Question

The law of comparative advantage says countries should specialize in the production of goods for which the opportunity costs are the lowest. This explains why the consumers in the U.S. consume more goods and services than they could if the U.S. did not specialize and trade.

Name: the law of comparative advantage says countries should specialize in the production of goods for which the opportunity costs are the lowest this explains why the consumers in the us consume 52812
Uploaded: 2022-04-05T17:12:40-08:00
Duration: 1 min 14 s
Channel: Haricharan Gupta
Description: the law of comparative advantage says countries should specialize in the production of goods for which the opportunity costs are the lowest this explains why the consumers in the us consume 52812

          The law of comparative advantage says countries should specialize in the production of goods for which the opportunity costs are the lowest. This explains why the consumers in the U.S. consume more goods and services than they could if the U.S. did not specialize and trade.

Added by Sebastian W.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Haricharan Gupta

04/05/2022

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This allows for more efficient production and trade between countries. Show more…

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The law of comparative advantage says countries should specialize in the production of goods for which the opportunity costs are the lowest. This explains why the consumers in the U.S. consume more goods and services than they could if the U.S. did not specialize and trade.