A country can gain by importing a good from abroad even if that good can be produced more efficiently at home. Is this statement true?

This statement could be true. Such imports make sense if they enable the country to specialize in producing those goods at which it is even more efficient. In determining the most efficient patterns of production and trade, it is comparative advantage that matters. Two countries can gain by trading even if one country is more efficient than another in the production of every good.

Economics

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What is the value of marginal product of labor?

What will be an ideal response?

Economics

The idea that tariffs should be imposed to protect new and developing industries is referred to as

A) the start-up argument. B) the infant industry argument. C) the incubator business theory. D) the new markets theory.

Economics