_______explains how mutually beneficial trade can take place even when one nation is less efficient than another nation in the production of all commodities.（ ）
A: Mercantilism
B: The law of comparative advantage
C: The labor theory of value
D: The law of absolute advantage
A: Mercantilism
B: The law of comparative advantage
C: The labor theory of value
D: The law of absolute advantage
举一反三
- The theory of comparative advantage believes that even if a country is less efficient than another in the production of both commodities, there is still a basis for mutually beneficial trade.
- The law of comparative advantage ( ). A: explains how a country can benefit from trade even if it has absolute disadvantage in production of all commodities. B: explains how the most efficient nations can benefit from trade. C: was introduced by Adam Smith. D: is used to explain the trade between intra-industry trade.
- When a nation requires fewer resources than another nation to produce a product, the nation is said to have a(n): 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
- When one producer has a lower opportunity cost of production than another producer for a given item, what exists? A: Absolute disadvantage B: Comparative disadvantage C: Comparative advantage D: Absolute advantage
- ( ) determines the direction of trade and the limits to<br/>mutually beneficial trade. A: Specialization B: Absolute advantage C: Factor abundance D: Comparative advantage