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
内容
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2. _____________refined the theory of absolute advantage to one of comparative advantage.
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Which of the the following statements is true true ? ( ) A: “Two countries can achieve gains from trade even if one of the<br/>countries has an absolute advantage in the production of all goods.” B: “Certain very talented people have a comparative advantage in<br/>everything they do.” C: “If a certain trade is good for one person, it can’t be<br/>good for the other one.” D: “If trade is good for a country, it must be good for everyone in the country.”
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Adam Smith is well known for ___________ A: Specification B: absolute advantage theory C: comparative advantage theory D: perfect competition
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Suppose Jim and Tom can both produce baseball bats. If Jim’s opportunity cost of producing baseball bats is lower than Tom’s opportunity cost of producing baseball bats, then A: Tom must have an absolute advantage in the production of baseball bats. B: Jim must have an absolute advantage in the production of baseball bats. C: Tom has a comparative advantage in the production of baseball bats. D: Jim has a comparative advantage in the production of baseball bats.
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Trade with any nation can be mutually beneficial.