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Governments often intervene in international trade and impose quotas to:

a. Shift a nation's production possibilities frontier.

b. Increase revenues from export subsidies.

c. protect domestic industries from foreign competition.

d. Improve the performance of multinational corporations.

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Mahe Alam
Mahe AlamLv10
1 Jan 2021
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Related questions

The fact that international specialization and trade based on comparative advantage can increase world output is demonstrated by the reality that:
 
A) the production possibilities curve of any two nations are identical.
 
B) a nation's production possibilities and trading possibilities lines coincide.
 
C) a nation's trading possibilities line lies to the right of its production possibilities line.
 
D) a nation's production possibilities line lies to the right of its trading possibilities line. 

Nations specialize in production and engage in international trade in order to:

A) increase output and income.

B) protect domestic consumers and producers.

C) improve transportation.

D) increase employment.

(1) Implicit costs are the opportunity costs of using the resources of ---------------------------------------------

a. outsiders.

b. banks.

c. retained earnings.

d. owners.

(2) The Principle of Comparative Advantage implies that:

a. Two countries can benefit from trade only if one country is better at producing a good compared to another in absolute terms.

b. Two countries can benefit from specialization and trade even if one country is better at one good compared to another in absolute terms.

c. all countries should specialize in whatever they have a higher opportunity cost to producing.

d. all countries are better off when each produces all goods for themselves and they do not trade with each other.

(3) Points inside a production possibilities frontier represent

a. unemployment of resources

b. unattainable production combinations

c. efficient use of resources

d. supply exceeds demand

(4) In a free market --------------------------------

a. governments intervene

b. governments plan production

c. governments interfere

d. prices adjust to reconcile scarcity and desires

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