Question on: WAEC Economics - 2014
Which of the following is not a reason countries import goods?
A
Differences in natural endowments
B
the law of absolute advantage
C
Differences in tastes
D
The love for other nations
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Correct Option: D
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.
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