Question

consider the imaginary economy of meekerton and the market for meekies, a hypothetical good. without international trade the domestic price of meekies is $21. suppose that the world price of meekies is $22. assume that if it were to enter the international market for meekies, meekerton is too small to influence the world price.

Answer 1

Meekertown will export meekers if free trade is allowed. When a system provides international trade and imports a good, B. economic stand to gain.

Why is global trade beneficial to all countries?

International trade allows countries to expand their markets and gain access to goods and services that are often unavailable in their home country. The market has become more productive as a result of international trade. This ultimately leads to more competitive pricing and a lower-cost item for the buyer.

What is the significance of international trade in today's economy?

Trade is critical to America's prosperity because it facilitates productivity expansion, supports good jobs at home, raises living standards, and makes it possible Americans to provide products and services to their communities.

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