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MMLU-Pro / 7547 / Adam Smith argued for free trade for reasons of economic efficiency . He thought…

Problem

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question

Adam Smith argued for free trade for reasons of economic efficiency . He thought goods should be produced wherever they could be produced with the fewest resources. How did Ricardomodifythis theory?

category

economics

options

  1. Ricardo suggested that goods should be produced in countries with the highest demand
  2. Ricardo argued for self-sufficiency instead of free trade
  3. Ricardo opposed free trade
  4. Ricardo introduced the concept of Absolute Advantage
  5. Ricardo supported Adam Smith's theory
  6. Ricardo emphasized the role of international tariffs in enhancing trade efficiency
  7. Ricardo formulated the Law of Comparative Advantage
  8. Ricardo believed trade should be based on technological advancement
  9. Ricardo proposed that trade should only occur between countries with similar production costs
  10. Ricardo believed in the principle of highest cost production

src

stemez-Economics

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Official source

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