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webcam Mohammad Navid: Attempt 1 Previous Page Next Page Page 49 of 66 Questions 44-48 information The United States has more capital and farmland when compared with Mexico. Let Mexico be relatively well endowed with farmland. Corn production uses farmland relatively intensively in its production, while car production uses capital relatively intensively. The assumptions of the Heckscher Ohlin Model are satisfied. Question 47 (3 points) Let the price of a car be 20,000 and that of a thousand bushels of corn be 20,000. It takes 3 units of capital and 1 unit of land to produce a car, and 1 unit of capital and 4 units of land to produce a thousand bushels of corn. (Hint: calculations actually not necessary here) O a) the price of land is greater than the price of capital in the United States. O b) the price of land is less than the price of capital in Mexico. O c) the price of land is equal to that of capital in both countries. O d) None of the aboveQuestions 44 - 48 use the following information and assumes the assumptions of the Heckscher Ohlin Model are satisfied. The United States has more capital and farmland when compared with Mexico. Let Mexico be relatively well endowed with farmland. Corn production uses farmland relatively intensively in its production, while car production uses capital relatively intensively. Question 44 (3 points) If Mexico and the United States (US) trade, a) landowners in Mexico and the US will be happy. b) landowners in the US will be happy and capitalists in Mexico will be sad. O c) capitalists will be happy in the US and landowners will be happy in Mexico. O d) capitalists will be sad in the US and landowners will be happy in Mexico. O e) since trade is mutually beneficial, both factors of production gain in both countries.Page 47 of 66 Questions 44-48 information The United States has more capital and farmland when compared with Mexico. Let Mexico be relatively well endowed with farmland. Corn production uses farmland relatively intensively in its production, while car production uses capital relatively intensively. The assumptions of the Heckscher Ohlin Model are satisfied. Question 45 (3 points) In the United States, trade with Mexico results a) in a rise in the capital to land ratio in the production of both cars and corn. O b) in a fall in the capital to land ratio in the production of both cars and corn. ( c) in a rise in the capital to land ratio in the production of corn and a fall of that ratio in the production of cars. ( d) in a fall in the capital to land ratio in the production of corn and a rise of that ratio in the production of cars. e) None of the above will necessarily happen.Questions 44-48 information The United States has more capital and farmland when compared with Mexico. Let Mexico be relatively well endowed with farmland. Corn production uses farmland relatively intensively in its production, while car production uses capital relatively intensively. The assumptions of the Heckscher Ohlin Model are satisfied. Question 48 (3 points) If Mexico and the United States trade, a) car production in Mexico and corn production in the US both increase. b) car production in the US and corn production in Mexico both decrease. O c) car production in Mexico increases and corn production in the US decreases. O d) car production in Mexico decreases and corn production in the US increases. O e) None of the above are necessarily the case
