principle of comparative advantage
Part b)Please provide brief/concise responses to the following questions. Note: Brief/concise responses. Please do write a thesis or a capstone project report.
1. Explain the principle of comparative advantage.
2. Distinguish between inherent and transferable comparative advantages.
3. Explain three policies countries use to restrict trade and what are the reasons for trade restrictions.
4. Summarize why economists generally oppose trade restrictions.
5. Explain how free trade associations both help and hinder international trade.
Part c) Comparative Advantage
Economic opportunities arise from countries that develop industries in which they have a comparative advantage.
Choose a country other than the one in which you reside. Discuss the following in a report of no more than 500-750 word paper addressing the following: Note: The paper will be severely penalized if the upper bound of the word count requirement exceeds 1125 words.
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• Identify factors of production or technology that are in relative abundance in the country you selected (remember that labor as a factor of production can be segmented into unskilled, skilled, highly skilled, etc.).
• According to comparative advantage, in which industries would you recommend the country to specialize? Has the country specialized in your suggested industries?
• What industries does this country currently protect and why? What economic policies does the country use to protect these industries? Could the labor in these industries be retrained?
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