Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) Business Environment and International Business Socio-cultural factors and their influence on business Theories of international trade
Which one of the following is not the assumption of Theory of Absolute and Comparative advantage?
1
Countries are driven only by maximization of production and consumption
2
Only two countries are engaged in the production and consumption of just two goods
3
There are transportation costs for shipping goods from one country to another
4
Labour is the only factor of production that helps in converting the raw materials into finished products