The derived terms are used to specify clearly the responsibility and the cost of __________.
A. loading
B. unloading
C. stowing
D. landing
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The theory of absolute advantage holds that a commodity will be produced in the country where it costs ______ in terms of resources (capital, land, and labor).
A. most B. C D
B. nothing
C. least
D. progressively
Mercantilism states that all raw materials found in a country should be used in domestic manufacture, since finished goods have a_______ value than raw materials.
A. lower B. C. D.
B. higher
C. decreased
D. more tangible
Actually, even if one nation has no absolute advantage in the production of any product, there is still benefit to trade.
The theory of comparative advantage believes that a country should produce only goods with which it is most efficient, and trade for those goods with which it is not efficient.