According to the theory of comparative advantage, a nation can gain from trade if it is not equally less efficient in producing two goods.
Answer the following statement true (T) or false (F)
True
British economist David Ricardo demonstrated in 1817 that even though one nation held an absolute advantage over another in the production of each of two different goods, international trade could still be a positive-sum game in which both countries benefit. The only limitation to such benefit-creating trade is that the less-efficient nation cannot be equally less efficient in the production of both goods.
You might also like to view...
______________ focuses on the relationship between the customers and the firm from a commitment perspective.
a. Cultural marketing b. Relationship marketing c. Constructive marketing d. Social Marketing
Planned obsolescencerepresents a clear violation of social responsibility.
Answer the following statement true (T) or false (F)
What does a partner's duty to exercise loyalty and good faith mean? A) Even a trivial breach of the partnership agreement will justify dissolution
B) The partnership contract must be observed scrupulously. C) Any personal profits earned from one's connection with the partnership belong to the firm. D) A partner must put the firm's interest above personal advantage until profits are made.
To create a will, a person must be of legal age, be mentally competent, and not be subject to undue influence or threats from others
Indicate whether the statement is true or false.