Which of the Following Is the Reason Why Most Economists

question 16

Multiple Choice

Which of the following is the reason why most economists prefer Heckscher-Ohlin theory to Ricardo's theory?

• A) Heckscher-Ohlin stresses on the differences in productivity between nations.
• B) Ricardo's theory considers factor endowments to describe national competitiveness.
• C) Heckscher-Ohlin theory makes fewer simplifying assumptions.
• D) Ricardo's theory considers the law of marginal returns.

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Definitions:

Self-actualizing Individuals

People who have achieved the highest level of Maslow's hierarchy of needs, realizing their potential and possessing an ongoing appreciation for life and personal growth.

Reciprocal Determinism

A concept in psychology that suggests an individual's behavior is both influenced by and influences personal factors and the environment simultaneously.

Maslow's Concept

Refers to Maslow's hierarchy of needs, a theory in psychology proposed by Abraham Maslow in 1943, which posits that people are motivated by five basic categories of needs: physiological, safety, love and belonging, esteem, and self-actualization.

Humanistic Approach

The Humanistic Approach in psychology emphasizes individual potential and stresses the importance of growth and self-actualization.