Using the specific factors theory and the following table on relative factor abundance, what is the predicted impact of China's accession to the WTO 1999 on its trade with the US (i.e. which type of goods will be traded and in which direction)? Please explain (no computations needed) your answer and give examples on no more than three paragraphs. High- Physical Skilled Capital Labour Medium- Skilled Unskilled Arable Forest Labour Labour Land Land USA 26 30 8 1 17 9 China 5 12 31 25 14 6 Table 1: Share in percent of country's factor endowment of world factor endowments, arly 2000s, rough approximation.

Using the specific factors theory and the following table on relative factor abundance, what is the predicted impact of China's accession to the WTO 1999 on its trade with the US (i.e. which type of goods will be traded and in which direction)? Please explain (no computations needed) your answer and give examples on no more than three paragraphs. High- Physical Skilled Capital Labour Medium- Skilled Unskilled Arable Forest Labour Labour Land Land USA 26 30 8 1 17 9 China 5 12 31 25 14 6 Table 1: Share in percent of country's factor endowment of world factor endowments, arly 2000s, rough approximation.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter33: International Trade

Section: Chapter Questions

Problem 6SCQ: Table 33.15 shows how the average costs of production for semiconductors (the chips In computer...

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