The impact of laws which inhibit free trade include Opening

The impact of laws which inhibit free trade include: Opening trade between a nation with \"cheap labor\" and one with \"expensive labor\" will

Solution

ans 9

D) all of the above

inhinitng free trade will decrease nation\'s standard of living by making imported goods costlier and forcing the citizens to buy domestic goods. due to higher prices consumers will be worse off. opportunity cost of saving job in protected industry would be very high because for this huge cost is beared in terms of losses to nation\'s welfare and consumers.

ans 10

a) raise the standard of living in both countries

because will benfited by trade. nation with cheap labor will get market for their labor intensive goods and nation with expensive labor will import labor intensive goods and will spare their resources for the production of those goods in which nation has specialization