A) Clearly explain and illustrate the effect of trade on the return to factors of production according to the Heckscher-Ohlin theory. (50 marks) b) With the help of diagram (s) clearly explain what the factor price equalization theorem postulates. (25 marks) c)Discuss how international trade is related to the standard of living of both developed and developing nations?

Instructions to Students Please carefully read the assessment and grade/marking descriptors overleaf: - Please consult the ASSESSMENT CRITERIA before starting your assignment. Your work will be marked based on these criteria. - Please read the question(s) carefully, answer them in a formal and concise manner but include all the logical steps you have taken to answer the question. This would allow you to get partial marks where it is appropriate. - Make sure your answer is written in a full and coherent manner, i.e., write in proper sentences (not notes!) with correct grammar and spelling. - This is a technical essay. The assessor is looking for clear, insightful international trade analysis. - Use appropriate models and diagrams and make sure the models are clearly explained and the diagrams are drawn carefully and correctly labelled (axes, points, curves, etc.) - Make sure you refer to your model or diagram in your explanation in the text of your answer. - Be as creative as you can in your use of illustrations and examples. These illustrations and examples should have a real-world aspe_ct and illustrate actual outcomes as they apply to people/firms. - You must submit your assessment electronically on My Beckett using the Turnitin icon - This assessment is worth 50% of the marks for the module - The word count guideline is 2500 words. The school policy is +/~ 10% of recommended word limit. This does n_ot include diagrams, front page, reference/ bibliography /annex materials. . You should only use Harvard referencing, where appropriate; websites referred to must be properly referenced. - The text of your assessment must be displayed using a 12-point (or larger) Aria] or Verdana font and with a line spacing of at least 1.5. - All parts of the question must be answered