Question

Changes in productivity may be explained by:

a	the quality of the labor force

b	technological innovations

c	energy prices

d	All of the above

The substitution of domestically produced manufactured goods for imported manufactured goods.

a	Export Substitution

b	Import Substitution

c	Primary Products

d	Secondary Products

Long distance flows of goods, capital, and services as well as information and perceptions that accompany market exchanges.

a	Social Globalization

b	Economic Globalization

c	Political Globalization

d	none of the above

A country has an_________when it can produce a good more efficiently than can other nations.

a	absolute advantage

b	comparative advantage

c	exchange advantage

d	import advantage

Government restrictions on_____trade are usually aimed at protecting________producers from foreign competition.

a	domestic; domestic

b	foreign; foreign

c	domestic; foreign

d	foreign; domestic

Answer 1

Changes in productivity may be explained by the quality of the labor force, technological innovations, energy prices. So, the answer is (d) All of the above. Because change in production can be due the skill set capabilities and desire of the labour force, improvement in the technological innovation and efficient use of energy resources

The Substitution of domestically produced manufactured goods for imported manufactured goods is (a) Import substitution. Because this is done to encourage domestic production of goods and services.

Long distances flows of goods, capital, and services as well as information and perceptions that accompany market exchanges (b) economic globalization because globalization results in cross border trade of not only goods and services but free flow of capital, labor force, technology.

A country has an (a) absolute advantage when it can produce a good more efficiently than can other nations because absolute advantage means producing commodities with fewer resources.

Government restriction on foreign trade are usually aimed at protecting domestic producers from foreign competition. This is generally done to protect the infant industries