Liberty BUSI 303 Exam 1 Answers Complete Solutions
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The term patent refers to the exclusive legal rights of authors, composers, playwrights, artists, and publishers to publish and disperse their work as they see fit.
As a result of globalization, companies rarely need to customize marketing strategies, product features, and operating practices in different countries. T/F
As a result of globalization, we have been moving toward a world in which national economies are relatively self-contained entities. T/F
The WTO is seen as the lender of last resort to nation-states whose economies are in turmoil and whose currencies are losing value against those of other nations. T/F
According to Adam Smith, countries should specialize in the production of goods for which they have an absolute advantage and then trade these for goods produced by other countries.
According to Michael Porter, government can influence each of the four components of Porter’s diamond—either positively or negatively.
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According to Ricardo’s theory of comparative advantage, it makes sense for a country to specialize in the production of those goods that it produces most efficiently and to import goods that it produces less efficiently.
According to the product life cycle theory, as demand for a product starts to grow in other advanced countries, potential for exports from the United States will gradually increase.
According to the theory of comparative advantage, potential world production is greater with unrestricted free trade than it is with restricted trade.
Although mercantilism is an old and largely discredited doctrine, its echoes remain in modern political debate and in the trade policies of many countries
A certain amount of friction is involved when resources are required to move from one economic activity to another.
A country has an absolute advantage in the production of a product when it is more efficient than any other country in producing it.
David Ricardo’s theory of comparative advantage was the first to explain why unrestricted free trade is beneficial to a country.
Despite the short-term adjustment costs associated with adopting a free trade regime, trade would seem to produce greater economic growth and higher living standards in the long run.
Factor endowments refer to the extent to which free trade impacts the wealth of a country
The first theory of international trade that emerged in England asserted that gold and silver were the mainstays of national wealth and essential to vigorous commerce.
Free trade is likely to increase a country’s stock of resources and the efficiency with which it utilizes those resources.
Free trade refers to a situation in which a government, through quotas or duties, attempts to influence what its citizens can buy from another country, or what they can produce and sell to another country.
The Heckscher-Ohlin theory is the best predictor of real-world international trade patterns.
Individual firms should invest substantial financial resources in trying to build a first-mover advantage, even if that means several years of losses before a new venture becomes profitable.