Test Your Knowledge Question 8

6.1 Learning Outcomes:

• Understand why nations trade with each other.
• Summarize the different theories explaining trade flows between nations.

6.2 Action Required:

The purpose of this interactive activity is to demonstrate your understanding of the concepts learned lessons by responding to discussion questions.

6.3 Test your Knowledge (Question):

Discuss David Ricardo’s theory of comparative advantage.

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7.1 Learning Outcomes:

• Identify the policy instruments used by governments to influence international trade flows.
• Understand why governments sometimes intervene in international trade.

7.2 Action Required:

The purpose of this interactive activity is to demonstrate your understanding of the concepts learned lessons by responding to discussion questions.

7.3 Test your Knowledge (Question):

Critically discuss Infant Industry Argument.