International trade (OCR A-Level Economics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What does the financial account record?
What does the financial account record?
Acquisition of financial assets & loans
Which assets are included in the capital account?
Which assets are included in the capital account?
Patents and trademarks
Who introduced the concept of absolute advantage?
Who introduced the concept of absolute advantage?
Adam Smith
Who proposed the theory of comparative advantage?
Who proposed the theory of comparative advantage?
David Ricardo
What should countries specialise in according to comparative advantage?
What should countries specialise in according to comparative advantage?
Goods with lowest opportunity cost
How do economies of scale benefit international trade?
How do economies of scale benefit international trade?
Lower average costs for firms
What are tariffs?
What are tariffs?
Taxes imposed on imported goods
What do quotas restrict in international trade?
What do quotas restrict in international trade?
The quantity of goods imported
What is the main role of the WTO?
What is the main role of the WTO?
Regulate trade & resolve disputes
What did colonial era trade focus on?
What did colonial era trade focus on?
Raw materials & precious metals
How did the Industrial Revolution change trade patterns?
How did the Industrial Revolution change trade patterns?
Led to specialisation by capability
When did globalisation dramatically increase?
When did globalisation dramatically increase?
In the late 20th century