Economics MCQs

A. Absolute advantage
B. Comparative advantage
C. Export-led growth
D. Import substitution

A. Px/pm
B. Pm/px
C. (pm/px)qm
D. (px/pm)qx

A. Relatively greater then
B. Relatively less than
C. The same as
D. Any of the above

A. The principle of comparative advantage
B. The principle of absolute advantage
C. An outward-looking growth strategy
D. An inward-looking growth strategy

A. Resource allocation based on the principle of absolute advantage
B. Resource allocation based on the principle of comparative advantage
C. Trade protection for import-competing firms
D. Trade protection for exporting-competing firms

A. Be a manufactured good
B. Be a primary product
C. Have a low price elasticity of supply
D. Have a high price elasticity of demand

A. Unstable export markets
B. Improving terms of trade
C. Limited access to the markets of industrial countries
D. Highly elastic demand curves for their products

A. A lack of substitutes for oil
B. Similar cost schedules for member countries
C. Highly inelastic world demand curve for oil
D. Economic recession for oil importing nations

A. Multilateral contracts
B. Production and export controls
C. Buffer stock arrangements
D. Tariff-rates quotas

A. Have been steadily rising in recent decades
B. Have been more stable than the prices of manufactured goods
C. Fluctuate about as much as the prices of manufactured goods
D. Tend to be very unstable from year to year