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In the specific factor model, with free trade the relative
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- In the specific factor model with labour as a mobile factor, introducing trade lowers the welfare of workers increases output and consumption in the world. increases the welfare of all the owners of specific factors in Home. induces a Pareto improvement for the economy that exports more.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, ImportIn the Heckscher-Ohlin model with trade the wage in a country that produces both goods will depend on its labour abundance. True False
- 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 countryBefore the opening of trade, a nation produces (and consumes) at the point where a. its relative price line is not tangent to it's IC or PPF b. its relative price line is only tangent to its PPF c. its realtive price line is only tangent to its IC d. its realtive prive line is tangent to both its IC and PPFIs the choice between trade and self-sufficiency an either/or question? Is there amiddle-of-the-road approach that would address concerns on both sides of thisissue?
- In mixed specific factors model, clothes and rice, capital (K) is specific to clothes and land(A) is specific to rice. When the goverment imposes a tariff on the imports of rice, Both owners of K and owners of A will benefit. Owners of A will benefit. Owners of K will benefit. Neither owners of K nor owners of A will benefit. Explain the answer using a diagram.Evaluate the international trade effect as a reason for the downward sloping aggregatedemand curveIn the Heckscher-Ohlin model the factor that a country is abundant in will gain from trade, i.e. its income will increase. True False
- The Heckscher-Ohlin model predicts that trade in goods leads to convergence in prices of factors between different countries. True FalseThe gravity model of trade describes an exact physical relationship between trade, distance and size of trading partners. True FalseThe Leontief study testing the Heckscher-Ohlin theory showed thata) The US exported capital-intensive goods and imported labour-intensive goods.b) The US exported labour-intensive goods and imported labour-intensive goods.c) Even though the US was a capital abundant nation, it exported labour intensive goods.d) The US was a capital abundant nation and therefore, exported capital intensive goods.