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ECON231_Assignment2_F11

ECON231_Assignment2_F11 - sloping straight line B2 In the...

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ECON 231 – Section 2 Introduction to International Economics Instructor: Sharif F. Khan Department of Economics University of Waterloo Fall 2011 Assignment 2 (Optional) Total Marks: 30 marks Part B True/ False/ Uncertain Questions Explain why the following statement is True, False, or Uncertain according to economic principles. Use diagrams and / or numerical examples where appropriate. Unsupported answers will receive no marks. It is the explanation that is important. Each question is worth 5 marks. B1. The production possibility frontier (PPF) in the specific factors model is a downward
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Unformatted text preview: sloping straight line. B2. In the specific factors model when an economy opens up to trade, it exports the good whose relative price has decreased. B3. In the specific factors model trade benefits the factor that is specific to the export sector of each country. B4. In the specific factors model trade hurts the factor that is specific to the import-competing sector of each country. B5. In the specific factors model trade benefits the mobile factor of each country. B6. In the specific factors model trade could potentially benefit everyone in a country....
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