The factor endowment theory assumes
A. Same tastes and preferences
B. Factor inputs of uniform quality
C. Same technology
D. All of the above
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In explaining international trade, the product life cycle theory focuses on
A. Tastes and preferences
B. The role of technological innovation
C. Per-capita income levels of netions
D. Both b and c
ConsideringFigure3.1priortotradebothChina’sandtheUSproductionoftextilesandaircraftis19and9.Whichofthefollowingrepresentsthepre-tradesituation?
A. ChinahasacomparativeadvantageintheproductionoftextilesandtheUShasacomparativeadvantageintheproductionofaircraft.
B. ChinahasacomparativeadvantageintheproductionofaircraftandtheUShasacomparativeadvantageintheproductionoftextiles.
Chinahasanabsoluteadvantageintheproductionofbothtextilesandaircraft.
D. TheUShasanabsoluteadvantageintheproductionofbothtextilesandaircraft.
ConsideringFigure3.1whichofthefollowingwouldbetrue?
A. ChinahasmoreofbothlaborandcapitalthantheUS.
B. TheUShasmoreofbothlaborandcapitalthanChina.
C. TheUSisrelativelycapitalabundantandChinaisrelativelylaborabundant.
D. TheUSisrelativelylaborabundantandChinaidrelativelycapitalabundant.
ConsideringFigure3.1,whatarethetermsoftraderepresented?
A. Thetermsoftradeare1½aircraftpertextile.
B. Thetermsoftradeare1½textilesperaircraft.
C. Thetermsoftradeare1textileperaircraft.
D. Thetermsoftradeare2/3textileperaircraft.
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