Lesson 1.6 Group Discussion
#1 Review:
What's the difference between absolute advantage and a comparative advantage? Give an example.
#2 Thinking Question:
When should we use a tariff versus an import quota?
Imagine it is March 2020, and the
COVID-19 outbreak in China is still recent news in the world.
Let’s further
imagine that you are a neighbor country to China, and you import a lot of items
from China, including food, automobile parts, and textiles. COVID-19 has not
hit your country yet.
Would you impose any trade restrictions on China? If so,
what would you do?
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Ovide Sun
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Danny, Allen
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