________ looks to relative factor endowments to explain trade flows.
A. Ockham's razor
B. Say's law
C. The Heckscher-Ohlin theorem
D. The Sherman Antitrust Act
Answer: C
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Please consider Table 22-2 below. Assuming constant Annual Average Growth Rate in the future, calculate the output per capita for the United States and South Korea for the year 2040
What will be an ideal response?
Which of the following is an example of a negative incentive instituted by the government?
a. a tax deduction for charitable giving b. a “soda tax” on sugary beverages c. a tax rebate for buying energy-efficient appliances d. a tax credit for college tuition
Other things equal, if more firms enter a monopolistically competitive industry:
A. the demand curves facing existing firms would shift to the right. B. the demand curves facing existing firms would shift to the left. C. the demand curves facing existing firms would become less elastic. D. losses would necessarily occur.
Which of the following statements about the perfect competitor is INCORRECT?
A. The products made by a perfectly competitive firm have no close substitutes. B. If an individual firm raises price, it will lose business. C. The perfect competitor sells a homogeneous commodity. D. The perfectly competitive firm is always a price taker.