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Modern international trade is based on the principle of?

Economics
WAEC 2017

Modern international trade is based on the principle of?

  • A. absolute cost advantage
  • B. comparative advantage
  • C. terms of trade
  • D. balance of trade
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Correct Answer: Option B
Explanation

Comparative advantage is an economic term that refers to an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners. A comparative advantage gives a company the ability to sell goods and services at a lower price than its competitors and realize stronger sales margins.


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