Production effect of growth in the labor force

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Reference no: EM13816842

a) In a two-factor, two-good heckscher-ohlin context, illustrate and explain "production effect" of growth in the labor force in a relatively capital-abundant country, other things equal.

b) In the situation of the labor force growth in part (a) above, suppose that the country is a "large" country. Define the meaning of a "large" country in international trade. Then, and assuming that the "net" or "overall" effect of the labor force growth in part (a) is of the same type as the "production effect," illustrate and explain, other things equal, the impact of that labor force growth on the country's willingness to trade and the country's terms of trade.

Reference no: EM13816842

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