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Mercantilist's View on Trade Questions and Answers PDF Download 95
MCQ: The law of comparative advantage was being presented by the famous political economist names as
- john Maynard Keynes
- Adam smith
- David Ricardo
- Dominick Salvatore
C
MCQ: The type of cost that arise from using the asset rather than renting it out is known as
- explicit cost
- implicit cost
- economic profit
- total profit
B
MCQ: The phenomena that goods bought into a country are called imports and those sold to another country are called exports is known as
- international trade
- gains from trade
- pattern of trade
- mercantilism
C
MCQ: Oligopoly is same as monopoly but in oligopoly market structure there is dominancy of
- Two or more firms
- One firm
- Two to three firms
- up to infinity
A
MCQ: The type of cost that has already been incurred and cannot be recovered is known as
- total cost
- fixed cost
- variable cost
- sunk cost
D