Classical theories believed in ---- theory of value. (a) land (b) labour © capital (d) organization. Answer : (b) labour...
According to the theory of Absolute Advantage a country should specialize in the production of that commodity in which she enjoys----- (a) absolute advantage (b) comparative advantage (c) no advantage (d) utilization. Answer : (a) absolute advantage...
According to Modern Theory of Rent, rent accrues to (1) capital only (2) any factor (3) labour only (4) land only Answer : any factor...
According to Heckscher and Ohlin there are two bases of international trade (a) coparative advantage and absolute advantage (b) gains from trade and cost of trade. © difference in factor endowments and differences in factor intensities. (d) none of them. Answer : © difference in factor endowments and differences in factor intensities....
Land, labour, capital and entrepreneurship are examples of which of the following (a) Public goods (b) Inferior goods © Factors of production (d) Outputs
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