according to ______ the holdings of a country’s treasure primarily in the form of gold constituted its wealth.
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According to this theory the holdings of a country’s treasure pri
According to this theory the holdings of a country’s treasure primarily in the form of gold constituted its wealth. a. Gold Theory b. Ricardo Theory c. Mercantilism d. Hecksher Theory
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According to this theory the holdings of a country’s treasure primarily in the form of gold constituted its wealth. a. Gold Theory b. Ricardo Theory c. Mercantilism d. Hecksher Theory
Answer :
c. Mercantilism
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[Solved] According to this theory, the holdings of a country’s treasure primarily in the form of gold constituted its wealth.
Q.
According to this theory, the holdings of a country’s treasure primarily in the form of gold constituted its wealth.
A. gold theory B. ricardo theory C. mercantilism D. hecksher theory
Answer» C. mercantilism
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International Business
Discussion
Angela1 week ago
Historically, foreign direct investment has followed foreign trade because
A.
The firm has already established its own sales company to import in its own name
B.
Foreign trade is less costly and less risky
C.
Management can expand the business in large increments
D. All of the above
Related Multiple Choice Questions
According to this theory the holdings of a country’s treasure primarily in the form of gold constituted its wealth.
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In the foreign exchange market, the ________ of one country is traded for the ________ of another country.
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A country records its international finance accounts in it’s
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Theories of international trade MCQ Quiz - Objective Question with Answer for Theories of international trade - Download Free PDF
Last updated on Mar 10, 2023
Latest Theories of international trade MCQ Objective Questions
Theories of international trade Question 1:
Which one of the following is not the assumption of Theory of Absolute and Comparative advantage?
Countries are driven only by maximization of production and consumption
Only two countries are engaged in the production and consumption of just two goods
There are transportation costs for shipping goods from one country to another
Labour is the only factor of production that helps in converting the raw materials into finished products
Answer (Detailed Solution Below)
Option 3 : There are transportation costs for shipping goods from one country to another
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Theories of international trade Question 1 Detailed Solution
The correct answer is There are transportation costs for shipping goods from one country to another.
Key PointsInternational trade refers to the process of exchanging goods/ services across the international territories.There are various theories of International Trade, such as: Mercantilism Theory, Absolute Cost Advantage Theory, Comparative Cost Advantage Theory etc.
Mercantilism Theory: This theory is based on the idea that, it is gold and silver which reflects the national wealth of a country. It emphasize on self sufficiency concept through a favourable balance of trade by exporting more goods for accumulating gold and silver.Absolute Advantage Theory: This theory was propounded by Adam Smith in 1776. As per the principle of absolute advantage, each nation always has a distinct edge over another in the production of some specific good/ service.Assumptions of Absolute Advantage theory are:There are just two nations producing just two goods.
When one has completely cheap cost of producing one good, the trade will occur.
Labour cost becomes the base for calculating the cost of commodity.There are no taxes.
There is no transportation cost for shipping products from one country to another country.
Comparative Advantage Theory: This theory of international trade was developed by David Ricardo in 1817.The ability of a party to produce a certain commodity or service at a lower marginal and opportunity cost than another is known as comparative advantage.Assumptions of Comparative Advantage theory are:There are just two nations producing two goods.
There is absence of transportation cost.
Labour isthe only factor of production.Countries are driven by maximization of the production and consumption.Hence, the correct answer is There are transportation costs for shipping goods from one country to another.
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Theories of international trade Question 2:
The theory of reciprocal demand in the field of international trade is propounded by:
Mill Haberler Marshall Ricardo
Answer (Detailed Solution Below)
Option 1 : Mill
Theories of international trade Question 2 Detailed Solution
The correct answer is Mill
Key Points
Theory of Reciprocal Demand and Terms of TradeJ.S. Mill’s theory of reciprocal demand explains how trade takes place.
It states that a comparative difference in cost ratios sets the limits within which participating countries can import and export goods and commodities.
This theory was derived from the Ricardian theory of comparative advantage.
MIll's theory states how much a country should import or export which was not explained by Ricardo.
Additional InformationRicardian theory of comparative advantageThis theory states that countries will benefit from trade even if one country has an absolute advantage
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