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Economics Entrance Exam: Mock Test 29

Trade Creating Custom Unions Quiz Questions and Answers PDF Download - 29

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Trade Creating Custom Unions Questions and Answers PDF Download: MCQ 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

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Trade Creating Custom Unions Quiz App (Android & iOS)

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