Principle of Comparative Cost Advantage And Its Limitations - SS3 Economics Past Questions and Answers - page 1

The idea that countries should specialize in producing goods they are good at producing

The idea that countries should produce everything they need domestically

The idea that countries should produce only what they are efficient at producing

The idea that countries should import all goods they need

It enables countries to access a wider variety of goods and services

It encourages countries to produce everything they need domestically

It leads to decreased productivity and economic growth

It promotes unequal distribution of gains between countries

That resources are freely mobile between different sectors

That resources are scarce and should be preserved

That resources can only be used for one sector of production

That resources are abundant and can be used for any sector of production

 The viability of comparative cost advantage

The uniformity of production costs across countries

The equal distribution of gains between countries

The need for trade restrictions between countries

Unequal distribution of gains

Equal distribution of gains

Increased political tensions and trade disputes

Decreased productivity and economic growth