Homework Answers
Ans:
- No nation can be equally competitive in everything.
- Nations benefit from specialization and by exporting products in which they have a comparative advantage
Explanation:
No nation can be equally competitive in everything, because the opportunity cost of producing goods are not same in every nation.
A nation can have comparative advantage in the production of the good which it can produce at lower opportunity cost. So, Nations benefit from specialization and by exporting products in which they have a comparative advantage
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