Trade Creating Custom Unions Quiz Questions and Answers PDF - 29

MCQ 141: When countries start entering into free trade areas, it helps to remove the barriers between countries such as

1. taxes
2. embargoes
3. tariffs
4. sanctions

MCQ 142: The change in output associated with a change in that factor, holding other inputs into production constant is called as

1. marginal propensity to consume
2. marginal propensity to save
3. marginal product of labor
4. average product of labor

MCQ 143: A situation where two markets are offering same products but with different charges, let you fall in the category of

1. competition
2. agreement
3. fight
4. rivalry

MCQ 144: If one country has an absolute advantage in operating call centers compared to the other country because of it's low cost of labor and low labor force is a best example of

1. comparative advantage
2. mercantilism
3. absolute advantage
4. comparative disadvantage

MCQ 145: Markets properly runs only when

1. property rights are enforced
2. encourages public goods
3. people demand less
4. there's externality