Question
(a) (10 points) List three important features of the Ricardian Model. Why is the Ricardian model an influential theoretical framework in international trade? (b)
(a) (10 points) List three important features of the Ricardian Model. Why is the Ricardian model an influential theoretical framework in international trade? (b) (10 points) Compare the Ricardian model and the specific-factors model we introduced in the lec- tures. List three differences between these two models, and explain how the differences lead to different model predictions. (c) (10 points) Compare the specific-factors model and the Heckscher-Ohlin model we introduced in the lectures. List three differences between these two models, and explain how the differences lead. to different model predictions.
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