Which of the following are most closely associated with the idea of absolute advantage in trade?

A) Karl Marx B) Adam Smith c) Milton Friedman D) John Maynard Keynes E) David Ricardo

Solutions

Expert Solution

As we know the absolute advantage states the ability of party which may be a nation, frim or a person to produce a large quantity of goods , service or product than the competitors.
David Ricardo's theory states competative advantage rather than abslote advatage in international trade. Adam Smith is the frist person who described the who explained the norms of absloute advantage in terms of international trade or trade. it is David Recardo is person (influenced by adam smith) who is closely associated with the idea of absloute advantage in trade.
Now we can say the right option for this question is option:
B: Adam Smith
Hope you got your answer if you need some more information about your question feel free to ask. Thank you

Rahul Sunny answered 1 year ago

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