Which of the following is correct regarding David Ricardo?
A)He opposed the Corn Laws as a member of Parliament.
B)He disputed Adam Smith's theory of specialization and trade in the early 1800s.
C)He developed the principle of comparative advantage in 1817, which has been largely disproved by modern economists.
D)He was an early supporter of trade restrictions.

Question

Quizplus · Accepted Answer

David Ricardo was a member of Parliament and opposed the Corn Laws, which were trade restrictions that imposed high tariffs on imported grain.

Answer: B
 David Ricardo was a staunch supporter of Adam Smith's theory of specialization and trade, and he built on Smith's ideas to develop the principle of comparative advantage.

Answer: C
 This statement is incorrect. The principle of comparative advantage developed by David Ricardo in 1817 is still widely accepted and used by modern economists as a basis for free trade.

Answer: D
 This statement is incorrect. David Ricardo was a strong advocate for free trade and opposed trade restrictions.

Which of the Following Is Correct Regarding David Ricardo