Chapter 5
Chapter 5
Student: ___________________________________________________________________________
1.
The success of the rose industry in Ecuador is a good example of the economic benefits of what?
A. Free trade
B. Restrictive government regulations
C. New tax rules
D. Technological advancements
E. Firm rivalry
2.
Propagated in the 16th and 17th centuries, __________ advocated that countries should simultaneously encourage exports and discourage imports.
A. ethnocentrism
B. capitalism
C. collectivism
D. nationalism
E. mercantilism
3.
Which of the following statements accurately characterizes mercantilism?
A. It is a new but largely discredited doctrine
B. It is a new, highly credible doctrine
C. It is an old yet highly credible doctrine
D. It is an old and largely discredited doctrine
E. It still influences many governments
4.
The theory of __________ was advanced by Adam Smith.
A. absolute advantage
B. capitalism
C. similar opportunity
D. mercantilism
E. comparative advantage
5.
Which of the following international trade scholars was the first to explain why unrestricted free trade is beneficial to a country?
A. Adam Smith
B. Bertil Ohlin
C. Eli Heckscher
D. Paul Krugman
E. David Ricardo
6.
__________ refers to a situation where a government does not attempt to influence through quotas or duties what its citizens can buy from another country or what they can produce and sell to another country. A. Autonomous trade
B. Free trade
C. Clear commerce
D. Unencumbered commerce
E. NAFTA
7.
__________, the first theory of international trade, principal assertion was that gold and silver were the mainstays of national wealth and essential to vigorous commerce.
A. Collectivism 's
B. Mercantilism 's
C. Capitalism 's
D. Economic conservatism 's
E. Market capitalism
8.
The main tenet of mercantilism was that it was in a country 's best interest to maintain a:
A. export and import trade balance
B. an import trade embargo
C. an export trade surplus
D. an export trade
Student: ___________________________________________________________________________
1.
The success of the rose industry in Ecuador is a good example of the economic benefits of what?
A. Free trade
B. Restrictive government regulations
C. New tax rules
D. Technological advancements
E. Firm rivalry
2.
Propagated in the 16th and 17th centuries, __________ advocated that countries should simultaneously encourage exports and discourage imports.
A. ethnocentrism
B. capitalism
C. collectivism
D. nationalism
E. mercantilism
3.
Which of the following statements accurately characterizes mercantilism?
A. It is a new but largely discredited doctrine
B. It is a new, highly credible doctrine
C. It is an old yet highly credible doctrine
D. It is an old and largely discredited doctrine
E. It still influences many governments
4.
The theory of __________ was advanced by Adam Smith.
A. absolute advantage
B. capitalism
C. similar opportunity
D. mercantilism
E. comparative advantage
5.
Which of the following international trade scholars was the first to explain why unrestricted free trade is beneficial to a country?
A. Adam Smith
B. Bertil Ohlin
C. Eli Heckscher
D. Paul Krugman
E. David Ricardo
6.
__________ refers to a situation where a government does not attempt to influence through quotas or duties what its citizens can buy from another country or what they can produce and sell to another country. A. Autonomous trade
B. Free trade
C. Clear commerce
D. Unencumbered commerce
E. NAFTA
7.
__________, the first theory of international trade, principal assertion was that gold and silver were the mainstays of national wealth and essential to vigorous commerce.
A. Collectivism 's
B. Mercantilism 's
C. Capitalism 's
D. Economic conservatism 's
E. Market capitalism
8.
The main tenet of mercantilism was that it was in a country 's best interest to maintain a:
A. export and import trade balance
B. an import trade embargo
C. an export trade surplus
D. an export trade