Free Exam: BBB Test 1 Theories of Trade
Number of Questions in Test: 35
Number of Questions in Preview: 5
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_____________ explained that a country's source of comparative advantage was due to the producing goods at a lower opportunity cost
| Type: | Multiple choice |
| Points: | 1 |
| Randomize answers: | Yes |
Question 2
_____________ explained that a coutry's source of comparative advantage was due to the amount of land, labour and capital a country possessed
| Type: | Multiple choice |
| Points: | 1 |
| Randomize answers: | Yes |
Question 3
Michael Porter developed the theory Competitive Advantages of Nations.
Which of the following is NOT part of Theory of National Competitive advantage (Porter's Diamond)
Which of the following is NOT part of Theory of National Competitive advantage (Porter's Diamond)
| Type: | Multiple choice |
| Points: | 1 |
| Randomize answers: | Yes |
Question 4
_____________ explained that a coutry's comparative advantage can be achieved by building economies of scale, building international brands and through first mover advantages
| Type: | Multiple choice |
| Points: | 1 |
| Randomize answers: | Yes |
Question 5
The law of demand states that in a competitive market the quantity demanded varies inversely with price, i.e. as price goes up quantity demanded goes down. Price goes down quantity demanded goes up.
| Type: | True/False |
| Points: | 1 |