Question: 1. Differentiate between absolute and relative advantage giving a suitable example. 2. Describe the basic premise of Factor Endowment theory. How is it different from

1. Differentiate between absolute and relative advantage giving a suitable example.

2. Describe the basic premise of Factor Endowment theory. How is it different from the premise of Ricardian theory?

3. Discuss the implications of Trade Theories on the present economic scenario in the international trade.

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