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International Business - International Business Section 2

Avatto > > UGC NET COMMERCE > > PRACTICE QUESTIONS > > International Business > > International Business Section 2

56. If a country differs from the rest of the world in taste patterns but not in production capabilities, the trade will lead to some international specialization in

A
Production
B
Consumption
C
Productivity
D
Techniques of production

Answer
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Option : B
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57. The factor price equalization theorem states that under certain assumptions.

A
Free trade equalizes the cost of production between nations
B
Cost of trade equals factor prices between countries
C
Free trade equalizes not only commodity prices but also factor prices
D
None of the above.

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Option : C
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58. GATT prescribes export subsidies as

A
Competition
B
Unfair competition
C
Monopolistic competition
D
Exploitation

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Option : B
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59. Producer surplus is

A
The net gain in producer revenue minus cost
B
Net profit after payment of taxes
C
The reciprocal of consumer surplus
D
The surplus value of labour kept with the producer.

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Option : A
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60. Match List-I with List-II and select the correct answer using the codes given below the lists:

List-I	List-II
a. Common market	I. OPEC
b. Cartel	II. EC
c. Free-trade area	III.EFTA
d. Customs union	IV.EEC

A
a b c d
I II III IV
B
a b c d
IV III II I
C
a b c d
II I III IV
D
a b c d
I II IV III

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Option : C
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