QUESTION 6Question 3b- 3The Heckscher-Ohlin model rules out the classicalmodel's basis for trade by assuming thatis(are) identical between countries.Factor endowmentsFactor intensitiesTechnology.Opportunity costs. QUESTION 7Question 3b- 4Which of the following is TRUE regarding gains fromtrade?I. Exposure to new relative prices does not enhancethe welfare of the country.II. A country will only gain from trade if productionpatterns change amongst the trading countries.II. Specialization occurs according to the differentrelative prices leading to gains.IV. Tradeallowscountriestoreachhigherindifference curves than in autarky.Statements I and II.Statements Il and III.Statements IIl and IV.Statement II only.

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ENGR.ECONOMIC ANALYSIS

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Question 3b-3 The Heckscher-Ohlin model rules out the classical model's basis for trade by assuming that is (are) identical between countries. Factor endowments Factor intensities Technology. Opportunity costs.