Question

Once a country has lost its comparative advantage in producing a​ good, its income will be​ ________ and its economy will be​ ________ efficient if it switches from producing the good to importing it.

Answer 1

Once a country has lost its comparative advantage in producing a good, its income will be higher and its economy will be more efficient if it switches from producing the good to importing it. By importing whatever the goods produced in the country, it will increase financial status.