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Author Question: Why does it make sense for economies to specialize according to comparative advantage and trade? ... (Read 71 times)

abern

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on: Jun 29, 2018
Why does it make sense for economies to specialize according to comparative advantage and trade?
 
  What will be an ideal response?

Question 2

Unions support minimum wage laws because an increase in the minimum wage
 
  A) increases the supply of union labor.
  B) decreases the supply of union labor.
  C) increases the demand for union labor.
  D) decreases the demand for union labor.


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Zebsrer

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A person has a comparative advantage in an activity that they can perform at a lower opportunity cost than other people. By participating in the activity in which they have a comparative advantage, less is given up. Because resources are scarce, more can be produced with available resources when less is given up. And, by trading people can consume more than just what they produce.

Answer to Question 2

C


abern

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Reply #2 on: Jun 29, 2018
Thank you :)


Zebsrer

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Reply #3 on: Jun 29, 2018
Happy to help you


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