International trade in goods and services is sometimes used as a substitute for all of the following except:
A. International movements of capital
B. International movements of labor
C. Domestic production of the same goods and services
Domestic production of different goods ang services
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International trade is based on the idea that:
A. Exports should exceed imports
B. Imports should exceed exports
C. Resources are more mobile internationally than are goods
D. Resources are less mobile internationally than are goods
Increased foreign competition tends to:
A. Intensify inflationary pressures at home
B. Induce falling output per worker-hour for domestic workers
C. Place constraints on the wages of domestic workers
D. Increase profits of domestic import-competing industries
____ is the ability of a firm/industry, under free and fair market conditions, to design, produce, and market goods and services that are better and /or cheaper than those of other firms /industries.
A. Competitiveness
B. Protectionism
Comparative advantage
D. Absolute advantage
A firm's ____, relative to that of other firms, is generally regarded as the most important determinant of competitiveness.
A. Income level
B. Tastes and preferences
C. Governmental regulation
D. Productivity
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