Arrange the following theories of international trade in chronological order (old to new): A.…
Arranging the international trade theories in chronological order from oldest to newest: Mercantilism prevailed in the 16th to 18th centuries; David Ricardo's Theory of…
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Arrange the following theories of international trade in chronological order (old to new):
A. Mercantilism Theory
B. Comparative Advantage Theory
C. Product Life Cycle Theory
D. Heckscher-Ohlin Theory
Answer and explanation
Correct answer B
Arranging the international trade theories in chronological order from oldest to newest: Mercantilism prevailed in the 16th to 18th centuries; David Ricardo's Theory of Comparative Advantage was published in 1817; the Heckscher-Ohlin Factor Endowment Theory was developed between 1919 and 1933; and Raymond Vernon's International Product Life Cycle Theory was introduced in 1966.
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UGC NET Commerce