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Explain why each of the following statements are true, false, or uncertain. Your answers should be a few sentences each and give as full an explaination as possible. Use only the models discussed in Lectures 5 and 6 for your answers. Where a question neither directly or indirectly references a speci c model, both models may be necessary for full credit. (EC440) Specific Factors Model and Heckscher-Ohlin Mode
1. Individuals who oppose trade are just misinformed.
2. Leontief's results were consistent with the predictions of the Heckscher Ohlin model.
3. Opening up to trade with a foreign country where labor is cheap reduces wages at home.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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