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JSmith1 JSmith1
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A year ago
Two nations want to engage in trade but discover that one of them is more efficient in producing all goods. In this case,

▸ no trade is possible.

▸ the more efficient country should produce all goods and export them.

▸ the less efficient country should engage in importation of goods only.

▸ the more efficient country should import all goods.

▸ each nation should export the good in which it has a comparative advantage.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
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karatinskaratins
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A year ago
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