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Author Question: What is a primary disadvantage of industrial policy? What will be an ideal ... (Read 16 times)

HCHenry

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on: Jul 7, 2018
What is a primary disadvantage of industrial policy?
 
  What will be an ideal response?

Question 2

What is opportunity cost? Why is opportunity cost an important consideration when determining what a country should export and import?
 
  What will be an ideal response?


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TheNamesImani

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Reply #1 on: Jul 7, 2018
Answer to Question 1

Some experts argue that government bureaucrats cannot perfectly identify the right industries to favor under such a policy.

Answer to Question 2

The opportunity cost of a good is the value of what is given up to get the good. Opportunity cost acknowledges that a country should also consider how its efforts are best spent. While a country may be absolutely more productive than another country, it must consider that productivity relative to other things that the country could be producing.


HCHenry

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Reply #2 on: Jul 7, 2018
Correct answers!


TheNamesImani

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Reply #3 on: Jul 7, 2018
Great! Please up vote :D


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