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International Econ Chapter 3 (part one)

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cmarquardt94's version from 2016-09-06 17:45

Section

Question Answer
what is the only resource used in the Ricardian Model?Labor (and technology differs)
When does a country have comparative advantage?If their opportunity cost of producing a good is lower than it is in another country
When does trade between two countries Benefit both?if both countries export the goods in which it has a comparative advantage
What is the Ricardian Model?an approach in which international trade is solely due to differences in the productivity of Labor
memorize