Home  >  CUET  >  CUET-UG Economics / Business Economics Test: International Economics (Including Balance of Payments

Assertion (A): The Ricardian theory of comparative costs is based on the labour theory of value.Reason (R): Labour theory of value holds good in domestic trade, but breaks down when applied to international trade.

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International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. Basicaly, International economics deals with issues arising from economic interaction among sovereign nations


Assertion (A): The Ricardian theory of comparative costs is based on the labour theory of value.<br>Reason (R): Labour theory of value holds good in domestic trade, but breaks down when applied to international trade.






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