If two countries are very different in relative factor abundance, then empirical support for which of the following would be less likely? O the Factor Price Equalization Theorem the Law of One Price O the Gravity Theorem O the Heckscher-Ohlin Theorem O the Law of Demand
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If two countries are very different in relative factor abundance, then empirical support for which of the following would be less likely? O the Factor
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- With free trade, why is wage (income) gap between American skilled and unskilled workers widened? Which of the following is LEAST appropriate for an answer? A. Because American companies producing very expensive products need to hire more skilled workers while American companies producing inexpensive products do not at least hire more of unskilled workers or even reducing the employment of the existing unskilled workers. B. Because American people are willing to buy inexpensive products imported from other developed countries having comparative advantage in producing those inexpensive products rather than inexpensive ones manufactured in the USA. C. Because American companies producing very expensive products need to produce more and more by hiring more American skilled workers as demand for American expensive products from developing countries increases. D. Because free trade allows the USA to focus on specializing in producing very expensive products…Using the Heckscher-Ohlin model with two countries, trade will A increase the skilled-unskilled wage gap in the skill abundant country and decrease it in the other country B decrease the skilled-unskilled wage gap in the skill abundant country and increase it in the other country C increase the skilled-unskilled wage gap in both countries D decrease the skilled-unskilled wage gap in both countries E not change the skilled-unskilled wage gap at in at least one countryWhat strategy will help boost economic development of the country; is it import substitution or export promotion strategy? Cite real world examples.
- If these population changes were only due to human migration, what conclusions could be made, based on the map? a) The majority of states are experiencing immigrationtherefore, the overall country has an increase in population size b) The majority of states are experiencing emigration therefore, the overall country has an increase in population size. c) The majority of states are experiencing immigration; therefore, the overall country has a decrease in population size d) The majority of states are experiencing emigration; therefore, the overall country has a decrease in population sizeExplain how free international trade should lead to the equalisation of factor prices between countries according to the factor price equalisation theorem. Discuss why the theorem does not imply that real Gross Domestic Product per capita will be the same in all countries.Q82 One region has an absolute advantage over another region in the production of good X when... a. The first region has a larger supply of the raw materials required to produce good X. b. An equal quantity of resources can produce more of good X in the first region than in the second region. c. The opportunity cost of one unit of X is lower in the first region than in the second region. d. The first region has a more productive labour force than the second. e. There is no demand for good X in the second region
- Why did most countries of Latin America follow inward-looking strategies after WWII? List th changes in the economic history of Latin America before WWII. Then list 3 of the components of import-substitution industrialization followed in the region and provide an example of a typical ISI business.What is the opportunity cost of investing in Capital? Do you think a country can overinvest in capital? What is the opportunity cost of investing in human capital? Do you think a country can overinvest in human capital? Explain with your own language and give the example of country that overinvest in capital and human capital!Despite its wealth and high educational levels, the UnitedStates has been less successful in closing its gender gap thanNordic countries such as Iceland and Finland. T or F?
- Using a production possibilities frontier determine how does a country's PPF change in response to the events described below. Make sure to explicit what sectors are you representing and what sort of assumption each event implies (neutral effect vs a sector biased effect). The latter follows from your assumptions on the factor intensity of the sector you are representing. 1.reducing import taxes (tariffs)on primary inputs 2.increasing the expenditure on research and development 3.the introduction of greater flexibility in labour markets(new government laws enabling easier hiring of workers) 4.increasing skilled migration into a country 5.the discovery of new mineral deposits in a country.1. Try to describe the global economic crisis on world trade and commodity prices because of the COVID and use the Stopler-Samuelson theorem to predict the effect on income distribution in Australia. It should be imagined Australia is a specific factor economy with 'mining' in Queensland and Western Australia on the one hand, and a sector included manufacturing, agriculture and services in the other states. Assume that there is mobile labour between these two sectors, that there is no unemployment, and that Australia is a price taker for its exports.The income measures discussed in this chapter do not include noncash benefits that are often available to low income individuals, such as food stamps and Medicaid. Do you think such noncash benefits are more likely to be made available to poor people in a rich nation or in a poor nation? Explain your answer. Then ask yourself, how will the difference in noncash benefits in rich nations versus poor nations affect your conclusions regarding relative incomes of poor individuals in capitalist nations compared to non-capitalist nations? Explain this answer as well.