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- Subject
- Foundations Of Modern Trade Theoryeconomics-mcqs › foundations-of-modern-trade-theory
- Published
- 1 Jun 2019
- Last updated
- 28 May 2026
Explanation
Mercantilism refers to an economic approach where governments promote exports while imposing restrictions on imports to strengthen national wealth. It is not a system supporting free trade and was actually criticized by Adam Smith in Wealth of Nations.
More Foundations Of Modern Trade Theory MCQs
Practice related questions from the same subject.
- 1.According to G. MecDougall's research, what relationship did he find between labor productivity and export ratios?
- 2.Which of the following factors can contribute to dynamic gains from trade?
- 3.Under conditions of free trade, when would Canada fail to gain any benefits from trading with Sweden?
- 4.In a self-sufficient economy, where does the production point lie when the community optimizes its living standards?
- 5.In an economy, when a society achieves the highest possible standard of living, where is its production and consumption point located?
- 6.Between 1990 and 2000, which pair of countries experienced an improvement in their terms of trade?
- 7.When a nation's production possibilities frontier is a straight line sloping downward, what type of opportunity costs does it indicate?
- 8.What happens to the budget line when the relative price (MRT) of T rises?
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