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

Section33.1: International Trade Theory

Problem 3ST

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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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