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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.
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- QUESTION 3 In the Heckscher-Ohlin model with trade the wage in a country that produces both goods will depend on its labour abundance. True FalseThe gravity model of trade describes an exact physical relationship between trade, distance and size of trading partners. 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 False
- 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 countriesUsing 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 countryThe principle of comparative advantage helps explain trade between nations. True False
- In 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.Comparative advantage is a comparison among producers based on opportunity cost. True FalseIntroducing free international trade in the specific factor model expands the set of feasible allocations in the world economy. True False
- There are differences and similarities among the different trade models. Here are some of them:In the specific factor model, with free trade the relative price of imported goods cannot be _____ than in autarky.If countries engaged in trade enjoy welfare gains, why is there often some opposition to free trade?