According to this theory,efficiency and the general economic welfare are optimized when each country produces that for which it enjoys a cost advantage.
A) The marginalist theory
B) The Doctrine of Protectionism
C) "Buy American" laws
D) The law of comparative advantage

Question

Quizplus · Accepted Answer

The law of comparative advantage states that each country should specialize in producing those goods for which it has a lower opportunity cost of production and trade with other countries for goods they have a higher opportunity cost of producing. This theory promotes efficiency and economic welfare among countries.

According to This Theory,efficiency and the General Economic Welfare Are