According to the factor endowment model, countries heavily endowed with land will:
A. Devote excessive amounts of resources to agricultural production
B. Devote insufficient amounts of resources to agricultural production
C. Exportproductsthatareland-intensive
D. Importproductsthatareland-intensive
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For the United States, empirical studies indicate that over the past two decades the cost of international transportation relative to the Value of U.S. imports has:
A. Increased
B. Decreased
C. Notchanged
D. Noneofthe above
Should international transportation costs decrease, the effect on international trade would include:
Anincreaseinthevolumeoftrade
B. Asmallergainfromtrade
C. Adeclineinthe income of home producers
D. Adecrease in level of specialization in production.
That the division of labor is limited by the size of the market best applies to which explanation of trade?
A. Factorendowmenttheory
B. Productlife cycle theory
C. Economiesofscaletheory
D. Overlapping demand theory
A larger variety of products results from international trade especially if:
A. Internationaltradeaffordsproducersmonopolypower
B. Nationalgovernmentslevyimporttariffsandquotas
C. Producinggoodsentailsincreasingcosts
D. Economiesofscaleexistforproducers
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