Question: Adam Smith said that trade freely transacted between countries Multiple Choice generally leads to gains for all countries, so international trade is a positive-sum activity.

Adam Smith said that trade freely transacted between countries

Multiple Choice
  • generally leads to gains for all countries, so international trade is a positive-sum activity.
  • only benefits a country if that country has a comparative advantage in a specific product.
  • is dangerous since there are no controls on what is exported and what is imported.
  • only benefits a country if that country has an absolute advantage in all products.

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