In general, importing will always increase the wellbeing of a country if the world price of a good is lower than the domestic price.

Question

Quizplus · Accepted Answer

If the world price of a good is lower than the domestic price, importing that good will lower the price for domestic consumers, increase consumer surplus, and potentially increase quantity demanded. This can lead to increased wellbeing for the country overall. However, there may be certain industries or groups within the country that are negatively impacted by increased imports.

In General, Importing Will Always Increase the Wellbeing of a Country