Asked by
Frank Perez
on Dec 08, 2024
Verified
A significant portion of actual world trade patterns results from
A) different factor endowments between countries.
B) the different tastes and preferences of people in different countries.
C) the industrial policies of governments.
D) different sizes of the countries.
Factor Endowments
Refers to the quantity and quality of resources a country or region possesses, such as labor, land, and capital.
World Trade
The exchange of goods, services, and capital between countries and territories across the globe.
Different Sizes
A term denoting a variety in the scale or dimension of objects, entities, or quantities.
- Recognize the critical role that factor endowments play in the explanation of trade flows within the framework of the Heckscher-Ohlin theorem.
Verified Answer
KM
Learning Objectives
- Recognize the critical role that factor endowments play in the explanation of trade flows within the framework of the Heckscher-Ohlin theorem.
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