Economics MCQs

Page No. 339

Intra-industry trade theory ?


a Explains why the United States might export autos and import clothing

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b Explains why the United States might export and import differentiated versions of the same product such as different types of autos

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c Assumes that transport costs are very low or do not exist

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dignores seasonal considerations for agricultural goods

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View Answer Explains why the United States might export and import differentiated versions of the same product such as different types of autos

Should international transportation costs decrease the effect on international trade would include a (an) ?


a increase in the volume of trade

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b Smaller gain from trade

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cDecline in the income of home producers

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dDecrease in the level of specialization in production

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View Answer increase in the volume of trade

According to the trade theory of Staffan Linder trade tends to be most pronounced in manufactured goods when trading countries have ?


a similar endowments of natural resources

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bsimilar levels of technology

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csimilar per-capita incomes

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dsimilar wage levels

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View Answer similar per-capita incomes

According to the factor endowment model of Heckscher and Ohlin, countries heavily endowed with land will ?


a Devote excessive amounts of resources to agricultural production

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bDevote insufficient amounts of resources to agricultural production

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cExport products that are land-intensive

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dimport products that are land-intensive

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View Answer Export products that are land-intensive

The theory of overlapping demand predicts that trade in manufactured goods is unimportant for countries with very different ?


aTastes and preferences

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bExpectations of future interest rate levels

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cPer-capita income levels

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d Labor productivities

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View Answer Per-capita income levels

Boeing aircraft company was able to over its production costs of the first – jumbo jetll in the seventies because Boeing could market it to several foreign airlines in addition to domestic airlines. This illustrates ?


aHow economies of scale make possible a larger variety of products in international trade

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b A transfer of wealth from domestic consumer to domestic producer as the result of trade

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cHow a natural monopoly is forced to behave more competitively with international trade

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dHow a natural monopoly is forced to behave less competitively with international trade

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View Answer How economies of scale make possible a larger variety of products in international trade

The Heckscher-Ohlin theory explains comparative advantage as the result of differences in countries ?


a Economies of large-scale production

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b Relative abundance of various resources

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c Relative costs of labor

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dResearch and development expenditures

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View Answer Relative abundance of various resources

A critic of “Shock therapy” to transition economies. Vladamir Popov, contends that shock therapists put a heavy emphasis on ?


a introducing the reform package at once to ensure that it became too late and costly to reverse the reforms

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b agricultural reform rather than industrial reforms to overcome food insecurity

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cthe creation of a small-scale private sector ans small independent banks

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dattempts to gradually remake institutions

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View Answer introducing the reform package at once to ensure that it became too late and costly to reverse the reforms

Privatization refers to a range of policies including ?


achanging part of a public enterpris’s ownership to the private sector

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bLiberalization of entry into activities previously restricted to the public sector

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cfranchising or contracting public services or leasing public assets to the Private sector

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da ,b and c

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View Answer a ,b and c

State-owned enterprises (SOEs) are also called ?


a centralized firms

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b government oligopolies

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cmarket economies

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dpublic enterprises

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View Answer public enterprises

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