Economics

The 'competitive advantage of nations' refers to the ability of countries to compete in the market ...

The 'competitive advantage of nations' refers to the ability of countries to compete in the market ...

The 'competitive advantage of nations' refers to the ability of countries to compete in the market for exports and with potential importers to their country.

▸ true

▸ false

jujubee600   30   1 Reply

Woo

The infant industry argument for protection is abused, but it is valid. In some cases new industries ...

The infant industry argument for protection is abused, but it is valid. In some cases new industries ...

The infant industry argument for protection is abused, but it is valid. In some cases new industries may well need protection from more powerful competitors.

▸ true

▸ false

PiMaster314   31   1 Reply

Jennyyy

The 'terms of trade' is defined as the average price of exports divided by the average price of imports.

The 'terms of trade' is defined as the average price of exports divided by the average price of imports.

The 'terms of trade' is defined as the average price of exports divided by the average price of imports.

▸ true

▸ false

Villerys39   48   1 Reply

beunikuel

Dumping is where exports are sold at prices below marginal cost.

Dumping is where exports are sold at prices below marginal cost.

Dumping is where exports are sold at prices below marginal cost.

▸ true

▸ false

billyhilly   33   1 Reply

Jax

The WTO has no power to impose sanctions on countries breaking trade agreements.

The WTO has no power to impose sanctions on countries breaking trade agreements.

The WTO has no power to impose sanctions on countries breaking trade agreements.

▸ true

▸ false

Ilovebacon22   31   1 Reply

Btllllll

When customs unions are set up there is trade creation which is harmful and trade diversion which is ...

When customs unions are set up there is trade creation which is harmful and trade diversion which is ...

When customs unions are set up there is trade creation which is harmful and trade diversion which is beneficial.

▸ true

▸ false

DragoxCM16   47   1 Reply

Jacobian Smith

A common market is when countries operate together having free movement of labour and capital and ...

A common market is when countries operate together having free movement of labour and capital and ...

A common market is when countries operate together having free movement of labour and capital and similar trade laws.

▸ true

▸ false

Alek Hsiang   43   1 Reply

Strategyboyz21

An adverse effect of a state entering a common market is the potential for increased regional disparities.

An adverse effect of a state entering a common market is the potential for increased regional disparities.

An adverse effect of a state entering a common market is the potential for increased regional disparities.

▸ true

▸ false

barry1999   30   1 Reply

ShayT0923

The nations that joined the EU in May 2007 have economic structures that are similar to those of ...

The nations that joined the EU in May 2007 have economic structures that are similar to those of ...

The nations that joined the EU in May 2007 have economic structures that are similar to those of existing members.

▸ true

▸ false

suiren   12   1 Reply

rand22

The entry of new countries in 2004, 2007 and 2013 should allow more potential gains from the ...

The entry of new countries in 2004, 2007 and 2013 should allow more potential gains from the ...

The entry of new countries in 2004, 2007 and 2013 should allow more potential gains from the exploitation of comparative advantage.

▸ true

▸ false

Hernando G.   24   1 Reply

mcwieck

Existing members of a customs union are likely to benefit by more than new entrants.

Existing members of a customs union are likely to benefit by more than new entrants.

Existing members of a customs union are likely to benefit by more than new entrants.

▸ true

▸ false

jujubee600   27   1 Reply

n00835996

Before the referendum on continuing EU membership, the majority of economists argued that the ...

Before the referendum on continuing EU membership, the majority of economists argued that the ...

Before the referendum on continuing EU membership, the majority of economists argued that the economic benefits of Brexit would exceed the economic costs.

▸ true

▸ false

zar   12   1 Reply

Matt. DeSouza

The balance between the costs and benefits of Brexit will depend on whether the UK remains in the EU ...

The balance between the costs and benefits of Brexit will depend on whether the UK remains in the EU ...

The balance between the costs and benefits of Brexit will depend on whether the UK remains in the EU customs union.and single market.

▸ true

▸ false

snowicefox17   32   1 Reply

Isack

Distinguish between the concepts of comparative advantage and absolute advantage.

Distinguish between the concepts of comparative advantage and absolute advantage.

Distinguish between the concepts of comparative advantage and absolute advantage.

asprague24   35   1 Reply

DryPhantom

Explain how specialisation and trade benefit all trading partners, even those that may be ...

Explain how specialisation and trade benefit all trading partners, even those that may be ...

Explain how specialisation and trade benefit all trading partners, even those that may be inefficient producers in an absolute sense.

asjstr   17   1 Reply

MikaelDevost

How do the terms of trade facilitate the realisation of the gains from specialisation and ...

How do the terms of trade facilitate the realisation of the gains from specialisation and ...

How do the terms of trade facilitate the realisation of the gains from specialisation and comparative advantage?

lihui   19   1 Reply

jfinn1021

If the intellectual case for free trade, based on specialisation and comparative advantage, is so ...

If the intellectual case for free trade, based on specialisation and comparative advantage, is so ...

If the intellectual case for free trade, based on specialisation and comparative advantage, is so powerful, then why are protectionist policies so attractive to politicians in the United States and many other countries?

jaspinder kaur   43   1 Reply

meigsfla

Comparative advantage is not the only reason why countries trade. Explain two other reasons why ...

Comparative advantage is not the only reason why countries trade. Explain two other reasons why ...

Comparative advantage is not the only reason why countries trade. Explain two other reasons why countries trade.

nursemegan   32   1 Reply

beunikuel

What are some of the limitations of specialisation and trade?

What are some of the limitations of specialisation and trade?

What are some of the limitations of specialisation and trade?

Dymondmonae   17   1 Reply

beunikuel

Explain three of the arguments that are made to justify trade barriers such as tariffs and quotas.

