Answer the following questions regarding international trade:(a) What is the common myth regarding the benefits from international trade?(b) What is the associated implication arising from this myth?(c) What is the true benefit from international trade?

Question

Quizplus · Accepted Answer

The Answer is (a) It is a common myth that the greatest benefit to be derived from international trade is greater domestic employment in the export sector.(b) As an implication the myth suggests that exports are "good" because they increase domestic employment, whereas imports are "bad" because they deprive people of jobs at home.(c) The true benefit created by international trade is the overall increase in output available through specialization and exchange.

Answer the Following Questions Regarding International Trade:(a) What Is the Common