Match the following International trade theory name with the concept 1)One country should be able to produce at least one product at a comparatively low cost. 2) The theory that suggests, maintaining a favorable balance of trade in the form of import of gold for export of goods and services. 3) Every country should specialize in producing those products which it can produce at less cost than that of other countries and exchange these products with other products produced cheaply by other countries. 4) This theory is based on relative productivity differences and incorporates the concept of opportunity cost. El Thi b) c) Mercantilism Theory of Absolute cost advantage Comparative cost advantage theory Heckscher-Ohlin Theory

Match the following International trade theory name with the concept 1)One country should be able to produce at least one product at a comparatively low cost. 2) The theory that suggests, maintaining a favorable balance of trade in the form of import of gold for export of goods and services. 3) Every country should specialize in producing those products which it can produce at less cost than that of other countries and exchange these products with other products produced cheaply by other countries. 4) This theory is based on relative productivity differences and incorporates the concept of opportunity cost. El Thi b) c) Mercantilism Theory of Absolute cost advantage Comparative cost advantage theory Heckscher-Ohlin Theory

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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（D）Detailed calculation steps