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10. Much of the existing heterogeneity across countries ultimately derives from A. different levels of knowledge capital across countries B. different intelligence levels across races C. differences in natural capital endowments D. cultural differences

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12 Nov 2018
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What is the most important factor that explains differences in living standards across countries?
A. The level of unemployment.
B. Equality.
C. The quantity of money.
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Which of the following statements identifies a difference between optimization in levels and optimization in differences?

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B. Optimization in differences compares only the cost involved in different alternatives, whereas optimization in levels compares the net benefit of different alternatives.

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D. In many cases, optimization in differences is faster and easier than optimization in levels.

The Heckscher-Ohlin model assumes that there are two countries, each of which produces two goods (say manufactures and agriculture) using labor and capital. Which of the following is an additional assumption of the Heckscher-Ohlin model?

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