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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

What does the domestic price that prevails without international trade tell us about a nation's comparative advantage?

To determine
The advantage to the nation.

Explanation

The international trade is the exchange of goods and services between different nations in the world. The exchange will take place and the main two processes are the export and imports. The exports is the sale of domestic goods to the foreigners and imports is the vice versa.

When the domestic price of the good is lower than the international price of the commodity, it means that the opportunity cost of production is lower in the domestic country than the foreign country...

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