According to Adam Smith,international trade is based on:
A) absolute advantage
B) comparative advantage
C) both absolute and comparative advantage
D) neither absolute nor comparative advantage
Correct Answer:
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Q2: If with one hour of labor time
Q3: "The importance of being unimportant" refers to
Q3: A difference in relative commodity prices between
Q5: The Mercantilists believed in
A) running trade surpluses
B)
Q5: The Mercantilists did not advocate:
A)free trade
B)stimulating the
Q7: With one hour of labor time nation
Q9: If in a two-nation (A and B),two-commodity
Q9: With one hour of labor time nation
Q10: What proportion of international trade is based
Q12: If domestically 3X=3Y in nation A,while 1X=1Y
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