Explain three of the arguments that are made to justify trade barriers such as tariffs and quotas.

Explain three of the arguments that are made to justify trade barriers such as tariffs and quotas.

gcd99br   28   1 Reply

sliceofoctopi

Discuss the merits of the argument that 'protection is needed from cheap foreign labour.'

Discuss the merits of the argument that 'protection is needed from cheap foreign labour.'

Discuss the merits of the argument that 'protection is needed from cheap foreign labour.'

nyounger   22   1 Reply

jzhu11

What are the terms of trade?

What are the terms of trade?

What are the terms of trade?

shayeshaye00   16   1 Reply

Cele_1015

Discuss some of the possible drawbacks from protectionism.

Discuss some of the possible drawbacks from protectionism.

Discuss some of the possible drawbacks from protectionism.

meikunn2565   24   1 Reply

katiewill

What are some of the non-economic reasons for restricting international trade?

What are some of the non-economic reasons for restricting international trade?

What are some of the non-economic reasons for restricting international trade?

snowicefox17   44   1 Reply

n00835996

Distinguish between the following three types of preferential trading arrangements: a free trade ...

Distinguish between the following three types of preferential trading arrangements: a free trade ...

Distinguish between the following three types of preferential trading arrangements: a free trade area, a customs union, and a perfect (full) common market.

Skizzle234   26   1 Reply

beunikuel

Identify two famous trade disputes between the USA and the EU.

Identify two famous trade disputes between the USA and the EU.

Identify two famous trade disputes between the USA and the EU.

asprague24   26   1 Reply

sliceofoctopi

Explain the meaning of 'trade creation' that occurs under a customs union.

Explain the meaning of 'trade creation' that occurs under a customs union.

Explain the meaning of 'trade creation' that occurs under a customs union.

Coltonht   24   1 Reply

gdchavis1

Explain the meaning of 'trade diversion' that occurs under a customs union.

Explain the meaning of 'trade diversion' that occurs under a customs union.

Explain the meaning of 'trade diversion' that occurs under a customs union.

Alek Hsiang   36   1 Reply

emr21

What are some of the longer-term advantages of a customs union?

What are some of the longer-term advantages of a customs union?

What are some of the longer-term advantages of a customs union?

shaerovira   26   1 Reply

Mtoney9

What are some of the possible disadvantages of the customs union?

What are some of the possible disadvantages of the customs union?

What are some of the possible disadvantages of the customs union?

Izzydhindsa   14   1 Reply

qwer34

Why may a single market cause adverse regional effects?

Why may a single market cause adverse regional effects?

Why may a single market cause adverse regional effects?

jus10n   36   1 Reply

johnsyke

Discuss some of the advantages of the completion of the single market in the EU.

Discuss some of the advantages of the completion of the single market in the EU.

Discuss some of the advantages of the completion of the single market in the EU.

miks   8   1 Reply

Jlynn

Name as many of the EU member states as you can.

Name as many of the EU member states as you can.

Name as many of the EU member states as you can.

jus10n   16   1 Reply

Nikki_LYNN

The record of a country's transactions in goods, services, and assets with the rest of the world is its

The record of a country's transactions in goods, services, and assets with the rest of the world is its

The record of a country's transactions in goods, services, and assets with the rest of the world is its

▸ current account.

▸ balance of payments.

▸ balance of trade.

▸ capital account.

treetreee   44   1 Reply

linds

Any transaction that brings in foreign exchange for a country is a

Any transaction that brings in foreign exchange for a country is a

[html]Any transaction that brings in foreign exchange for a country is a

▸ debit item in that country's balance of payments.

▸ credit item in that country's balance of trade.

▸ debit item in that country's balance of trade.

▸ credit item in that

miks   51   1 Reply

brigettelearn

Which of the following would be a credit item in the UK balance of payments?

Which of the following would be a credit item in the UK balance of payments?

[html]Which of the following would be a credit item in the UK balance of payments?

▸ A UK company sells computer software to a company in Spain.

▸ A UK firm hires a non-UK citizen.

▸ A UK citizen travels to the USA for a two-week holiday.

▸ The U

Gideon123   26   1 Reply

ShayT0923

Which one of the following would appear as a credit item in the UK balance of payments?

Which one of the following would appear as a credit item in the UK balance of payments?

[html]Which one of the following would appear as a credit item in the UK balance of payments?

▸ The purchase of German cars by consumers in the UK

▸ Investment by UK companies in new factories in the USA

▸ Money sent by UK residents to relatives l

CroweN6459   37   1 Reply

anuja709

Which one of the following would appear as a debit item in the UK balance of payments?

Which one of the following would appear as a debit item in the UK balance of payments?

[html]Which one of the following would appear as a debit item in the UK balance of payments?

▸ Honda invests in a new factory in the UK.

▸ A British wine merchant purchases wine from Chile.

▸ A Japanese pension fund buys shares in a British oil co

temp321   30   1 Reply

shawntage

Which one of the following items would NOT appear in the financial account of the balance of payments?

Which one of the following items would NOT appear in the financial account of the balance of payments?

[html]Which one of the following items would NOT appear in the financial account of the balance of payments?

▸ Foreign direct investment in the UK

▸ The sale of foreign currencies from the reserves

▸ Portfolio investment

▸ The purchase of UK asse

lizsmith   30   1 Reply

Kutthroat Kane

When a country's exports of goods are less than its imports of goods in a given period, it has a

When a country's exports of goods are less than its imports of goods in a given period, it has a

When a country's exports of goods are less than its imports of goods in a given period, it has a

▸ zero balance of trade.

▸ positive trade balance.

▸ trade surplus.

▸ trade deficit.

Villerys39   47   1 Reply

mace