Answered: Why do economists oppose policies that…

Why do economists oppose policies that restrict trade among nations and how the concepts of comparative advantage, specialization and trade apply to individuals and households?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter33: International Trade

Section: Chapter Questions

Problem 3QP

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Question

Why do economists oppose policies that restrict trade among nations and how the concepts of comparative advantage, specialization and trade apply to individuals and households?

Definition Video Definition Ability of a country to produce goods and services at a lower opportunity cost compared to other countries. Here, opportunity cost refers to the forgone units of one good in order to produce one more unit of another good. For example, the opportunity cost of producing good X in country A is 2Y and in country B is 1.25Y. Country B has a lower opportunity cost of producing good X than country A. Therefore, country B has a comparative advantage in the production of good X. Video

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Similar questions

In what ways has free trade helped the economy? In what ways has free trade hurt the economy?
Explain the difference between absolute and comparative advantage in relation to trade and give an example of each. How does the type of advantage influence trade between different countries? Why is trade beneficial? What happens if a government imposes tariffs on imported products?
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