In most cases, nations would derive the greatest economic advantage from international trade if they:

Question

Quizplus · Accepted Answer

Allowing free trade would provide nations with access to a wider range of goods and services, allowing them to specialize in producing and exporting goods in which they have a comparative advantage, and importing goods that they are less efficient at producing. This can lead to increased efficiency and lower costs, ultimately resulting in greater economic growth and prosperity. Tight control of imports or elimination of exports would limit a country's access to foreign markets, reducing opportunities for growth and limiting competition, ultimately leading to economic stagnation. Controlling all types of trade could lead to increased bureaucratic costs and reduced efficiency, leading to a similar outcome.

In Most Cases, Nations Would Derive the Greatest Economic Advantage