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30.Hourly wage rate in Singapore, Hong Kong, and Japan has gradually moved closer to that of the U.S. over time as

a result of more open trade followed by these nations. This phenomenon can be explained by which of the following trade models?

a.Product Life-cycle trade model

b.Intra-industry trade model

c.H-O trade model

d.Only (a) and (b) above

e.None of the above

Question 40

It is generally true of the two terms "comparative advantage" and "competitive advantage" that comparative advantage refers to nations and competitive advantage refers to nations as well.



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