Explain the theory of comparative advantage

Reference no: EM133246340 , Length: word count:1050

Question 1: Is the Gross Domestic Product (GDP) concept a good measure of wellbeing (welfare)? Compare the welfare of any two countries using GDP per capital and the United Nation's Human Development Index (HDI) (350 words)

Question 2: Explain Keynes' view on the stability of the market economy. What explains Keynes' view. Highlight your answer whether the market economy is stable or otherwise for any three countries. (350 words)

Question 3: Explain the theory of comparative advantage. List the core assumptions of this theory. How realistic are these assumptions? Your answer should assess any four (4) of these assumptions. Briefly explain the implications for international trade of your assessment of these assumptions? (350 words)

Reference no: EM133246340

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