A main advantage of specialization results from:

Related MCQs

• “Free trade between two countries in H O model will equalize relative factor prices provided there is incomplete specialization.” This is
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• The Ricardian theory of comparative advantage states that a country has a comparative advantage in widgets if
• A trade-diverting customs union results in:
• Given below is a table whowing the maximum amount of wheat and cloth that the U K and U S could produce if they fully utilize all the factors of production with the best technology available indicate the comparative advantage of U K and U S. U K U S Bushels of wheat 50 120 Meters of Cloth 150 80
• Theory of Absolute advantage is
• The Absolute advantage theory indicates that a country should engage in the production and exchange of those commodities where it has
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• Absolute advantage theory assumes
• The principle of comparative advantage was first introduced by