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What is the importance of being unimportant in trade

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Reference no: EM132653798

Short Answer Questions:

1. What is "the importance of being unimportant" in trade?

2. If you are working with the Ricardian Model and are told one country is clearly dominant in terms of technology, what would you expect to see with the "unit labor requirements?"

Explain the difference between what determines "winners and losers" from trade in the Specific Factors vs. Heckscher Ohlin Model?

In which model do we see countries "completely specializing" in their comparative advantage good with trade? What is it about this model that causes that result?

Reference no: EM132653798

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