GBM 381 Week 1 Quiz

Question 1

GBM 381 Week 1 Quiz

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1. _____________ explains how mutually beneficial trade can take place even when one nation is less efficient than another nation in the production of all commodities.

Mercantilism
The law of comparative advantage
The labor theory of value
The law of absolute advantage
 2.  The ability of one nation to produce a commodity using fewer resources than another nation is:

absolute advantage
comparative advantage
mercantilism
specialization

3. According to the following table, the US can gain from trade with the UK by getting how much cloth for 9 bushels of wheat?

Answer 1

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