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TRUE/FALSE & SHORT ANSWER Consider the effect of trade liberalization between two countries with different relative endowments of capital and labor. The Heckscher-Ohlin model predicts

TRUE/FALSE & SHORT ANSWER

Consider the effect of trade liberalization between two countries with different relative endowments of capital and labor. The Heckscher-Ohlin model predicts that trade liberalization will cause national welfare to rise in the labor-abundant country and to fall in the labor-scarce country.

Is this true or False? Briefly Explain

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