A difference in relative commodity prices between two nations can be based upon a difference in:
A) factor endowments
B) technology
C) tastes
D) all of the above
Correct Answer:
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Q1: Which of the following statements is true?
A)The
Q2: If with one hour of labor time
Q4: According to Adam Smith,international trade was based
Q5: The Mercantilists did not advocate:
A)free trade
B)stimulating the
Q6: With reference to the statement in Question
Q7: Ricardo explained the law of comparative advantage
Q8: In the trade between a small and
Q9: If in a two-nation (A and B),two-commodity
Q10: What proportion of international trade is based
Q11: The commodity in which the nation has
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