Reference no: EM13826220
Problem-
As an international economist you have been asked to prepare a short speech which answers the following questions:
• How does the Heckscher-Ohlin theory differ from Ricardian theory in explaining international trade patterns?
• The theory demonstrates how trade affects the distribution of income within trading partners. Explain.
• How does the Leontief paradox challenge the overall applicability of the factor-endowment model?
• According to Staffan Linder, there are two explanations of international trade patterns-one for manufacturers and another for primary (agricultural) goods. Explain.
• Following that speech, the audience asks you to respond to the following question:
• Describe a specific tariff, an ad valorem tariff, and a compound tariff. What are the advantages and disadvantages of each?
Additional Information-
The problem is belongs to Economics and the problem is about the differences between Ricardian theory and Heckscher-Ohlin theory in explaining international trade patterns. These 2 theories are based on several assumptions and all these assumptions such as the expectations of most people from different countries and market assumptions have been considered.
Word limits- 800
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