ECS3702 Assignment 1 QUESTIONS AND
ANSWERS 100% VERIFIED A+ GUARANTEED
1). International trade theory refers to...
Ans: i) the microeconomic aspects of international trade
ii) the macroeconomic aspects of international trade
iii) open economy macroeconomics
2). An improvement in a nation's terms of trade means that...
Ans: The prices of its exports have increased more than the prices of its imports.
3). According to the mercantilists, trade was considered a...
Ans: Zero-sum game
4). The mercantilists believed that a country's economic welfare depends on...
Ans: Achieving a favourable trade balance
5). Which of the following policies did the mercantilists advocate to achieve their objective?
Ans: Imposing tariffs, quotes, and other trade barriers
6). According to the law of comparative advantage, a country should specialise in producing a
good or service in which it has a comparative advantage. comparative advantage is
determined by...
Ans: Opportunity cost of production
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ANSWERS 100% VERIFIED A+ GUARANTEED
1). International trade theory refers to...
Ans: i) the microeconomic aspects of international trade
ii) the macroeconomic aspects of international trade
iii) open economy macroeconomics
2). An improvement in a nation's terms of trade means that...
Ans: The prices of its exports have increased more than the prices of its imports.
3). According to the mercantilists, trade was considered a...
Ans: Zero-sum game
4). The mercantilists believed that a country's economic welfare depends on...
Ans: Achieving a favourable trade balance
5). Which of the following policies did the mercantilists advocate to achieve their objective?
Ans: Imposing tariffs, quotes, and other trade barriers
6). According to the law of comparative advantage, a country should specialise in producing a
good or service in which it has a comparative advantage. comparative advantage is
determined by...
Ans: Opportunity cost of production
PaperStoc.com Page 1 of 1
