The Leontief Paradox occurs when a capital-abundant country exports goods. Miner

Question

The Leontief Paradox occurs when a capital-abundant country exports goods. Mineral-intensive Capital intensive Labor-intensive Land-intensive A general model that includes Ricardian, Specific Factors, and Heckscher-Ohlin models as special cases is called The Best Trade Model The Standard Trade Model The Competitive Model The Local Model Import-biased growth expands a country's PPF more towards that country's sector. none-tradable export import A country's terms of trade refers to price of its import/price of its exports price of its import/price of its output price of its export/price of its output price of its export/price of its imports All the following are arguments for free trade except Efficiency Gains Fixing exchange rate Structural Change Prevents Rent Seeking Collective Action Problem occurs when individuals are better-off if they work together as a group but no incentive for any individual to work with the group. True False import Substitution Industrialization (ISI) differs from Export Oriented Industrialization (EOI) in that EOl emphasizes on all the following except reduction in government regulations tariffs reduction economic openness through increased trade Infant Industry Protection

Explanation / Answer

1. leontif paradox occurs when capital intensive country sells labor intensive products.
2. a general model that includes ricardian, specic factors and hecksher ohlin model is called
standard trade model.
3. import biased growth moves country's PPF towards imports.
4. terms of trade=export prices/import prices
5. except fixing exchange rate.

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