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sheila sheila
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A year ago
Suppose a national government chooses to impose barriers to trade in an effort to promote a more diversified economy. This objective would be particularly important to, for example, an economy largely dependent on one or two agricultural products because

▸ it will allow firms in the economy to exploit economies of scale in newly developed industries.

▸ it will increase net exports for the economy.

▸ any volatility in the world prices of those commodities leads to great volatility in national income.

▸ it will certainly maximize national income and raise average living standards.

▸ that country's terms of trade will continue to deteriorate over time if it continues to specialize.
Textbook 
Microeconomics

Microeconomics


Edition: 17th
Author:
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nnennennenne
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A year ago
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This helped my grade so much Perfect
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