Adam Smith
a. and David Ricardo both opposed free trade.
b. opposed free trade, but David Ricardo supported it.
c. supported free trade, but David Ricardo opposed it.
d. and David Ricardo both supported free trade.
d
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A convertible currency is a currency that may be freely exchanged for
A) domestic assets. B) only silver. C) only copper. D) national currency. E) foreign currencies.
Suppose France can produce 9,000 potatoes or 3,000 lemons per day, and that Italy can produce 3,000 potatoes or 3,000 lemons per day. Which of the following statements in this context is true?
a. France has an absolute advantage in producing lemons. b. Italy has a comparative advantage in producing potatoes. c. Italy would be willing to trade one lemon for anything greater than one potato. d. Both countries would be willing to trade at a rate of one lemon for one potato. e. France has a comparative advantage in producing lemons.
If a small percentage increase in the price of a good results in a rather large percentage reduction in the quantity demanded of the good, demand is said to be
a. vertical. b. relatively inelastic. c. relatively elastic. d. robust.
Import quotas:
Have the same effect on producers as export subsidies Can be considered to be a form of voluntary export restraints Require agreement between importing and exporting nations Set the number of units of a product that can be imported