Economics MCQs

A. Only countries with low wages will export
B. Only countries with high wages will import
C. Countries with high wages will have higher prices
D. All of the above are false

A. Actual differences in labor production between countries
B. Relative differences in labor productivity between countries
C. Both (a) and (b)
D. Neither (a) nor (b)

A. One dvd
B. Two dvds
C. Three dvds
D. Four dvds

A. Trade would depend on difference in demand conditions
B. Trade would depend on economies of large-scale production
C. Trade would depend on the use of different currencies
D. There would be no basis for gainful trade

A. Different currencies are an obstacle to international trade
B. Goods are more mobile internationally than are resources
C. Resources are more mobile internationally that are goods
D. A country’s exports should always exceed its imports

A. Export steel
B. Export dvds
C. Exports steel and dvds
D. There is no basis for gainful specialization and trade

A. One-half ton of steel
B. One ton of steel
C. Two tons of steel
D. Two and one-half tons of steel

A. How do the poorest 2/3 of the world live?
B. What are the major theories of economic development
C. What factors affect labor skills in the third world?
D. All of the above are correct

A. One ton of steel
B. Two tons of steel
C. Three tons of steel
D. Four tons of steel

A. The middle east
B. Sub saharan africa
C. Asia
D. Latin america