56. If a country differs from the rest of the world in taste patterns but not in production capabilities, the trade will lead to some international specialization in
Techniques of production
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57. The factor price equalization theorem states that under certain assumptions.
Free trade equalizes the cost of production between nations
Cost of trade equals factor prices between countries
Free trade equalizes not only commodity prices but also factor prices
None of the above.
58. GATT prescribes export subsidies as
59. Producer surplus is
The net gain in producer revenue minus cost
Net profit after payment of taxes
The reciprocal of consumer surplus
The surplus value of labour kept with the producer.
60. Match List-I with List-II and select the correct answer using the codes given below the lists:
a b c d I II III IV
a b c d IV III II I
a b c d II I III IV
a b c d I II IV III
UGC NET PAPER 1
UGC NET Management
UGC NET COMPUTER SCIENCE
UGC NET COMMERCE
GATE COMPUTER SCIENCE
CFA Level 1
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