![The following are correct statements describing the criticisms levied against the classical theories, except They do not explain the reasons for the differences in productivity [3] They failed to consider the effect of a trade surplus on the economy [4] They assumed the benefits of trade occurred mostly between dissimilar countries](http://img.homeworklib.com/questions/0632b920-7895-11ea-9912-bd34251b6296.png?x-oss-process=image/resize,w_560)
Homework Answers
Answer is option a)
Not explaining the difference in the prodictiprod is not a criticism.
AdamSmith and David Ricardo gave the classical theories of international trade, & according to it, in case of a foreign trade, nation benefits from specialization and efficient resource allocation.
So option d is valid criticism.
Bcoz trade can occur between the similar nations also, in form of Intra Industry trade.
Option b is also a criticism
Bcoz complete Specialization is not possible in practical, bcoz transportation & other costs exist , that can nullify the effect of complete Specialization.
Also when a large country enters into trade with small country, complete Specialization not possible.
Another reason is that, commodities having incomparable value.
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