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Match the following International trade theory name with the concept 1)One country should be able to produce at least one product at a comparatively low cost. 2) The theory that suggests, maintaining a favorable balance of trade in the form of import of gold for export of goods and services. 3) Every country should specialize in producing those products which it can produce at less cost than that of other countries and exchange these products with other products produced cheaply by other countries. 4) This theory is based on relative productivity differences and incorporates the concept of opportunity cost. El Thi b) c) Mercantilism Theory of Absolute cost advantage Comparative cost advantage theory Heckscher-Ohlin Theory

Match the following International trade theory name with the concept 1)One country should be able to produce at least one product at a comparatively low cost. 2) The theory that suggests, maintaining a favorable balance of trade in the form of import of gold for export of goods and services. 3) Every country should specialize in producing those products which it can produce at less cost than that of other countries and exchange these products with other products produced cheaply by other countries. 4) This theory is based on relative productivity differences and incorporates the concept of opportunity cost. El Thi b) c) Mercantilism Theory of Absolute cost advantage Comparative cost advantage theory Heckscher-Ohlin Theory

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Match the following International trade theory name with the concept 1)One country should be able to produce at least one product at a comparatively low cost. 2) The theory that suggests, maintaining a favorable balance of trade in the form of import of gold for export of goods and services. 3) Every country should specialize in producing those products which it can produce at less cost than that of other countries and exchange these products with other products produced cheaply by other countries. 4) This theory is based on relative productivity differences and incorporates the concept of opportunity cost. 5) This theory is based on, the similarities in consumer preferences in the countries that are at same stage of Economic development provide the scope for Intra Industry trade among countries 6) Factor endowments are land, capital, natural resources, labour, climate etc a) Mercantilism b) c) d) f) Theory of Absolute cost advantage Comparative cost advantage theory Heckscher-Ohlin Theory No absolute cost advantage theory Country similarity theory
Transcribed Image Text:Match the following International trade theory name with the concept 1)One country should be able to produce at least one product at a comparatively low cost. 2) The theory that suggests, maintaining a favorable balance of trade in the form of import of gold for export of goods and services. 3) Every country should specialize in producing those products which it can produce at less cost than that of other countries and exchange these products with other products produced cheaply by other countries. 4) This theory is based on relative productivity differences and incorporates the concept of opportunity cost. 5) This theory is based on, the similarities in consumer preferences in the countries that are at same stage of Economic development provide the scope for Intra Industry trade among countries 6) Factor endowments are land, capital, natural resources, labour, climate etc a) Mercantilism b) c) d) f) Theory of Absolute cost advantage Comparative cost advantage theory Heckscher-Ohlin Theory No absolute cost advantage theory Country similarity theory
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