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Geography 1003 Midterm Exam Questions and Answers

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Geography 1003 Midterm Exam Questions and Answers The implication of resources being mobile domestically is that: A. labor is paid the same wage and capital receives the same rental price in all domestic industries B. there is often unemployment C. they lose the chance to become guest worker...

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  • August 16, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • geography 1003
  • geography 1003 midterm exam questions and answers

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  • Geography 1003

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Geography 1003 Midterm Exam
Questions and Answers

The implication of resources being mobile domestically is that:
A. labor is paid the same wage and capital receives the same rental price in all
domestic industries
B. there is often unemployment
C. they lose the chance to become guest workers in other nations.
D. capital and land are often not suited for use in other industries - Answer-A. labor is
paid the same wage and capital receives the same rental price in all domestic industries

The Heckscher-Ohlin model assumes that a nation's two industries use labor and
capital:
A. at different intensities depending on changing technology.
B. at the same intensity in each industry; that is, the capital-labor ratio is the same in
each industry.
C. at different intensities, with one being more capital-intensive than the other.
D. in no definite pattern. - Answer-C. at different intensities, with one being more capital-
intensive than the other.


The Heckscher-Ohlin model of international trade uses _____ and ______ to explain
trade patterns.
A. factor abundance; factor intensity
B. comparative advantage; absolute advantage
C. tariffs; quotas
D. factor availability; factor usability - Answer-A. factor abundance; factor intensity

The Heckscher-Ohlin model assumes that factors of production can move freely
_______, but cannot move _______.
A. internationally; domestically
B. after they are fully trained; before the training period is over
C. within unskilled occupations; into high-skill jobs
D. domestically; internationally - Answer-D. domestically; internationally

Suppose that the United States and China each produce steel and cloth. In the
Heckscher-Ohlin model, if the United States enjoys a comparative advantage in steel
production, then:
A. the United States must have an absolute advantage in steel production.
B. the United States will also have a comparative advantage in cloth production.
C. China must have a comparative advantage in cloth production.

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