When considering the effects of transportation costs, the conclusions of our trade model must be modified. this is because transportation costs result in:
A. Lower trade volume, higher import prices, smaller gains from trade
B. Lower trade volume, lower import prices, smaller gains from trade
C. Higher trade volume, higher import prices, smaller gains from trade
D. Higher trade volume, lower import prices, greater gains from trade
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Chinese manufacturers face rising wages because of:
A. China's one-child policy
B. land policies
C. bureaucratic delay in being declared an urban dweller
D. all of these
Assume the cost of transporting autos from Japan to Canada exceeds the pretrade price difference for autos between Japan and Canada. Trade in autos is:
A. Impossible
B. Possible
C. Highly profitable
D. Moderataly profitable
Eli Heckscher and Bertil Ohlin are associated with the theory of comparative advantage that stresses differences in:
A. Income levels among countries
B. Tastes and preferences among countries
C. Resource endowments among countries
D. Labor productivities among countries
Hong Kong is relatively abundant in labor, while Canada is relatively abundant in capital. in both area/country the production of shirts is relatively more labor intensive than the production of computers. According to the factor endowment theory, Hong Kong will have a(an):
A. absolute advantage in the production of shirts and computers
B. absolute advantage in the production of computers
C. comparative advantage in the production of shirts
D. comparative advantage in the production of computers
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