Answer Bank A nation will not have a comparative advantage in a product if it does not also have an absolute advantage in the production of that good. The process of specialization and trade has positive net benefits and is, therefore, beneficial to everyone. Countries specialize in the production of goods for which they have a comparative advantage. It can be mutually beneficial for two nations to specialize in goods for which they have a comparative advantage and then trade with one another. Absolute advantage is the source of the potential gains from specialization and trade.

Answer Bank A nation will not have a comparative advantage in a product if it does not also have an absolute advantage in the production of that good. The process of specialization and trade has positive net benefits and is, therefore, beneficial to everyone. Countries specialize in the production of goods for which they have a comparative advantage. It can be mutually beneficial for two nations to specialize in goods for which they have a comparative advantage and then trade with one another. Absolute advantage is the source of the potential gains from specialization and trade.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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