Improvements in productivity may lead to wenkening comparative advantage if
A. The assumption of fixed technologies under constant costs is relaxed
B. Technologies available to each nation is allowed to differ
C. Resource endowments are allowed to vary
D. All of the above
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Adam Smith
A. Was a leading advocate of free trade
B. Developed the concept of absolute advantage
C. Maintained that labor costs represent the major determinant of production cost
D. All of the above
Modern trade theory contends that the pattern of world trade is governed by
A. Differences in supply conditions and demand conditions
B. Supply conditions only
C. Demand conditions only
D. None of the above
When nations are of similar size, and have similar taste patterns ,the gains from trade
A. are shared equally between them.
B. are impossible to determine.
C. are too small, so that trading not beneficial.
D. are determined by the nation that has comparative advantage in the more essential product.
The commodity terms of trade measures
A. The rate at which exports exchange for imports
B. The influence trade has on productivity levels
C. The effect on income of the trading nation
D. The improvement in a nation's welfare
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