Use the Table below to answer Question 7: Imports Еxports $1,876,000 Capital per million dollars Labor (person-years) per million dollars Capital-labor ratio (dollars per worker) Average years of education per worker Proportion of engineers and scientists in work force $2,132,000 119 131 $17,916 $14,321 9.9 10.1 0.0189 0.0255 Source: Robert Baldwin, “Determinants of the Commodity Structure of U.S. Trade," American Economic Review 61 (March 1971), pp. 126–145. 7. The above table illustrates factor content of U.S. exports and imports for 1962. Which of the following statement is true according to the above table? A. There is evidence supporting the Heckscher-Ohlin model. B. It shows that U.S. exports were more capital intensive than its imports. C. It shows that U.S. is a capital abundant country. D. It shows that the U.S. produces outside its PPF. E. None of the above is true.
Use the Table below to answer Question 7: Imports Еxports $1,876,000 Capital per million dollars Labor (person-years) per million dollars Capital-labor ratio (dollars per worker) Average years of education per worker Proportion of engineers and scientists in work force $2,132,000 119 131 $17,916 $14,321 9.9 10.1 0.0189 0.0255 Source: Robert Baldwin, “Determinants of the Commodity Structure of U.S. Trade," American Economic Review 61 (March 1971), pp. 126–145. 7. The above table illustrates factor content of U.S. exports and imports for 1962. Which of the following statement is true according to the above table? A. There is evidence supporting the Heckscher-Ohlin model. B. It shows that U.S. exports were more capital intensive than its imports. C. It shows that U.S. is a capital abundant country. D. It shows that the U.S. produces outside its PPF. E. None of the above is true.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:Use the Table below to answer Question 7:
Imports
Exports
$2,132,000
$1,876,000
Capital per million dollars
Labor (person-years) per million dollars
Capital-labor ratio (dollars per worker)
Average years of education per worker
Proportion of engineers and scientists in work force
119
131
$17,916
$14,321
9.9
10.1
0.0189
0.0255
Source: Robert Baldwin, "Determinants of the Commodity Structure of U.S. Trade," American Economic
Review 61 (March 1971), pp. 126–145.
The above table illustrates factor content of U.S. exports and imports for 1962. Which of the
following statement is true according to the above table?
A. There is evidence supporting the Heckscher-Ohlin model.
B. It shows that U.S. exports were more capital intensive than its imports.
C. It shows that U.S. is a capital abundant country.
D. It shows that the U.S. produces outside its PPF.
E. None of the above is true.
7.
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