Gains from Trade

Absolute and comparative advantage. Ideal for competitive exams and economics prep.

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QUESTION NO 01

Comparative advantage means a country should specialize where it has?

Answer: Lower opportunity cost

Trade gains come from relative efficiency.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 02

Absolute advantage means?

Answer: Producing more with the same resources than another

One country is more productive overall in a good.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 03

A tariff is?

Answer: A tax on imports

Tariffs raise import prices and can protect domestic firms.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 04

A quota in trade is?

Answer: A quantitative limit on imports

Quotas restrict volume directly.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 05

Free trade generally encourages?

Answer: Specialization and efficiency gains

Open trade expands markets and variety.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 06

The balance of trade records?

Answer: Exports minus imports of goods (often)

Trade surplus/deficit is a common headline metric.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 07

Exchange rate is?

Answer: Price of one currency in terms of another

It affects import/export competitiveness.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 08

Depreciation of a currency tends to make?

Answer: Exports cheaper and imports dearer (other things equal)

Foreign buyers find goods less expensive.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 09

WTO’s role includes?

Answer: Rules and dispute processes for international trade

It oversees multilateral trade norms.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 10

Protectionism aims to?

Answer: Shield domestic industries from foreign competition

Tools include tariffs, quotas, and standards.

Shahzad Mahota @shahzad-mahota

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Shahzad Mahota

@shahzad-mahota

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Gains from Trade

Comparative advantage means a country should specialize where it has?

Absolute advantage means?

A tariff is?

A quota in trade is?

Free trade generally encourages?

The balance of trade records?

Exchange rate is?

Depreciation of a currency tends to make?

WTO’s role includes?

Protectionism aims to?

Published By

Shahzad Mahota

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00

00

00

00

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Gains from Trade

Comparative advantage means a country should specialize where it has?

Explanation

Absolute advantage means?

Explanation

A tariff is?

Explanation

A quota in trade is?

Explanation

Free trade generally encourages?

Explanation

The balance of trade records?

Explanation

Exchange rate is?

Explanation

Depreciation of a currency tends to make?

Explanation

WTO’s role includes?

Explanation

Protectionism aims to?

Explanation

Published By

Shahzad Mahota

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00

00

00

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