The two-country, multi-product model differs from the two-country, two-product model in that, in the former
A) the relative wage ratio will determine the pattern of trade ( which good is exported by which country.
B) which country will export which product is determined entirely by labor productivity data.
C) full specialization is likely to hold in equilibrium.
D) none of the goods are potentially nontraded.
E) domestic relative prices are not relevant.
A
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If a large number of people decide to major in economics, the supply and demand model has little to say about the future wages of economists
Indicate whether the statement is true or false
A shortage of product means a(n):
a. excess supply of the product. b. excess demand of the product. c. situation where the quantity demanded is less than the quantity supplied. d. situation where the quantity supplied exceeds the quantity demanded. e. situation where the current market price is too high.