One of the First Economists to Understand and Explain the Notion

question 46

Multiple Choice

One of the first economists to understand and explain the notion that specialization and trade depend on comparative and NOT absolute advantage was

• A) Adam Smith.
• B) Edwin Mansfield.
• C) John Maynard Keynes.
• D) Thomas Malthus.
• E) David Ricardo.

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Definitions:

Forming

A manufacturing process that involves shaping material into a specific configuration.

Assembly

The process of putting together components or parts to build a finished product, often involving a combination of manual and automated techniques in manufacturing.

Predetermined Overhead Rate

An estimated overhead cost rate used in cost accounting to allocate expected indirect costs to specific products or job orders based on a specific activity base.

Machine-Hours

A measure of production time, where one machine-hour equals one hour of operation of a machine.