The factor endowment theory states that comparative advantage is explained
A. Exclusively by differences in relative supply conditions
B. Exclusively by differences in relative national demand conditions
C. Both supply and demand conditions
D. None of the above
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The factor endowment theory assumes
A. Same tastes and preferences
B. Factor inputs of uniform quality
C. Same technology
D. All of the above
In explaining international trade, the product life cycle theory focuses on
A. Tastes and preferences
B. The role of technological innovation
C. Per-capita income levels of netions
D. Both b and c
ConsideringFigure3.1priortotradebothChina’sandtheUSproductionoftextilesandaircraftis19and9.Whichofthefollowingrepresentsthepre-tradesituation?
A. ChinahasacomparativeadvantageintheproductionoftextilesandtheUShasacomparativeadvantageintheproductionofaircraft.
B. ChinahasacomparativeadvantageintheproductionofaircraftandtheUShasacomparativeadvantageintheproductionoftextiles.
Chinahasanabsoluteadvantageintheproductionofbothtextilesandaircraft.
D. TheUShasanabsoluteadvantageintheproductionofbothtextilesandaircraft.
ConsideringFigure3.1whichofthefollowingwouldbetrue?
A. ChinahasmoreofbothlaborandcapitalthantheUS.
B. TheUShasmoreofbothlaborandcapitalthanChina.
C. TheUSisrelativelycapitalabundantandChinaisrelativelylaborabundant.
D. TheUSisrelativelylaborabundantandChinaidrelativelycapitalabundant.
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