True/False
The theory of comparative advantage states that even if a country does not have absolute advantage in production, the country can still profitably specialize if the country is relatively more efficient.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: According to absolute advantage theory, by specializing
Q2: The relative advantage in one economic activity
Q4: American economist Raymond Vernon divided the world
Q6: Factor endowments; domestic demand; firm strategy, structure,
Q7: The birth of modern economics and the
Q8: Widely practiced during the 1600s and 1700s,
Q9: The theory of absolute advantage espouses that
Q10: The national competitive advantage of industries depends
Q11: Factor endowment theory is a proposition that
Q66: Discuss the political arguments against free trade.