A. Different currencies are an obstacle to international trade
B. Goods are more mobile internationally than are resources
C. Resources are more mobile internationally that are goods
D. A country’s exports should always exceed its imports
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If Hong Kong and Taiwan have identical production possibilities curves that are subject to increasing opportunity costs ?
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With international trade, what would be the maximum number of DVDs that Japan would be willing to export to South Korea in exchange for each ton of steel ?
A. Trade would depend on difference in demand conditions
B. Trade would depend on economies of large-scale production
C. Trade would depend on the use of different currencies
D. There would be no basis for gainful trade
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With International trade, what would be the maximum amount of steel that South Korea would be willing to export to Japan in exchange for each DVD ?
A. One DVD
B. Two DVDs
C. Three DVDs
D. Four DVDs
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According to the Principle of absolute advantage Japan should ?
A. One-half ton of steel
B. One ton of steel
C. Two tons of steel
D. Two and one-half tons of steel
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The opportunity cost of one DVD in Japan is ?
A. Export steel
B. Export DVDs
C. Exports steel and DVDs
D. There is no basis for gainful specialization and trade
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