The earliest statement of the principle of comparative advantage is associated with:
Adam Smith
B. David Ricardo
C. Eli Heckscher
D. Bertil Ohlin
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If Hong Kong,China and Taiwan,China had Identical production conditions and were subject to Increasing costs of production:
A. Trade would depend on differences 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
If the international terms of trade settle at a level that is between each country's opportunity cost:
A. There is no basis for gainful trade for either country
Both countries gain from trade
C. Only one country gains from trade
D. One country gains and the other country loses form trade
International trade is based on the notion that:
A. Different currencies are an obstacle to International trade
B. Goods are more mobile Internationally than are resources
C. Resources are more mobile Internationally than are goods
D. A country's exports should always exceed its imports
When a nation achieves autarky equilibrium:
A. Input price equals final product price
B. Labor productivity equals the wage rate
C. Imports equal exports
D. Production equals consumption
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