A policy of developing local industries that can compete with imports is referred to as
Export promotion
Unbalanced growth
Industrial promotion
Import substitution
Economic theory :
Seeks to explain economic events
Seeks to predict economic events
Abstracts from the many details that surrounds an economic event
All of the above
If in a two nation ( A and B ) , two commodity ( X and Y ) world , it is established that nation A has a comparative advantage in commodity X, then nation B must have:
An absolute advantage in commodity Y
An absolute disadvantage in commodity Y
A comparative disadvantage in commodity Y.
Comparative advantage in commodity Y
Economics suggest that trades main advantage is allowing the world to achieve;
More self - sufficiency
Greater equality between countries
Economic growth for all countries
Specialization and the resulting economics of scale
International Trade is most important to the standard of living of :
The united states
Switzerland
Germany
England
International trade theory refers to
The microeconomic aspects of international trade
The macroeconomic aspects of International trade
Open economy macroeconomic or International finance
David Ricardo's theory in favour of free trade uses the idea of
Multilateral advantage
Mutual advantage
Absolute advantage
Comparative advantage
Over time , the economics interdependence of nations has
Grown
Diminished
Remained unchanged
Cannot say
Which of the following is not the subject matter of International finance?
Foreign exchange markets
The balance of payments
The basis and the gain from trade
Polices to adjust balance of payments duse equilibria
Which of the following products are not produced at all in the United States?
Coffee,tea,cocoa
Steel, copper , aluminium
Petroleum , coal , natural gas
Type writers, computers , airplanes
