ECON 4130

In the example given in lecture, would England and Portugal agree to trade 4 bushels of corn for a jug of wine? CORRECT ANSWERS: No England would object According to the Hecksher-Ohlin theory, CORRECT ANSWERS: Factors of production cannot move easily across national boundaries Countries will specialize in goods that use the factors they have in relative abundance Countries will trade for goods that use factors in which they have a relative shortage Why did the Corn Laws get repeale...

the evolution of economic organization from hunter gatherer to settled agriculture to more complex civilizations proceeded at vastly different paces in different parts of the world. explain why the pace of development on the Eurasian landmass was so much more rapid than in Africa and the Americas 7 points CORRECT ANSWERS: the major axis of Eurasia is east and west. this played a major role in rapid diffusion of crops and livestock and migration of people over long distances. People did not h...

Why is the VMPL in agriculture flat? Land is abundant land becomes scarce farm land is common resource there were not very many people CORRECT ANSWERS: -land is abundant -there were not very many people Why did civilization spread throughout Eurasia, but was only in sporadic pockets in Africa the Americas prior to 1500? CORRECT ANSWERS: because -Eurasia's major axis is East-West -Plants and animals cannot adapt as well moving North to South -Mountains and deserts were difficult to...

Sort the following according to the Powerpoint slides: CORRECT ANSWERS: The primary resource is food. The law of diminishing returns is inevitable. Population growth eventually strains the food supply. Population will we positively and prevenatively checked. Productivity gains provide only temporary relief. Which of the following is a positive check? CORRECT ANSWERS: War Famine Abstinence Which of the following is a preventative check? CORRECT ANSWERS: Abstinence To which area ...