Foundations Of Modern Trade Theory

A. South Korea should export steel
B. South Korea should export steel and DVDs
C. Japan should export steel
D. Japan should export steel and DVDs

A. One-half ton of steel
B. One ton of steel
C. One and one-half tons of steel
D. Two tons of steel

A. evidence against the classical model
B. evidence against the Heckscher-Ohlin model
C. Support for the Ricardian modal
D. Support for the Heckscher-Ohlin model

A. Ricardian theory of comparative
B. Heckscher Ohl in theory of comparative advantage
C. Linder theory of overlapping demand all of the above
D. None of these

A. Theory of reciprocal demand
B. Theory of absolute advantage
C. Theory of comarative advantage
D. Theory of mercantilism

A. A would likely export S to B
B. A would likely import S from B
C. neither country would want to trade
D. None of the above

A. Production equals consumption
B. Exports equal imports
C. there is no trade
D. All of the above

A. Are more productive than their large trading partners
B. Are less productive than their large trading partners
C. Have demand preferences and income levels lower than their large trading partners
D. Realize terms of trade lying near the MRTs of their large trading partners

A. Paid for all goods exported by the home country
B. Received for all goods exported by the home country
C. Received for exports and paid for imports
D. Of primary products as opposed to manufactured products

A. constant opportunity costs
B. decreasing opportunity costs
C. first increasing and then decreasing opportunity costs
D. increasing opportunity costs