Given below are two statements regarding trade. Choose the correct answer from the options given below:

1.According to the Ricardian model, the need for trade arises due to differences in technology or natural resources.

2.Japan has no oil reserves of its own, yet is among the world's largest consumers of oil.

ABoth Statement I and Statement II are true

BBoth Statement I and Statement II are false

CStatement I is true but Statement II is false

DStatement I is false but Statement II is true

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