Tests to Substantiate the Factor Proportions Theory Have Had Mixed

question 3

Multiple Choice

Tests to substantiate the factor proportions theory have had mixed results most likely because ________.

• A)labor migration quickly outdates any studies
• B)most countries have a favorable balance of trade
• C)labor skills and education are not homogeneous
• D)large and small countries have different trade policies

Know the trial procedures used to test the clarity and plausibility of research methodologies.

Understand the concept of perfect competition and its characteristics.

Analyze the conditions under which firms in a perfectly competitive market operate including profit maximization, losses, and the long-run equilibrium.

Differentiate between short-run and long-run operations and outcomes for firms in a perfectly competitive market.

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