According to the Heckscher-Ohlin model:
a. a relatively labor scarce country produces labor intensive goods.
b. the labor productivity varies across different countries.
c. the technological advancement varies across countries.
d. the taste and preference patterns of the consumers are not similar across the countries.
e. a capital abundant country exports sophisticated, manufactured products.
e
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In the classical model, a shift to the right in aggregate demand would result in
A) a permanent increase in unemployment. B) a permanent increase in real incomes. C) an increase in the price level. D) a permanent shift past full employment.
The ability of a firm to charge different customers different prices is called _____
a. price ceiling b. price discrimination c. predatory pricing d. price flooring e. base point pricing
A 14-day training and workshop initiative undertaken by a manufacturing firm improves the productivity of its workers and increases its monthly production. This results in a(n): a. upward movement along the demand for labor curve. b. rightward shift of the demand for labor curve
c. leftward shift of the demand for labor curve. d. downward movement along the demand for labor curve.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.