Absolute difference in Cost is explained by         

Related MCQs

• Who aid the following, " The esence of international trade is not the absolute difference in cost but a comparative difference in cost."
• According to Adam Smith, international trade is advantageous for all participating countries only if they enjoy _ difference in cost of production
• Factor abundance can be explained using
• If a country enjoys an absolute advantage in the production of all commodities then also trade is possible”. Who said this?
• The relative version is considered to be _ to absolute version.
• No change in technology, no transport cost, constant returns to scale - these assumptions make the Comparative Cost advantage theory     __
• The purchasing power parity theory the difference in the quality of goods.
• If factor cost is greater than marker price, it means that
• An Indian farmer produces wheat without incurring cost of inputs alll sells for Rs. 1,000 to a miller who grinds wheat into flour and sells for Rs 1,200 to baker. The baker sells bread to consumers for Rs. 1,600. Total added is Rs.
• Net national product at factor cost is also known as: