The trading principle formulated by Adam Smith maintained that
a. international prices are determined from the demand side of the market.
b. differences in resource endowments determine comparative advantage.
c. differences in income levels govern world trade patterns.
d. absolute cost differences determine the immediate basis for trade.
d. absolute cost differences determine the immediate basis for trade.
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Indicate whether the statement is true or false
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a. True b. False Indicate whether the statement is true or false