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AGB 302 Quiz 3 | Questions with 100% Correct Answers | Updated & Verified

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refers to a situation where a government does not attempt to influence through quotas or duties what its citizens can buy from another country - ✔✔free trade argued that countries should special... ize in the production of goods for which they have an absolute advantage. - ✔✔Adam Smith The theory of comparative advantage suggests that trade is a game in which all countries that participate realize economic gains - ✔✔positive-sum The _________ argues that a large proportion of the world's new products had been developed by U.S. firms. - ✔✔product life-cycle theory are unit cost reductions associated with a large scale of output - ✔✔Economies of scale refers to a situation where a government does not attempt to influence through quotas duties what its citizens can buy from another country - ✔✔Free trade David Ricardo's theory of comparative advantage explains global trade in terms of the: - ✔✔International differences in labor productivity [Show More]

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