Assess whether the theories of absolute and comparative advantage are substantially undermined by their various limitations.
Exam No：9708_w23_qp_21 Year：2023 Question No：5(b)
Answer:
Knowledge points:
6.1.1 distinction between absolute and comparative advantage
6.1.2 benefits of specialisation and free trade (trade liberalisation), including the trading possibility curve
6.1.3.1 measurement of the terms of trade
6.1.3.2 causes of changes in the terms of trade
6.1.3.3 impact of changes in the terms of trade
6.1.4 limitations of the theories of absolute and comparative advantage
Solution:
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