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Which of the following statements regarding the heckscher-ohlin model and Ricardian trade theory is TRUE?
a. Both the Heckscher-Ohlin and Ricardian models are current, relevant, and applicable in explaining world trade patterns
b. The Ricardian model is an excellent simplified introduction to world trade patterns, but the Heckscher-Ohlin model is more relevant in regards to explaining empirical evidence
c. The Ricardian model is useless in explaining trade patterns, and the H-O theory, though applicable, is not sufficient for explaining real world trade patterns
d. The Ricardian model is extremely useful in analyzing trade patterns, but the H-O model is only useful in theoretical applications.
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Why is private property, and theand the protection of property rights , so critical to the success of the market system ? How do property rights encourage cooperation?
THE AD CURVE SHIFT TO THE LEFT WHEN
different between money multplier vs credit multplier ?
state and explain two factors that cause the shifts in the balance of payments curve.
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Your firm usually uses about 200-300 tons of steel per year. Last year, you purchased 100 tons of steel than needed (at a price of $200 per ton) In the meantime, the price of steel
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Let us now see a bit more closely how monetary policy works. See Figure Figure The initial equilibrium at point E is on the initial LM schedule that corresponds to a
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