ECO344
It describes the relationship between relative prices of output and relative factor rewards
Answer: stolper–samuelson theorem
argur that if wages rose above subsistence, the number of workers would increase and bring the wage rates down
Answer: subsistence theorists
A fundamental concept in international trade theory is advantage
Answer: national
International trade is the exchange across borders of goods, services, and factors
Answer: comparative
The gains from trade can be conveniently broken down into gains from from exchnage and
Answer: gains from specialization.
The desire for luxury, show-off for higher standard of living and patterns of consumption of advanced countries is referred to as
Answer: demonstration effect
If the capital-labor ratio in Country A is greater than it is in Country B, we say that Country A is relatively
Answer: capital-abundant
One of the factors affecting gains from trade is
Answer: all the options
is the ratio of an index of a countryVs export prices to an index of its import prices
Answer: terms of trade
refers to an economy as ability to produce goods and services at a lower opportunity cost.
Answer: comparative advantage
Follow me on Twitter @louisoladimeji for your Free Exam Summary and free past questions
Whatsapp Chat: 08039407882 for your Project Writeup I Business Plan Writeup I Online Tutorial
