David Ricardo Advanced The

question 142

Multiple Choice

David Ricardo advanced the:

• A)new trade theory.
• B)product life-cycle theory.
• C)comparative advantage theory.
• D)absolute advantage theory.

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Definitions:

Nonrival-in-consumption

A property of certain goods where one individual's consumption does not diminish the ability of others to consume the same good.

Public Good

An item or service made available to all societal members at no cost, regardless of profit, by either governmental bodies or private individuals or groups.

Common Good

A concept referring to either policies or infrastructure that benefit all members of a community or society.

External Good

Often misinterpreted; should likely be "external good," relating to positive externalities, benefits received by those not directly involved in a transaction.