Ricardo explained the law of comparative advantage on the basis of the labor theory of value.
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Q67: A country's ability to produce a specific
Q68: A country's ability to produce a specific
Q69: The only reason why countries conduct international
Q70: If a country has an absolute advantage
Q71: Almost all international trade is based on
Q73: The concept of comparative advantage cannot be
Q74: Comparative advantage is based on the opportunity
Q75: World output will be maximized when each
Q76: The labor theory of value assumes that
Q77: Comparative advantage only applies to international trade.
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