Question

1. Take a closer look at our local economy or a country of your interest and...

1. Take a closer look at our local economy or a country of your interest and pick a good or a service that you believe America (or your country of choice) has a comparative advantage in producing. Discuss the factors that you believe give America (or your country of choice) such an advantage.

2. In addition, which is better for a country—to export more or to import more?

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Answer #1

SOLUTION:-

1) Let us consider Indian economy. India is one of the major producers of rice. India has comparative advantage in production of rice as there is abndant supply of labor in this country. Here, labor is the major factor of production.

2) As the country got comparative in the production of rice, it is better for the country to export more and import less. This is because by exportinng more, there will be increase in revenues of the economy. Also, due to increase in net exports, GDP rises.

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