Question:
Who propounded a new theory, the factor Endowment theory in connection with international trade ?
ARicardo
BAdam Smith
CJ. S. Mill
DBertil Ohlin
Answer:
D. Bertil Ohlin
Explanation:
Bertil Ohlin
- Sweedish Economist and politician who made significant contributions to international trade theory.
- The factor Endowment Theory , also known as the Heckscher - Ohlin model , explains international trade patterns based on differences in factor endowments between countries.
- The theory states that countries will export goods that require abundant factors of production and import goods that require scarce factors.