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Economics
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18 Dec 2019

Which of the following government policies is MOST necessary for the Theory of Comparative Advantage to have a positive effect on economic growth?

A Stable Price Level
Free International Trade
A Small Government
Strong Private Property Rights

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31 Dec 2019
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Related questions

Which of the following is an example of an institution that promotes economic growth?

  • high barriers to international trade
  • bartering as a means of trade
  • private property rights
  • constant war and conflict
  • collective property ownership

Countries that enjoy economic growth:

a. place high taxes on saving and investment.

b. have property rights and markets which provide incentives for discovering new technologies.

c. have economies that allow the government to make decisions in everyone's best interests.

d. place controls on property rights so that firms are protected from competition.

e. restrict international trade so that domestic industries can grow.

Ā 

Mention if the following statements are true or false. Explain clearly why, using ideas and concepts.

a. Under free trade, one country gains at the expense of the other.

b. The theory of comparative advantage states that free trade benefits all countries.

c. The Neo-classical trade theory states that trade arises due to different amounts of labor and capital in a country.

d. The H-O theory states that trade arises due to different PPFs in a country.

e. Under free trade, prices fall, so trade becomes easier.

f. A country should not have any imports and should increase exports if it wants to increase its employment levels.

g. Adam Smith recommended very strong government regulation of trade.

h. A country with higher labor productivity than another country will have a comparative advantage in the production of all goods.

i. The Theory of absolute advantage explains producer and consumer equilibriums under free trade.

j. Developed countries do not gain under free trade with developing countries.

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