Which trade theory contends that a country that initially develops and exports a new product may eventually become an importer of it and may no longer manufacture the product?
A. Theoryoffactorendowments
B. Theoryofoverlappingdemands
C. Economiesofscaletheory
D. Productlifecycletheory
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The theory of overlapping demands predicts that trade in manufactured goods is unimportant for countries with very different:
A. Tastesandpreferences
B. Expectations of future interest rate levels
C. Per-capita icome levels
D. Laborproductivities
The trade model of the Swedish economists Heckscher and Ohlin maintains that:
Absolute advantage determines the distribution of the gains from trade
B. Comparative advantage determines the distribution of the gains from trade
C. The division of labor is limited by the size of the world market
D. A country exports goods for which its resource endowments are most suited
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
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
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