David Ricardo Made the Case That Countries Should Specialize in the Production

question 34

Multiple Choice

David Ricardo made the case that countries should specialize in the production of goods they were comparatively better at, given available land, labour, and capital. This was known as the _________.

• A) theory of comparative advantage
• B) theory of competitive advantage
• C) theory of the invisible hand
• D) capability theory
• E) economic nationalism

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Definitions:

Cognitive-Behavioral

A psychological approach focusing on altering dysfunctional emotions, behaviors, and thoughts through a goal-oriented, systematic procedure.

Projective Tests

Projective tests are psychological assessments where subjects interpret ambiguous stimuli, revealing hidden emotions and internal conflicts.

Unconscious

The deeply hidden mass of memories, experiences, and impulses that is viewed in Freudian theory as the source of much behavior.

Humanistic

A psychological perspective focusing on individual potential and stress on personal growth and self-actualization.