1、1. Themercantilistswouldhaveobjectedto: a. Exportpromotionpoliciesinitiatedbythegovernment b. Theuseoftariffsorquotastorestrictimports c. Tradepoliciesdesignedtoaccumulategoldandotherpreciousmetals d. InternationaltradebasedonopenmarketsANSWER: dPOINTS: 1DIFFICULTY: EasyNATIONAL STANDARDS: Unite
2、dStates-BPROG:ReflectiveThinking-BPROG:AnalysisSTATE STANDARDS: UnitedStates-PA-DISC:Internationaltradeandfi-DISC:InternationaltradeandfinanceTOPICS: HistoricalDevelopmentofModernTradeTheoryKEYWORDS: BLOOM'S:Knowledge2. Unlikethemercantilists,AdamSmithmaintainedthat: a. Tradebenefitsonenationonly
3、attheexpenseofanothernation b. Governmentcontroloftradeleadstomaximumeconomicwelfare c. Allnationscangainfromfreeinternationaltrade d. Theworld'soutputofgoodsmustremainconstantovertimeANSWER: cPOINTS: 1DIFFICULTY: EasyNATIONAL STANDARDS: UnitedStates-BPROG:ReflectiveThinking-BPROG:AnalysisSTATE
4、STANDARDS: UnitedStates-PA-DISC:Internationaltradeandfi-DISC:InternationaltradeandfinanceTOPICS: HistoricalDevelopmentofModernTradeTheoryKEYWORDS: BLOOM'S:Knowledge3. ThetradingprincipleformulatedbyAdamSmithmaintainedthat: a. Internationalpricesaredeterminedfromthedemandsideofthemarket b. Differe
5、ncesinresourceendowmentsdeterminecomparativeadvantage c. Differencesinincomelevelsgovernworldtradepatterns d. AbsolutecostdifferencesdeterminetheimmediatebasisfortradeANSWER: dPOINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: UnitedStates-BPROG:ReflectiveThinking-BPROG:AnalysisSTATE STANDARDS: U
6、nitedStates-PA-DISC:Internationaltradeandfi-DISC:InternationaltradeandfinanceTOPICS: HistoricalDevelopmentofModernTradeTheoryKEYWORDS: BLOOM'S:Knowledge4. UnlikeAdamSmith,DavidRicardo'stradingprincipleemphasizesthe: a. Demandsideofthemarket b. Supplysideofthemarket c. Roleofcomparativecosts d. Rol
