Recent tests suggest that the Leontief Paradox has been completely resolved
Indicate whether the statement is true or false
FALSE
Explanation: At best, recent tests provide mixed evidence on the question and largely negative evidence on the general validity of the Heckscher-Ohlin model.
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A labor union that consists of workers from a particular industry is a(n)
A) closed shop. B) industrial union. C) union shop. D) bilateral monopoly.
If the dollar price of the English pound goes from $1.50 to $1.75, the dollar has
What will be an ideal response?
In a nation's balance of payments, which one of the following items is always recorded as a positive entry?
A. Changes in foreign currency reserves B. Purchases by foreign travelers visiting the country C. Imports of goods and services D. Military foreign aid supplied to allied nations
One major assumption of economics is that people
A) act as if they systematically pursue self-interest. B) behave randomly without any predictable pattern. C) are sometimes rational and sometimes irrational. D) always pursue the interests of others.