Eli Heckscher and Bertil Ohlin are associated with the theory of comparative advantage that stresses differences in:
A. Income levels among countries
B. Tastes and preferences among countries
C. Resource endowments among countries
D. Labor productivities among countries
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Hong Kong is relatively abundant in labor, while Canada is relatively abundant in capital. in both area/country the production of shirts is relatively more labor intensive than the production of computers. According to the factor endowment theory, Hong Kong will have a(an):
A. absolute advantage in the production of shirts and computers
B. absolute advantage in the production of computers
C. comparative advantage in the production of shirts
D. comparative advantage in the production of computers
If Japanese workers receive lower wages in the production of autos than do American workers:
A. Japan will have a comparative advantage in the production of autos
B. Japan will have an Absolute advantage in the production of autos
C. ProductioncostswillbelowerinJapanthanintheU.S.
D. Production costs could be lower in the U.if American labor productivity is higher than the Japanese
Which trade theory suggests that a newly produced good, once exported, could ultimately end up being imported as the technology is transferred to lower-cost nations?
A. Factor endowment theory
B. Product life cycle theory
C. Overlapping demand theory
D. Comparative advantage theory
A firm is said to enjoy economies of scale over the range of output for which the long-run average cost is:
A. Increasing
B. Constant
C. Decreasing
D. None of the above
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