Which of the following statements with regard to international economics is true?
. The Mercantilists did not advocate:
According to Adam Smith, international trade was based on:
. What proportion of international trade is based on absolute advantage?
The commodity in which the nation has the smallest absolute disadvantage is the commodity of its:
If in a two-nation (A and B), two-commodity (X and Y) world, it is established tha t nation A has a comparative advantage in commodity X, then nation B must have:
If with one hour of labor time nation A can produce either 3X or 3Y while nation B can produce either 1X or 3Y (and labor is the only input):
With reference to the statement in Question 6:
. With reference to the statement in Question 6, if 3X is exchanged for 3Y:
With reference to the statement of Question 6, the range of mutually beneficial tra de between nation A and B is:
If domestically 3X=3Y in nation A, while 1X=1Y domestically in nation B:
. Ricardo explained the law of comparative advantage on the basis of:
Which of the following statements is true?
A difference in relative commodity prices between two nations can be based upo na difference in:
In the trade between a small and a large nation: