David Ricardo Discovered That Two Countries Can Still Gain by Trading

question 201

Multiple Choice

David Ricardo discovered that two countries can still gain by trading even if one country is more efficient in the production of every commodity.Ricardo's discovery is called the law of

• A)comparative advantage.
• B)absolute advantage.
• C)compensating balances.
• D)increasing returns.

Compare investment opportunities to identify the most financially viable options.

Apply discount rates appropriately in the calculation of NPV and IRR.

Understand the importance of good employee relations practices in implementing organizational strategies.

Grasp the concept of communications, counseling, and group management as fundamental elements of employee relations.

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Definitions:

Different Intelligences

A theory suggesting that intelligence is not a single general ability but consists of a variety of distinct types of cognitive capabilities.

Gardner

Refers to Howard Gardner, an American developmental psychologist best known for his theory of multiple intelligences.

General Ability

A broad measure of an individual's overall intellectual capacity or cognitive competence, often associated with IQ.

Sternberg

A psychologist known for his triarchic theory of intelligence, which posits that successful intelligence consists of analytical, creative, and practical abilities.