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What is the basis for international trade?
- a)Absolute advantage
- b)Comparative advantage
- c)Balance of trade
- d)Exchange rate
Correct answer is option 'B'. Can you explain this answer?
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What is the basis for international trade?a)Absolute advantageb)Compar...
The basis for international trade is comparative advantage. According to this theory, countries should specialize in producing goods or services in which they have a lower opportunity cost compared to other countries. This allows for more efficient resource allocation and mutually beneficial trade between nations.
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What is the basis for international trade?a)Absolute advantageb)Comparative advantagec)Balance of traded)Exchange rateCorrect answer is option 'B'. Can you explain this answer?
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What is the basis for international trade?a)Absolute advantageb)Comparative advantagec)Balance of traded)Exchange rateCorrect answer is option 'B'. Can you explain this answer? for JAMB 2025 is part of JAMB preparation. The Question and answers have been prepared according to the JAMB exam syllabus. Information about What is the basis for international trade?a)Absolute advantageb)Comparative advantagec)Balance of traded)Exchange rateCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for JAMB 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is the basis for international trade?a)Absolute advantageb)Comparative advantagec)Balance of traded)Exchange rateCorrect answer is option 'B'. Can you explain this answer?.
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