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Question: – 1(a). Should a nation tend to export or import goods for which it has a comparative advantage? Explain. Why do economists oppose policies that restrict trade among nations?(Minimum 500 words).(4 Marks)
Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying. (2 Marks)
a. Draw Mariaâ€™s production possibilities frontier for reading economics and sociology.
b. What is Mariaâ€™s opportunity cost of reading 100 pages of sociology?