Which of the following is a longrun theory, emphasizing changes in the trading position of a nation over a number of years?
A. Theory of factor endowments
B. Comparative advantage theory
C. Theory of the product cycle
D. Overlapping demand theory
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The leontief paradox questioned the validity of the theory of:
A. Comparative advantage
B. Factor endowments
C. Overlapping demands
D. Absolute advantage
Which of the following would least likely apply to the product life cycle theory?
A. Calculators and computers
B. Coal and crude oil
C. Home movie cameras
D. Office machinery
Classical trade theory emphasized which of the following as an underlying explanation of the basis for trade?
A. Productivities of labor inputs
B. Tastes and preferences among nations
Changes in technologies over time
D. Quantities of economic resources
Concerning the influence that transportation costs have on the location of industry, which of the following industries has generally attempted to locate production facilities close to Resource supplies?
Autos
B. Steel
C. Soft drinks
D. Valuable electronics goods