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Absolute advantage: Quiz


Question 1: [1][2][3][4][5][6] ________ first described the principle of absolute advantage in the context of international trade, using labor as the only input.
Jeremy BenthamAdam SmithImmanuel KantDavid Hume

Question 2: The concept of absolute advantage is generally attributed to ________ for his 1776 publication An Inquiry into the Nature and Causes of the Wealth of Nations in which he countered mercantilist ideas.
Adam SmithDavid HumeImmanuel KantJeremy Bentham

Question 3: [8] It can be contrasted with the concept of ________ which refers to the ability to produce a particular good at a lower opportunity cost.
Comparative advantageMercantilismInternational Monetary FundAbsolute advantage

Question 4: In ________, principle of absolute advantage refers to the ability of a party (an individual, or firm, or country) to produce more of a good or service than competitors, using the same amount of resources.
Heterodox economicsEconomicsMoneyKeynesian economics

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