In the specific model with two consumption goods and labour (mobile) and land and capital (specific factors), in Home compared to autarky the market equilibrium with free trade of goods O the profit of the land owners increases. O the price for capital cannot be lower. O the economy does not achieve a Pareto improvement. O capital owners are better off if the price for good produced using capital is higher. O consumption is higher. O labour is less productive O a good that is improted has lower price.

In the specific model with two consumption goods and labour (mobile) and land and capital (specific factors), in Home compared to autarky the market equilibrium with free trade of goods O the profit of the land owners increases. O the price for capital cannot be lower. O the economy does not achieve a Pareto improvement. O capital owners are better off if the price for good produced using capital is higher. O consumption is higher. O labour is less productive O a good that is improted has lower price.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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