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  2. Should a nation tend to export or import goods for which it has a comparative advantage? Explain. Why do economists oppose policies that restrict trade among nations?

Should a nation tend to export or import goods for which it has a comparative advantage? Explain. Why do economists oppose policies that restrict trade among nations?

Read the case “The Minimum Wage” from Chapter 6 “Supply, Demand, and Government Policies” Page: – 117 given in your textbook – “Principles of Macroeconomics”. A case study discusses the federal minimum-wage law.

Questions: 1

Important Note: – Support your submission with course material concepts, principles, and theories from the textbook.

Questions: 2 (5 Marks)

  • Should a nation tend to export or import goods for which it has a comparative advantage? Explain. Why do economists oppose policies that restrict trade among nations? (Minimum 500 words). (2.5 Marks)
  • Maria can read 80 pages of economics in an hour. She can also read 40 pages of sociology in an hour. She spends 6 hours per day studying. (2.5 Marks)
  • Draw Maria’s production possibilities frontier for reading economics and sociology.
  • What is Maria’s opportunity cost of reading 120 pages of sociology?

 


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