ECO344
Question: The efficient allocation of resources requires that production take place at a point where â€|..
Answer: an isoquant from one industry tangent to an isoquant from the other.
Question: The can be conveniently broken down into gains from two distinct sources: …… and gains from specialization.
Answer: gains from trade, gains from exchange
Question: is the increase of consumer surplus plus producer surplus from lower tariffs or otherwise liberalizing trade.
Answer: Gains from trade
Question: The following are members of NAFTA except:
Answer: Brazil
Question: Under constant returns to scale, the marginal products of each factor depend ……..
Answer: only on the capital-labor ratios and not on the level of production.
Question: theorem stated that in free trade with equalized commodity prices, if two countries produce both goods in common, real factor prices will become identical as well.
Answer: Factor-price-equalization
Question: A country may fail to gain from trade when trade further
Answer: Reduces the consumption of a taxed good
Question: show all possible combinations of capital and labor that could be used to produce the level of output X
Answer: Isoquants
Question: A system whereby one country gains through trade, the other country must lose isâ€|….
Answer: zero sum game
Question: Another name for the Vfactor- content theoremV is
Answer: Heckscher-Ohlin-Vanek theorem
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