A longrun model of trade basic to the determination of how mobile factors of production affect national welfare and the returns to the factors is known as:
a. the specificfactors model.
b. the Riparian model.
c. the Chicago model of trade.
d. the HeckscherOhlin model.
Answer: d. the HeckscherOhlin model.
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Which of the following statements is true of optimization?
A) Optimization analysis only relates to the financial budget of an economic agent. B) Individuals who optimize do not consider costs when choosing the most feasible alternative. C) Economic agents can optimize only when they are able to perfectly estimate all future costs and benefits. D) Economic agents who optimize attempt to choose the best feasible option, given the information that they have.
When the Bureau of labor Statistics makes seasonal adjustments in the labor force data, what is it likely to do with the number of people in the labor force during the month of June?
A) Lower the number each year. B) Raise the number each year. C) Lower the number about as often as it raises the number in the long run. D) Multiply the number by the labor force participation rate.
Liquidity is the
A) speed with which the price of an asset changes as its intrinsic value changes. B) inverse of the velocity of money. C) same as the velocity of money. D) ease with which an asset can be converted into money.
The table above gives the aggregate demand and aggregate supply schedules in Lotus Land. In short-run equilibrium, there is ________
A) an inflationary gap of $100 B) a recessionary gap of $100 C) a recessionary gap of $200 D) an inflationary gap of $200