Question
Explain any two of the following :
(a) Heckscher - Ohlin Trade Model
(b) ASEAN
(c) International code on Transfer of
Technology
Answer :
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The Heckscher-Ohlin Trade Model (H-O Model) is an economic theory that explains international trade patterns based on the differences in factor endowments between countries. It suggests that countries will export goods that use their abundant and cheap factors of production and import goods that require factors in which they are relatively scarce. The model assumes two countries, two goods, and two factors of production (labor and capital). For instance, a capital-abundant country
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