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)
(b). 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?
And Please follow below guidelines:
– Students must mention question number clearly in their answer.
– Avoid plagiarism, the work should be in your own words, copying from students or other resources without proper referencing will result in ZERO marks. No exceptions.
– All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures containing text will be accepted and will be considered plagiarism).
– Submissions without this cover page will NOT be accepted.
Important: Check the attached file.