Which of the following is not correct?
A)Economists are generally united in their support of free trade.
B)The conclusions of Adam Smith and David Ricardo on the gains from trade have held up well over time.
C)David Ricardo argued that Britain should not restrict imports of grain.
D)Economists' opposition to trade restrictions is still based largely on the principle of absolute advantage.

Question

Quizplus · Accepted Answer

Economists' opposition to trade restrictions is not based largely on the principle of absolute advantage anymore, but on the principle of comparative advantage. The idea of comparative advantage was first introduced by David Ricardo in his book "On the Principles of Political Economy and Taxation" in 1817.

Which of the Following Is Not Correct