International trade may confer a number of benefits upon those nations which participate in it:
• consumers gain access to a wider range of products
• consumers are able to buy imports more cheaply than from domestic producers
• there is an overall increase in consumer welfare
• producers gain access to wider markets
• specialisation and trade (based on absolute and comparative advantage) creates a more efficient use of resources and an increase in welfare.
marlinbito answered the question on July 6, 2018 at 09:03
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Explain the shape of a firm’s short-run average and marginal cost curves.
(Solved)
Explain the shape of a firm’s short-run average and marginal cost curves.
Date posted:
July 6, 2018
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Answers (1)
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Critically examine some of the ways in which government can encourage businesses to be more environmentally friendly
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Critically examine some of the ways in which government can encourage businesses to be more environmentally friendly
Date posted:
July 6, 2018
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Explain why long-distance transport of fresh food may be an example of market failure.
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Explain why long-distance transport of fresh food may be an example of market failure.
Date posted:
July 6, 2018
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Explain how an economist could assess the efficiency of a market.
(Solved)
Explain how an economist could assess the efficiency of a market.
Date posted:
July 5, 2018
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Evaluate the desirability of a total ban on price discrimination.
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Evaluate the desirability of a total ban on price discrimination.
Date posted:
July 5, 2018
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Explain why firms engage in price discrimination.
(Solved)
Explain why firms engage in price discrimination.
Date posted:
July 5, 2018
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Explain why the cost of supplying a litre of tap water is likely to be lower than the cost of supplying a litre of bottled...
(Solved)
Explain why the cost of supplying a litre of tap water is likely to be lower than the cost of supplying a litre of bottled water
Date posted:
July 5, 2018
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Answers (1)
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Critically examine the impact of increasing competition in the markets for electricity and gas.
(Solved)
Critically examine the impact of increasing competition in the markets for electricity and gas.
Date posted:
July 5, 2018
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Answers (1)
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Explain the difference between natural and artificial barriers to entry.
(Solved)
Explain the difference between natural and artificial barriers to entry.
Date posted:
July 5, 2018
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Explain the difference between unemployment and economic inactivity.
(Solved)
Explain the difference between unemployment and economic inactivity.
Date posted:
July 5, 2018
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Evaluate the view that GDP statistics should not be used as an indicator of economic welfare
(Solved)
Evaluate the view that GDP statistics should not be used as an indicator of economic welfare
Date posted:
July 5, 2018
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Answers (1)
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Explain the main factors which determine an economy’s rate of economic growth
(Solved)
Explain the main factors which determine an economy’s rate of economic growth
Date posted:
July 5, 2018
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Answers (1)
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Critically examine the view that fiscal policy is the most effective means of controlling aggregate demand.
(Solved)
Critically examine the view that fiscal policy is the most effective means of controlling aggregate demand.
Date posted:
July 5, 2018
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Answers (1)
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Explain what is meant by price elasticity of supply
(Solved)
Explain what is meant by price elasticity of supply
Date posted:
July 5, 2018
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Critically examine the view that government intervention to correct market failure is likely to make matters worse.
(Solved)
Critically examine the view that government intervention to correct market failure is likely to make matters worse.
Date posted:
July 5, 2018
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Answers (1)
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Explain why the free market would fail to provide sufficient public goods.
(Solved)
Explain why the free market would fail to provide sufficient public goods.
Date posted:
July 5, 2018
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Answers (1)
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Explain what is meant by the term market failure.
(Solved)
Explain what is meant by the term market failure.
Date posted:
July 5, 2018
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Answers (1)
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Explain some of the factors which could cause a rightward shift in a country’s production possibility curve.
(Solved)
Explain some of the factors which could cause a rightward shift in a country’s production possibility curve.
Date posted:
July 5, 2018
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Answers (1)
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Explain what is shown by a production possibility curve (frontier).
(Solved)
Explain what is shown by a production possibility curve (frontier).
Date posted:
July 5, 2018
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Evaluate the view that current account deficits are still economically significant.
(Solved)
Evaluate the view that current account deficits are still economically significant.
Date posted:
July 5, 2018
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Answers (1)