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Q. If trade were to open up between R and P, where could the world terms of trade locate in the figure above (somewhere on the PC/PF axis)? Could relative wages (w/r) in the two countries become equal? Is this consistent with the Heckscher- Ohlin model? Explain.
Answer: The terms of trade would settle somewhere among the two autarky relative prices on the PC/PF axis. The relative wages (w/r) will be inferior to the highest and higher than the lowest on the vertical axis above however will not coincide. This final result is in contradiction to the factor price equalization expectation we have from the model.
Q. How did the international monetary system influence macroeconomic policy-making and performance during the gold standard era (1870 - 1914)? Answer: London was the hub of t
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habler oppurtunity cost
please explane haberlor''s opportunity cost theory in hindi in simple language
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