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
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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
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.
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