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Q. Country A has 5000 units of labor. It takes 50 units of labor to produce one computer and 1 unit to create a Web page. What is the opportunity cost of a Web page in terms of computers?

Q. Theory of Absolute advantage is

Q. A production subsidy that is granted to a producer of an import-competing good

Q. International trade forces domestic firms to become more competitive in terms of:

Q. Evidence shows that

Q. Arguments for free trade are sometimes disregarded by politicians because:

Q. ------------theory states that countries which are rich in labour will export labour intensive goods and countries which are rich in capital will export capital intensive goods

Q. Adam Smith identified the basic reason for trade between two nations as

Q. What is the effect of a currency devaluation under fixed exchange rates in the short run?

Q. The following are all assumptions that must be accepted in order to apply the Heckscher - Ohlin Theory, except for one: