Considered to be the first theory of international trade, the principal assertion of mercantilism is that:
A. countries differ in their ability to produce goods efficiently.
B. gold and silver are the mainstays of a country's wealth and essential to vigorous commerce.
C. countries should specialize in the production of goods for which they have an absolute advantage.
D. differences in labor productivity between nations underlie the notion of comparative advantage.
E. resources can move freely from the production of one good to another within a nation.
B
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Fill in the blank(s) with the appropriate word(s).
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Fill in the blank(s) with the appropriate word(s).