A country is strongly outward-oriented if there is less or no control on international trade
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose that Japan and India are both engaged in the production of radios and rice, and that Japan has an absolute advantage in the production of both goods. If India has a lower opportunity cost for producing rice, then
A. India has a comparative advantage in the production of rice, but it is outweighed by Japan's absolute advantage in rice production. B. India has a comparative advantage in rice production, but there will be no gains from specialization and trade. C. Japan has a comparative advantage in the production of both goods. D. India has a comparative advantage in the production of rice, and specialization and trade between the two countries can be mutually beneficial.
The two main types of economies generating current account surpluses from 2000 to 2007 were Asian exporters and oil producers
Indicate whether the statement is true or false
An industry's long-run supply curve shows
A) the relationship in the long run between market price and quantity supplied. B) how the government determines the price of the product. C) how average productivity is changing. D) greater than normal profit.
Which of the following can be considered a free-trade zone?
A. the industrialized OECD nations B. countries that are members of GATT C. all English-speaking nations D. the European Union