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What was the comparative advantage theory of David Ricacrdo?
Question:
What was the comparative advantage theory of David Ricacrdo?
Choose the correct answer:
- A. When a country can produce a good or service at a lower opportunity cost than another country. ✅ Correct
- B. Pursuit of self-interest, division of labor, and freedom of trade.
- C. A theory of free-market capitalism directly opposed to government intervention.
- D. A theory centers on entrepreneurship, knowledge, innovation and technological advancement.
Explanation:
Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.
Comparative advantage is an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.
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Related MCQs
Who is considered as the father of economics?
Explanation:
Adam Smith was an 18th-century Scottish philosopher. He is considered the father of modern economics. He published “The Wealth of Nations” in 1776.
Adam Smith was an 18th-century Scottish philosopher. He is considered the father of modern economics. He published “The Wealth of Nations” in 1776.
Name the economist who gave the theory of “Comparative Advantage.”
Explanation:
David Ricardo was a classical economist best known for his theory on wages and profit, the labor theory of value, the theory of comparative advantage, and the theory of rents.
David Ricardo was a classical economist best known for his theory on wages and profit, the labor theory of value, the theory of comparative advantage, and the theory of rents.
__________ is the migration of health personnel in search of a better standard of living and quality of life, higher salaries, access to advanced technology, and more stable political conditions in different places worldwide.
Explanation:
“Brain drain” is a term used to describe the large-scale migration of skilled human capital that causes a country to lose its innovative capabilities and limits its economic growth.
“Brain drain” is a term used to describe the large-scale migration of skilled human capital that causes a country to lose its innovative capabilities and limits its economic growth.
________ implies that sustainable development should take a holistic approach towards notions of progress and give equal importance to non-economic aspects of wellbeing.
Explanation:
Gross National Happiness (GNH), sometimes called Gross Domestic Happiness (GDH), it provides a way for the country to understand and enact progress based on the society's value of happiness.
Gross National Happiness (GNH), sometimes called Gross Domestic Happiness (GDH), it provides a way for the country to understand and enact progress based on the society's value of happiness.
What type of economy is followed in India?
Explanation:
A mixed economic system is a system that combines aspects of both capitalism and socialism. This means that some industries are controlled by private businesses and individuals, while other industries are controlled by the government.
A mixed economic system is a system that combines aspects of both capitalism and socialism. This means that some industries are controlled by private businesses and individuals, while other industries are controlled by the government.
People who regularly move in and out of poverty (for example small farmers and seasonal workers). The occasionally poor are rich most of the time but may sometimes have a patch of bad luck are called ______
Explanation:
The churning poor are the people who go in and out of poverty (for example, small farmers and seasonal workers).
The churning poor are the people who go in and out of poverty (for example, small farmers and seasonal workers).
Which one of the following is a Neutralized State ?
Explanation:
A neutral country in a particular war, is a sovereign state which refrains from joining either side of the conflict and adheres to the principle of the Law of Neutrality under International Law.
A neutral country in a particular war, is a sovereign state which refrains from joining either side of the conflict and adheres to the principle of the Law of Neutrality under International Law.
Who is the writer of the book 'Theory of Justice' ?
Explanation:
A Theory of Justice is a 1971 work of political philosophy and ethics by John Rawls, in which the author addresses the problem of distributive justice. The theory utilises an updated form of Kantian philosophy and a variant form of conventional social contract theory
A Theory of Justice is a 1971 work of political philosophy and ethics by John Rawls, in which the author addresses the problem of distributive justice. The theory utilises an updated form of Kantian philosophy and a variant form of conventional social contract theory
Where is the Head Quarter of National Disaster Response Force?
'Bandipur National Park' Is Situated In Which State Of India?
Explanation:
Bandipur National Park established in 1974 as a tiger reserve under Project Tiger, is a national park located in the Indian state of Karnataka at Chamarajnagar district, which is the state with the second highest tiger population in India. Along with adjacent Nagarhole National Park it is one of the premier Tiger Reserves in the country. source:Wikipedia
Bandipur National Park established in 1974 as a tiger reserve under Project Tiger, is a national park located in the Indian state of Karnataka at Chamarajnagar district, which is the state with the second highest tiger population in India. Along with adjacent Nagarhole National Park it is one of the premier Tiger Reserves in the country. source:Wikipedia
The First English Newspaper In India Was
Explanation:
Hickey's Bengal Gazette was an English newspaper published from Kolkata (then Calcutta), India. It was the first major newspaper in India, started in 1780. It was published for two years. Founded by James Augustus Hicky, a highly eccentric Irishman who had previously spent two years in Jail for debt
Hickey's Bengal Gazette was an English newspaper published from Kolkata (then Calcutta), India. It was the first major newspaper in India, started in 1780. It was published for two years. Founded by James Augustus Hicky, a highly eccentric Irishman who had previously spent two years in Jail for debt
Who is known as the Light of Asia?
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General Awareness Quiz on Economics
This quiz comprises questions based on economics.