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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Why is a country better off not isolating itself from all other countries? • Why do we have markets, and according to economists, what roles should government play in them?

To determine

The trade and specialization.

Explanation

A country is better off and not isolating itself from all the other countries is on the basis of the trade. The reason is that all the countries can access more number of goods and services through trade. The volume of trade can be enlarged by the process of specialization...

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