Multiple Choice
According to Adam Smith, international trade is advantageous for all participating countries only if they enjoy -------difference in cost of production
A) Comparative
B) Equal
C) Absolute
D) Unequal
Correct Answer:

Verified
Correct Answer:
Verified
Q3: H-o Theory s based on value theory.<br>A)Partial<br>B)Semi-partial<br>C)General<br>D)Semi-General
Q4: Comparative Advantage theory is based on -------value<br>A)Cost
Q5: According to H-O theory, International trade is,
Q6: Total amount of labor in Nation 1
Q7: Ricardian theory has -------countries and commodities<br>A)32<br>B)23<br>C)24<br>D)22
Q9: Comparative Advantage is expressed in ------- <br>A)Absolute Cost<br>B)Variable
Q10: Factor abundance can be explained using<br>A)Demand curve<br>B)Supply
Q11: Factor intensity is measured in -------terms<br>A)Absolute Cost<br>B)Factor
Q12: If,England 1 wine = 1/2 cloth and
Q13: England 1 unit wine =1/2unit cloth, Portugal