Quiz 8: The Basis for Trade: Factor Endowments and the Heckscher-Ohlin Model

Business

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the "price definition" of relative factor abundance, illustrate and explain how this theorem is obtained. (b) Continuing with the "price definition" of relative factor abundance in the 2x2x2 context, carefully explain what happens (and why) to the relative factor price difference between the two countries as the countries move from autarky to free trade.

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