Tests of the Heckscher-Ohlin Model by Bowen,Leamer,and Sveikauskas and by Maskus

question 9

Multiple Choice

Tests of the Heckscher-Ohlin model by Bowen,Leamer,and Sveikauskas and by Maskus continue to

• A)provide strong support for the theory.
• B)provide weak support for the theory.
• C)provide evidence against the theory.

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Definitions:

Systematic Error

A consistent, predictable error present in the method of measurement that affects the accuracy of results.

Faulty Heuristics

Cognitive shortcuts that lead to errors in judgment or decision-making.

Heuristics

Simple, efficient rules, often learned or instinctive, that help in making decisions, forming judgments, or solving problems.

Behavioral Economists

Economists who study how psychological, social, cognitive, and emotional factors affect economic decisions of individuals and institutions.