Empirical support for the Heckscher-Ohlin model was weakest when the study applied
A) all of the assumptions of the model.
B) all of the assumptions of the model except that regarding technology.
C) all of the assumptions of the model except those regarding technology, goods and shipping costs.
D) all of the assumptions of the model except those regarding technology, shipping costs and gravity.
E) all of the assumptions of the model except those regarding shipping costs.
C
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Economists who have studied economic growth find strong evidence of convergence
Indicate whether the statement is true or false
Refer to Figure d, which illustrates a game played by Travis and Darren. What is the Nash equilibrium?
A. Travis chooses North, Darren chooses East
B. Travis chooses North, Darren chooses West
C. Travis chooses South, Darren chooses East
D. Travis chooses South, Darren chooses West
Which of the following is not true? a. Collusion is relatively rare, in part because it is illegal in many countries
b. Collusion is relatively rare, even though members find it easy to agree on key decisions. c. Collusion is relatively rare, in part because members frequently have an incentive to cheat on the cartel. d. Collusion is harder to maintain when differentiated products are involved, which introduce many ways to undercut a collusive agreement.
The controller of a monopoly sets the price of goods by charging _____.
(A) As much as possible, regardless of the amount sold. (B) Less than the company would charge if it did not have a monopoly. (C) The price at which the profit is maximized. (D) Only a small amount over cost.