31. The principle of comparative advantage asserts that
A country will specialize in the export of the products that it can produce at the maximum relative cost
A country will specialize in the export of the products that it can produce at the lowest relative cost
A country will specialize in the export of the product that it can produce at maximum profit.
None of the above
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32. Export promotion is a/ an
Inward looking strategy
Outward looking strategy
33. The effective rate of protection is defined as
The extent, in percentages of which the domestic price of imported goods exceeds what their price would be in the
absence of protection
Difference between value-added at a particular stage of processing in domestic prices and value-added in the world
price expressed as a percentage of latter
Difference between value-added in world prices and value-added in the export market
34. A country's production possibility curve is derived from information on
Total factor supplies
Demand for output
Capital output ratios
Investment output ratios
35. Trade necessitates gains for both countries but the gains are divided between nations in a way that depends on whose price ratios change
UGC NET PAPER 1
UGC NET Management
UGC NET COMPUTER SCIENCE
UGC NET COMMERCE
GATE COMPUTER SCIENCE
CFA Level 1
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