Business management> > Which of the following statement(s) is(are) correct regarding the composition of global trade in the past century?
(1-2) Which of the following explain(s) why smaller countries (measured by GDP) trade less with each other (in terms of total trade volume)?
A) Smaller economies tend to have lower GDP (as income) and thus spend less on imports.
B) Small economies became small because they did not engage in international trade.
C) Smaller economies produce less so they have less to sell in the international market.
D) Smaller economies are more similar regarding labor productivity in different sectors or factor endowment, so they trade less with each other.
(1-3) In a two-country, two-product world, the statement "the United States enjoys a comparative advantage over Korea in autos relative to ships" is equivalent to
A) Korea has a comparative advantage over the United States in ships.
B) Korea has a comparative disadvantage over the United States in ships.
C) The opportunity cost of producing autos is lower in the United States than in Korea.
D) The opportunity cost of producing autos is higher in the United States than in Korea.
Given the following information, answer questions (1-4) to (1-6)[Show More]
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