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International Economics Quiz 53 (20 MCQs)

Quiz Instructions

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1. They developed the Factor proportions Theory.
2. A(n) ..... is a process of prohibiting commerce and trade with another country.
3. Exports increase, imports decrease
4. The difference between money paid to, and received from, other nations in trade is the
5. The long-run market supply curve in the presence of internal economies of scale is ....., and in the presence of external economies of scale, it is .....
6. A government order stopping trade with another country
7. Economies of Scale are the unit cost reductions associated with a small scale of output.
8. A situation in which a nation imports more goods and services than it exports.
9. International trade not helps consumers to obtain foreign goods at lower prices
10. The ability to produce a good at a lower opportunity cost than others is called a ..... advantage.
11. A floating exchange rate system is one in which:
12. Which of these does NOT apply to a free trade agreement
13. International economics studies the economic interactions between countries, including trade, investment, and financial transactions.
14. In production of a good or service exists when one individual, firm, or country has the lowest opportunity cost for producing the good or service.
15. Which generalization is the MOST accurate comparison of absolute advantage and comparative advantage?
16. The figure illustrates the international movement of capital. When there is international movement of capital in both Nations, how does the yield for Nation 2's owners of non-capital factors change?
17. A government imposed limit on the quantity of goods and services that may be imported from another country is called a?
18. When domestic currency gain its value in relation to a foreign currency in the international money market, it is a situation of:
19. Business and investors can already demand what they want from the nation-state that would advance their interests.
20. Completely bans trade with a country, usually due to political disputes.
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