Get premium membership and access questions with answers, video lessons as well as revision papers.
David Ricardo expanded the theory of absolute advantage in trade with his own ‘comparative advantage in trade’ theory by stating that countries should specialize in producing goods and services where they either have the greatest advantage or the least disadvantage in producing in terms of the little cost of production measured in terms of another that cannot be produced in return.
Dana05 answered the question on July 3, 2019 at 11:18
- Discuss the contribution of Adam smith to the classical theory of economic growth (Solved)
Discuss the contribution of Adam smith to the classical theory of economic growth
Date posted: July 3, 2019. Answers (1)
- What is a theory?(Solved)
What is a theory?
Date posted: July 3, 2019. Answers (1)
- Give any seven characteristics of less developed countries (Solved)
Give any seven characteristics of less developed countries
Date posted: July 3, 2019. Answers (1)
- Highlight some of the side effects of economic growth and economic development (Solved)
Highlight some of the side effects of economic growth and economic development
Date posted: July 3, 2019. Answers (1)
- State the changes that a country must experience during economic transformation (Solved)
State the changes that a country must experience during economic transformation
Date posted: July 3, 2019. Answers (1)
- Briefly explain the concept of economic transformation (Solved)
Briefly explain the concept of economic transformation
Date posted: July 3, 2019. Answers (1)
- What is underdevelopment as used in economic development (Solved)
What is underdevelopment as used in economic development
Date posted: July 3, 2019. Answers (1)
- Discuss any five obstacles to economic growth and economic development (Solved)
Discuss any five obstacles to economic growth and economic development
Date posted: July 3, 2019. Answers (1)
- Highlight the disadvantages of using social indicators as a measure of economic development (Solved)
Highlight the disadvantages of using social indicators as a measure of economic development
Date posted: July 3, 2019. Answers (1)
- Identify the disadvantages of Gross Domestic Product per capita and Gross National Product per capita (Solved)
Identify the disadvantages of Gross Domestic Product per capita and Gross National Product per capita
Date posted: July 3, 2019. Answers (1)
- State the advantages of Gross Domestic Product per capita and Gross National Product per capita (Solved)
State the advantages of Gross Domestic Product per capita and Gross National Product per capita
Date posted: July 3, 2019. Answers (1)
- Highlight the problems associated with using Gross Domestic Product and Gross National Product as indicators of economic development (Solved)
Highlight the problems associated with using Gross Domestic Product and Gross National Product as indicators of economic development
Date posted: July 3, 2019. Answers (1)
- Give the definition of net property returns from abroad(Solved)
Give the definition of net property returns from abroad
Date posted: July 3, 2019. Answers (1)
- Give the definition Purchasing Power Parity (Solved)
Give the definition Purchasing Power Parity
Date posted: July 3, 2019. Answers (1)
- How is the Gross Domestic Product deflator calculated?(Solved)
How is the Gross Domestic Product deflator calculated?
Date posted: July 3, 2019. Answers (1)
- Give the definition of Gross Domestic Product deflator (Solved)
Give the definition of Gross Domestic Product deflator
Date posted: July 3, 2019. Answers (1)
- What is a base year?(Solved)
What is a base year?
Date posted: July 3, 2019. Answers (1)
- Differentiate between nominal Gross Domestic Product and real Gross Domestic Product(Solved)
Differentiate between nominal Gross Domestic Product and real Gross Domestic Product
Date posted: July 3, 2019. Answers (1)
- Why is it important to adjust the Gross Domestic Product figure?(Solved)
Why is it important to adjust the Gross Domestic Product figure?
Date posted: July 3, 2019. Answers (1)
- Identify the three approaches in which a country can compute Gross Domestic Product (Solved)
Identify the three approaches in which a country can compute Gross Domestic Product
Date posted: July 3, 2019. Answers (1)