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Explain Adam Smith's theory of absolute advantage. How does Ricardo's theory of comparative advantage differ from absolute advantage? Describe Mercantilism, and explain why mercantilism has

Explain Adam Smith's theory of absolute advantage.

How does Ricardo's theory of comparative advantage differ from absolute advantage?

Describe Mercantilism, and explain why mercantilism has been argued to be a poor approach to use in order to promote economic development and prosperity?

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