MAN 3600 Unit 4 mini quiz

According to Michael Porter, a nation's factor endowments help determine its ________.

national competitive advantage

In the ________ phase of international product life cycle theory, knowledge about how to produce the product is widespread and manufacturing becomes straightforward in many developing countries.

standardization

Which of the following was the analysis revealed by the "Leontief paradox"? that the U.S. often exported labor-intensive goods and imported more capital-intensive goods that despite having an abundant pool of labor, the U.S. was exporting capital-intensive goods that international trade was simpler than perceived that contrary to the popular belief, new products are more likely to originate in developing economies

that the U.S. often exported labor-intensive goods and imported more capital-intensive goods

A ________ is one or more resources or capabilities a company possesses that few other firms have.

monopolistic advantage

The New Trade Theory by Paul Krugman emphasizes the concept of ____________________ in increasing international trade.

both internal and external economies of scale

________ refers to the superior features of a country that provide unique benefits in global competition, typically derived from either natural endowments or deliberate national policies.

comparative advantage

________ is the belief that national prosperity is the result of a positive balance of trade, achieved by maximizing exports and minimizing imports.

mercantilism

Which of the following is an element of the comparative advantage principle? relative efficiency of production per unit cost advantage absolute cost of production negative balance of trade

relative efficiency of production