Trade Policies For the Developing Nations

A. the principle of comparative advantage
B. the principle of absolute advantage
C. an outward-looking growth strategy
D. an inward-looking growth strategy

A. have been steadily rising in recent decades
B. have been more stable than the prices of manufactured goods
C. fluctuate about as much as the prices of manufactured goods
D. tend to be very unstable from year to year

A. multilateral contracts
B. production and export controls
C. buffer stock arrangements
D. tariff-rates quotas

A. a lack of substitutes for oil
B. similar cost schedules for member countries
C. highly inelastic world demand curve for oil
D. economic recession for oil importing nations

A. unstable export markets
B. improving terms of trade
C. limited access to the markets of industrial countries
D. highly elastic demand curves for their products

A. be a manufactured good
B. be a primary product
C. have a low price elasticity of supply
D. have a high price elasticity of demand

A. import substitution
B. export promotion
C. commercial dumping
D. multilateral contract

A. balance of trade deficits
B. price inflation
C. constrained economic growth
D. improving terms of trade

A. international trade per capita
B. real income per capital
C. unemployment per capita
D. calories per capita

A. sell 4 million pounds of tin
B. sell 8 million pounds of tin
C. buy 4 million pounds of tin
D. buy 8 million pounds of tin