International Business Competing Study Set 2
Quiz 6: International Trade Theory
The theories of Smith and Ricardo show that countries should not engage in international trade for products that it is able to produce for itself.
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Free trade refers to a situation where a government does not attempt to influence through quotas or duties what its citizens can buy from another country.
David Ricardo's theory of comparative advantage explains international trade in terms of international differences in political environments.
New trade theory stresses that in some cases countries specialize in the production and export of particular products because the world market can support only a limited number of firms.
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