Multiple Choice
Ricardo explained the law of comparative advantage on the basis of:
A) the labor theory of value
B) the opportunity cost theory
C) the law of diminishing returns
D) all of the above
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Which of the following statements is true?<br>A)The
Q4: If with one hour of labor time
Q5: According to Adam Smith,international trade was based
Q6: If in a two-nation (A and B),two-commodity
Q7: With reference to the statement in Question
Q8: The Ricardian trade model has been empirically<br>A)verified<br>B)rejected<br>C)not
Q9: What proportion of international trade is based
Q10: The commodity in which the nation has
Q12: The Mercantilists did not advocate:<br>A)free trade<br>B)stimulating the
Q13: A difference in relative commodity prices between