1. Both Smith and Ricardo believed that, in a competitive market, product prices reflect: style=”margin-left:26px;”>the cost of labor necessary to produce the products.the total costs of all inputs into the products.the effects of trade rather than the costs of inputs.the policies of government toward trade. 2. Adam Smith said that trade freely transacted between countries: is dangerous because there are no controls on what is exported and what is imported. generally leads to gains for all countries, so international trade is a positive-sum activity.only benefits a country if that country has an absolute advantage in all products.only benefits a country if that country has a comparative advantage in a specific product. 3. Profiting by buying a product at a specified price in one market and then selling that product in a different market for a higher price is: illegal in many markets. arbitrage. bartering. common and an easy way to make a profit.

1. Both Smith and Ricardo believed that, in a competitive market, product prices reflect:

style=”margin-left:26px;”>the cost of labor necessary to produce the products.the total costs of all inputs into the products.the effects of trade rather than the costs of inputs.the policies of government toward trade.

2. 

Adam Smith said that trade freely transacted between countries:

is dangerous because there are no controls on what is exported and what is imported.generally leads to gains for all countries, so international trade is a positive-sum activity.only benefits a country if that country has an absolute advantage in all products.only benefits a country if that country has a comparative advantage in a specific product.

3. Profiting by buying a product at a specified price in one market and then selling that product in a different market for a higher price is:
illegal in many markets. arbitrage. bartering. common and an easy way to make a profit.

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