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Evaluate the international trade effect as a reason for the downward sloping aggregate
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- Do you think the Heckscher-Ohlin model sufficiently explains trade between countries? Explain why you think yes, or noIn the specific factor model, with free trade the relative price of imported goods cannot be _____ than in autarky.The Ricardian model predicts that the market prices for goods with trade cannot be outside the range of the market prices in autarky. True False
- Explain how you could use the Production Possibility Model to represent the US Economy during 2008 –2010.According to the chart and the Heckscher-Ohlin theory the US will _________ labor intensive and ________ capital intensive goods. A. Export, export B. Import, export C. Export, Import D. Import, ImportThe gravity model of international trade predicts that the trade volume between any two countries increases 1. with the distance between the countries. 2. with the GDP of the countries.
- Describe (in symbols) the datum and variables of the economy. Express the definition of the Walrasian equilibrium for this economy using vector notation.Draw the graph by using the Malthusian model to analyze the change in real wages in the short and - long-run after the discovery of the Atlantic trade route in Britian? Show any movement along curve or shift in curve? How will you justify increase real wages in a predominantly agrarian economy such as Britain? Analyze the effect on real wages in relation to the subsistence wagefive common functions the actors of Globalization play in the Global economy.
- The Heckscher-Ohlin model predicts that trade in goods leads to convergence in prices of factors between different countries. True FalseExplain what is Ricardian Model? (International trade)The Gravity model predicts that two countries trade more the bigger they are and the closer they are to the equator. True False