Use the following table to answer this question. The table contains the amount of wheat and shoes that could be produced by two nations (A and B) with a given amount of labor. Wheat Shoes Nation A 100 100 Nation B 400 800 A. According to Adam Smith, which country should export wheat? Why? Which country should export shoes? Why? B. According to David Ricardo, which country should export wheat? Why? Which country should export shoes? Why?
1. Use the following table to answer this question. The table contains the amount of wheat and
shoes that could be produced by two nations (A and B) with a given amount of labor.
Wheat Shoes
Nation A 100 100
Nation B 400 800
A. According to Adam Smith, which country should export wheat? Why? Which country should
export shoes? Why?
B. According to David Ricardo, which country should export wheat? Why? Which country
should export shoes? Why?
2. Economists today primarily exchange information through the per review process in
publishing and conference/workshop presentations. Briefly describe how the classical
economists (Smith, Malthus, Ricardo, and Mill) exchanged information with other
economists. What were the advantages and disadvantages (compared to today) of their
methods of exchanging information?
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