Unlike Adam Smith, David Ricardo's trading principle empheasizes the:
A. Demand side of the market
B. Supply side of the market
C. Role of comparative costs
D. Role of absolute costs
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When a nation requires fewer resources than another nation to produce a product, the nation is said to have a:
Absolute advantage in the production of the product
B. Comparative advantage in the production of the product
C. Lower marginal rate of transformation for the product
D. Lower opportunity cost of producing the product
According to the principle of comparative advantage, specialization and trade increase a nation's total output since:
A. Resources are directed to their highest productivity
B. The output of the nation's trading partner declines
C. The nation can produce outside of its production possibilities curve
D. He problem of unemployment is eliminated
In a two-product, two-country world, international trade can lead to increases in :
A. Consumer welfare only if output of both products is increased
B. Output of both products and consumer welfare in both countries
C. Total production of both products, but not consumer welfare in both countries
D. Consumer welfare in both countries, but not total production of both products
As a result of international trade, specialization in production tends to be:
A. Complete with constant costs--complete with increasing costs
B. Complete with constant costs--incomplete with increasing costs
C. Incomplete with constant costs--complete with increasing costs
D. Incomplete with constant costs--Incomplete with increasing costs
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