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- In the Heckscher-Ohlin model with trade the wage in a country that produces both goods will depend on its labour abundance. True FalseIn the Heckscher-Ohlin model the factor that a country is abundant in will gain from trade, i.e. its income will increase. True FalseLeontief’s paradox is an example of testing a trade model using actual data observations. If Leontief had observed that the amount of labor needed per $1 million of U.S. exports was 392 person-years instead of 182, would he have reached the same conclusion? Explain.
- Starting from an autarky (no-trade) situation with Heckscher-Ohlin model, if Country H is relatively labor abundant, then once trade begins .. A. wages should rise and rents should fall in HB. wages and rents should fall in HC. wages and rents should rise in HD. wages should fall and rents should rise in HIn 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.The gravity model of trade describes an exact physical relationship between trade, distance and size of trading partners. 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 countryIn the Heckscher-Ohlin-Vanek model with trade a country that is labour abundant will export the good that is labour intensive. export the good that is capital intensive. have positive trade balance have positive labour content of trade.According to the Heckscher-Ohlin model, free trade would lead to an equalization of wage rate internationally. Explain why we do not observe that result in the real world, where, for instance, there is great discrepancy in wage rate between developed and developing countries
- Assume that Trinbago is a small country that produces wine and motor vehicles, where motor vehicles are capital-intensive. Trinbago is also capital intensive, and the standard Heckscher -Ohlin (H-O) assumptions hold. The other country in the model is Vincyland. Questions: Give a short background on the Heckscher-Ohlin Trade model and then answer the following questions. (a) Based on the H-O assumptions, which good should Vincyland export, and why? (b) What trade pattern would occur if the Leontief Paradox holds? Which two (2) explanations of the Leontief Paradox most strongly support the H-O theory? Give the reasons. (c) In autarky, according to Ohlin, how does Trinbago’s relative price of labor compare to Vincyland’s?What conclusions does Heckscher-Ohlin trade model bring us in terms of gains from trade?Using the Heckscher-Ohiln trade model, we would expect that in a nation that is labor abundant that exports potatoes, an increase in the quantity of land (the other factor of production) would... A) Worsen the terms of trade for that nation B) Improve the terms of trade for that nation C) Raise wages in that nation D) Both B and C
