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1.Economic theory: a. seeks to explain economic events b. seeks to predict economic events c. abstracts...

1.Economic theory:

a. seeks to explain economic events

b. seeks to predict economic events

c. abstracts from the many detail that surrounds an economic event

d. all of the above

2.The Mercantilists did not advocate:

a. free trade

b. stimulating the nation's exports

c. restricting the nations' imports

d. the accumulation of gold by the nation

3.According to Adam Smith, international trade was based on:

a. absolute advantage

b. comparative advantage

c. both absolute and comparative advantage

d. neither absolute nor comparative advantage

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Answer #1

1. Economic theory seeks to explain economic event, seeks to predict economic events and abstracts from the many detail that surrounds an economic event.

Answer: Option (D)

2. The Mercantilist did not advocate free trade.

Answer: Option (A)

3. According to Adam Smith, international trade was based on absolute advantage.

Answer: Option (A)

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