In the Classical Model,the Direction of Trade Is Determined by

question 20

Multiple Choice

In the classical model,the direction of trade is determined by

• A)comparative advantage.
• B)absolute advantage.
• C)physical advantage.
• D)which way the wind blows.

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Definitions:

Counter Offer

A new offer made in response to an offer received, which implies the rejection of the original offer.

Revocation

The official cancellation or withdrawal of an offer, agreement, or license, making it no longer valid.

Offeror Dies

A legal situation that generally results in the termination of an offer when the person making the offer passes away before acceptance, affecting contract formation.

Insanity Of Offeror

A legal defense where the validity of a contract is questioned due to the mental capability of the party making the offer at the time of agreement.