4. If two countries produce very similar goods, but with different costs of production in each country, then intra-industry trade is likely to be high 5. Global international trade as a proportion of global GDP has risen each decade since the 19th century. 6. In the Ricardian model of trade, countries have the same production technology and trade arises because different countries are endowed with different amounts of labour.

4. If two countries produce very similar goods, but with different costs of production in each country, then intra-industry trade is likely to be high 5. Global international trade as a proportion of global GDP has risen each decade since the 19th century. 6. In the Ricardian model of trade, countries have the same production technology and trade arises because different countries are endowed with different amounts of labour.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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