ECON Questions.. Need some help? Easy 10 pts?

Question

Which of the following would be associated with export substitution?

a. Absence of government assistance in international marketing b. No restrictions on the importation of raw materials needed to manufacture goods for export c. Tax increases d. Quotas on the importation of foreign goods e. Tariffs on foreign imports

When a country follows an inward-oriented strategy, it tends to produce

a. only labor-intensive goods. b. goods that replace foreign manufactured products. c. the same products as the industrial nations. d. only natural-resource-based products. e. goods for which no export barriers exist.

To have comparative advantage in wheat production means that

a. domestic wheat is cheaper than in any other nation. b. the country can produce more wheat than any other nation. c. domestic wheat is of the best quality in the world. d. the country can only produce wheat. e. the country is relatively more efficient in producing wheat than another nation.

Answer 1

Which of the following would be associated with export substitution?

d. Quotas on the importation of foreign goods e. Tariffs on foreign imports

When a country follows an inward-oriented strategy, it tends to produce

b. goods that replace foreign manufactured products.

and also

c. the same products as the industrial nations.  

To have comparative advantage in wheat production means that

e. the country is relatively more efficient in producing wheat than another nation.