Question: (a) There are a few classical trade theories that explain the rationale for trade among nations. These theories are Mercantilism, Absolute Advantage Principles and Comparative

(a) There are a few classical trade theories that explain the rationale for trade among nations. These theories are Mercantilism, Absolute Advantage Principles and Comparative Advantage Principles. Explain FIVE (5) limitations of Absolute and Comparative Advantage Theories.

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