WAEC - Economics (2014 - No. 33)
Which of the following is not a reason countries import goods?
Differences in natural endowments
the law of absolute advantage
Differences in tastes
The love for other nations
Spiegazione
Reasons for importing goods might include:
- Meeting customer demand.
- Sourcing products that don't exist in the country's borders.
- Cost of importing is lower than the cost of manufacturing.
- Quality of the product is better when imported.