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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
John Stuart Mill is recognized for developing the theory of reciprocal demand, which explains how trade terms are determined between countries. The other theories, such as absolute advantage and comparative advantage, were proposed by different economists, while mercantilism is an earlier economic doctrine.
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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