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Ball State University INTB 265 Ch

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Ball State University

INTB 265

Ch. 6

1)According to Porter, which factor endowment would be classified as an advanced factor?

•             Location

•             Natural resources

•             Climate

•             Demographics

•             Communication infrastructure

 

2.            Karvel lives in northern California where there is sufficient land and labor to successfully grow grapes for wine. Heckscher-Ohlin would consider the land and labor to be

•             Location economics

•             Resource allocations

•             Factor endowments

•             Innovative technologies

•             Economies of scale

 

3.            Raymond Vernon noticed that in the 1960s, the wealth and size of the U.S. market was a natural incentive to develop new consumer products. What theory did he propose based on this fact?

•             New trade

•             Absolute advantage

•             Mercantilism

•             Product life-cycle

•             Comparative advantage

 

4.            If Italy is more efficient at producing fine leather shoes and handbags, then Italy has a(n)

•             Mercantilist advantage

•             First-mover advantage

•             Absolute advantage

•             Comparative advantage

 

•             Unsustainable advantage

 

5.            The Heckscher-Ohlin theory is based on the idea that

•             it makes more simplifying assumptions than the theory of comparative advantage.

•             it is in a country’s best interests to maintain a trade surplus.

•             economies of scale are a good predictor of real-world international trade patterns.

•             the pattern of international trade is determined by differences in factor endowments.

•             It is more profitable for a country to balance exports and imports

 

6.            In his theory of absolute advantage, Adam Smith advocated that              should determine what a country imports and what it exports.

•             Government policy

•             The market mechanism

•             Social mores

•             Political parties

•             Foreign entities

 

7.            A situation in which an economic gain by one country results in an economic loss by another is called a

•             Positive-sum game

•             Diminishing return

•             First-mover advantage

•             Zero-sum game

•             Dynamic effect

 

8.            The government of the Republic of Senna enforces tariffs and quotas to limit imported goods, while exports are subsidized. By using these instruments, the government seeks to achieve a surplus in the balance of trade. Based on this information, which approach most influences the Republic of Senna’s approach to international trade?

•             Product life-cycle theory

•             New trade theory

•             Hecksher-Ohlin theory

•             Theory of absolute advantage

•             Mercantilism

 

9.            Kevin lives in a nation that encourages the production of goods for exporting and to satisfy the needs of the nation’s citizens so fewer imports are needed. Which trade theory does this reflect?

•             New trade theory

•             Mercantilism

•             Theory of comparative advantage

•             Theory of absolute advantage

•             Heckscher-Ohlin theory

 

10.          The economic and strategic advantages that accrue to early entrants to an industry are called

•             Mercantilist advantages

•             First-mover advantages

•             Absolute advantages

•             Comparative advantages

•             Sustainable advantages

 

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