David Ricardo's simplified trade model assumes all of the following EXCEPT
a. trade is balanced, thus ruling out money flows between nations.
b. firms make production decisions in an attempt to maximize profit.
c. transportation costs are zero.
d. tariffs and quotas are used to protect a nation's producers from foreign competition.
d. tariffs and quotas are used to protect a nation's producers from foreign competition.
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What will be an ideal response?
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