade among nations. Trade between which economies of the world represents the highest level of total world merchandise trade? Trade between the world's high-income economies Trade in services accounts for around 22 percent of total world trade. Although the importance of trade in services is growing for many nations, it tends to be relatively more important for the world's ___________ countries. richest The international product life cycle theory follows the path of a good through its life cycle in order to determine where it will be produced. Which one of the following BEST defines the standardized product stage? Competition pressures companies to lower prices in order to maintain sales levels. Which one of the following trade theories indicates that government may play a role in assisting its home companies and that government involvement has always been widely accepted in undertakings such as space exploration for national security reasons? New trade The ability of the theory of the product life cycle to accurately depict the trade flow of nations is being challenged. This is due to the fact that ________. more companies are operating in international markets from their inception Which one of the following of Porter's diamond components supports the concept that companies that belong to a nation's internationally competitive industries do not exist in isolation, rather, supporting industries spring up to provide the inputs required by the industry? Related and supporting industries Mercantilism advocates that governments should actively intervene in international trade to maintain a trade surplus. Which of the following tools have mercantilist nations used to support this policy? Subsidize export, ban import, and impose tariff charges and quotas. The practice of mercantilism rested on three essential pillars. Which of the following sets identify these three pillars? Trade surpluses, government intervention, and colonialism Which agencies/departments/organizations in most countries record the destination of exports, the source of imports, and the physical quantities and values of goods crossing their borders? Customs The difference between the comparative advantage theory and the factor proportions theory is that the factor proportions theory ________. states that a country specializes in producing and exporting goods using the factors of production that are most abundant and thus cheapestlong dashnot the goods in which it is most productive International product life cycle theory says that a company will begin by exporting its product and later undertake foreign direct investment as the product moves through its life cycle. Which of the following BEST defines the maturing product stage? Exports begin to account for an increasingly greater share of total product sales. Recommended textbook solutions
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ECONOMICS Suppose that a firm is currently producing its desired quantity of output and that the firm's marginal product of labor is 20, its marginal product of capital is 100, the wage rate for labor is $5, and the rent for capital is$25. All data are per hour. The firm should A. employ more labor and rent more capital. B. employ less labor and rent less capital. C. employ less labor and rent more capital. D. employ more labor and rent less capital. E. employ /rent the current amount of labor and capital. Verified answer ECONOMICS A producer makes 100 units of good X at $40 each. He decides that under no circumstances will he sell the good for less than$40. Do you agree or disagree with his decision? Explain. Verified answer
ECONOMICS After every policy meeting, the Fed issues a statement (sometimes called the press release), which you can find on the Fed's website (http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm). Read the most recent statement. What does it say? What is the Fed doing? Why? What do you think about the Fed's recent policy decisions? Verified answer
ECONOMICS Consider the following $1,000 par value zero-coupon bonds:$ $$ \begin{matrix} \text{Bond} & \text{Years until Maturity} & \text{Yield to Maturity}\\ \text{A} & \text{1} & \text{5\\%}\\ \text{B} & \text{2} & \text{6}\\ \text{C} & \text{3} & \text{6.5}\\ \text{D} & \text{4} & \text{7}\\ \end{matrix} $$ $ According to the expectations hypothesis, what is the market’s expectation of the yield curve one year from now? Specifically, what are the expected values of next year's yields on bonds with maturities of (a) 1 year; (b) 2 years; (c) 3 years? Verified answer Other Quizlet setsinb test 218 terms anna_marie_tiberi BUS 300 Chapter 613 terms jon_lai chapter 319 terms Andrew-C00 ECO Exam 4 (Ch. 20, 21 & 16)31 terms GoldenWiz Related questionsQUESTION **What is overall gain from unrestricted free trade according to theory of comparative advantage? 2 answers QUESTION What are the push and pull factors of production? 9 answers QUESTION What organisation did the League set up to control the certificates? 7 answers QUESTION The results of a 2008 Los Angeles Times poll suggest that a significant majority of Americans believe that free international trade helps the American economy. 3 answers Which of the following statements best describes the theory of comparative advantage quizlet?Which of the following statements best describes the theory of comparative advantage? Each nation should produce those goods that it can produce more efficiently and effectively than other nations, and buy the goods it cannot produce efficiently from other nations.
Which of the following describe the theory of national competitive advantage?The theory of national competitive advantage of industries is that the competitive advantage of certain industries in different nations depends on four aspects that form a "diamond." The four aspects are: 1) factor endowments, 2) domestic demand, 3) firm strategy, structure, and rivalry, and 4) related and supporting ...
Which of the following statements best describes the new trade theory quizlet?Which of the following statements BEST describes the new trade theory? There are gains to be made from specialization and increasing economies of scale.
Which of the following best describes the economic theory of mercantilism?What best defines mercantilism? An economic theory that benefited America by trade with England. The practice of trading goods for goods when gold and silver was not available. A country's power was measured by the amount of gold and silver it owned.
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Which one of the following best describes the contribution of Porters theory of competitive advantage quizlet?
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