Classical Approach to International Trade Theory


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What was the first economic theory of international trade to be developed?

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1. Mercantilists believed that a country could increase the amount of wealth it had by _____.

2. According to Adam Smith, the trade between countries should happen _____.

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About This Quiz & Worksheet

Using the quiz and worksheet, you can see what you know about the classical approach to international trade theory. Different economic theories are addressed on the quiz.

Quiz & Worksheet Goals

Take the quiz to check your understanding of:

  • The factor proportions theory
  • Theory David Ricardo wanted to address regarding its shortfalls
  • First economic theory of international trade
  • Beliefs of mercantilists

Skills Practiced

  • Reading comprehension - ensure that you draw the most important details from the lesson on classical international trade theories
  • Information recall - access the knowledge you have gained about how trade between countries should happen according to Adam Smith
  • Knowledge application - use your knowledge to answer questions about different economic trade theories

Additional Learning

You can review more about these theories if you access the lesson titled Classical Approach to International Trade Theory. This lesson was put together to assist with learning more about:

  • The meaning of a mercantilist
  • Contributions of David Ricardo
  • Another name for the Hecksher-Ohlin theory