Adam Smith Recognized the Benefits from Trade Based on ____

question 32

Multiple Choice

Adam Smith recognized the benefits from trade based on ____, and David Ricardo recognized the benefits from trade based on ____.

• A) comparative advantage; resource endowments
• B) absolute advantage; comparative advantage
• C) absolute advantage; resource endowments
• D) comparative advantage; absolute advantage

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Definitions:

Legal Obligation

A duty imposed by law that requires an individual or entity to adhere to a prescribed course of action.

About $100,000

An approximate amount of money or financial value, indicating a sum close to one hundred thousand dollars.

Closing Costs

Fees and expenses paid during the closure of a real estate transaction, generally by the buyer and seller.

E-SIGN Act

Federal law that validates the use of electronic records and signatures in commerce as legally equivalent to paper-based documents and traditional signatures.