Question: 1.What are absolute advantage (AA) and comparative (CA) advantage? 2.Explainwhether world trade is dominated by AA or CA. 3.If International Economics is studied to establish

1.What are absolute advantage (AA) and comparative (CA) advantage?

2.Explainwhether world trade is dominated by AA or CA.

3.If International Economics is studied to establish domestic income distribution, explain by referring to Hecksher - Ohlin Model how this can be observed.

4.Explain the Smith and Ricardo whether today's global trade is dominated by Absolute or Comparative Advantage.

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