Chapter 6 - International Business Theories
Explore International Business Theories
Test your knowledge on the key theories of international business through this engaging quiz. Covering essential concepts such as mercantilism, absolute advantage, and the Porter Diamond, this quiz will challenge your understanding and deepen your insights into global trade.
Topics include:
- Trade Theories
- Comparative and Absolute Advantage
- Factor Proportions
- Product Life Cycle
The trade theory that premises a country's wealth is measured by its holdings of treasure, usually in gold, is known as _______.
Monetarism
Billionism
Mercantilism
The Porter Diamond
______ holds that there are advantages to trade because different countries can produce different goods more efficiently than others.
The tradable goods theory
A favorable balance of trade
The theory of absolute advantage
The product life cycle theory
Comparative advantage holds that there is a basis for trade when Country A specializes _______.
In producing the product that it can produce more efficiently than another product even though Country B can produce both products more efficiently than Country A
In producing those goods and services it can produce more efficiently than Country B
In labor-intensive products and Country B specializes in capital-intensive products
In new products and Country B specializes in mature products
All countries face the questions of what, how much, and with whom they should export and imports.
True
False
Under mercantilism, governments sought to influence trade by limiting imports and subsidizing exports.
True
False
The theory of absolute advantage holds that a country will gain from trade even though it can produce all goods more efficiently than other countries.
True
False
The factor proportions theory holds that a country will benefit most from trade by importing labor-intensive products and exporting capital-intensive products.
True
False
At an early stage of a product's life cycle, the product is apt to be made in a more capital-intensive method than in its later stages.
True
False
The factor proportions theory of trade says that a country will have its best trade advantage if it concentrates on _______.
Producing products using its scarce production factors
Exporting its expensive products
Producing products using its abundant production factors
Importing labor-intensive products and exporting capital-intensive ones
All of the following are conditions of the Porter Diamond except _________.
related and supporting industries
Demand conditions
factor conditions
Governmental assistance conditions
The term used to describe a country's loss of highly educated productive human resources is known as _______.
A Porter Diamond by recipient countries and a diamond in the rough by origin countries
Dual development
an unfavorable balance of trade
Brain drain
The free trade theories of specialization assume that countries have objectives other than economic efficiency.
True
False
The top 10 exporting countries are dominated by countries with cheap labor.
True
False
At an early stage of a product's life cycle, the product is apt to be made in a more capital-intensive method than in its later stages.
True
False
A consumer durable product is more apt to behave according to the product life cycle theory of trade and development than a product with very rapid obsolescence.
True
False
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