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12 Cards in this Set
- Front
- Back
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In the book of Adam Smith, he changed the basic economic thinking in international trade. What is the title of his book? |
The Wealth of Nations |
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TRUE OR FALSE Smith's concept argue that balance of trade surplus was not the main concern in order to maintain economic growth. |
false |
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In the ______ (year), GATT was established to control and manage the goods cycle in international trade. |
1948 |
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Fill in the blank. Acronym stands as: GATT |
General Agreements of Tariffs and Trade |
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Fill in the blank. Acronym stands as: ITO |
International World Organization |
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Fill in the blank. Acronym stands as: EU |
European Union |
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Fill in the blank. Acronym stands as: IMF |
International Monetary Fund |
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This international trade theory holds that a country should specialize in the production and export of those goods, and should concurrently import those goods in which it has a comparative disadvantage. |
Comparative Advantage |
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True or false False Free trade exist in different economic theories such as mercantilism, Ricardian absolute advantage, and Adam Smith comparative advantage.
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FALSE |
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There is/are main reason/s advanced for why states trade with each other. What is/are those reason/s? |
economic and political reasons |
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Adam Smith arguments regarding specialization and absolute advantage in international trade were further developed by David Ricardo, in his book __________________ (title) of ______ (year). |
The Principles of Political Economy and Taxation of 1817 |
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True or false A country enjoys an absolute advantage over another country in the production of product if it uses fewer resources to produce that product than the other country does. |
FALSE |
