Instructions: Review your textbook and answer the following questions:
Answer the following questions and submit your answers in the Case Study drop box under the lessons tab on Canvas. You may prepare your answers ahead of time and attach them as a MS Word document only. Please be thorough in your responses. Each question must be answered in the form of a paragraph (minimum of 5 sentences). You must include your Name, Section Number, and Title. Also, you are required cite your source(s) using MLA formatting.
Question 1: Define and contrast Riccardian Theory to the Heckscher-Ohlin Model. Which Model do you think has a more valid approach? Provide an example of when both approaches should be used.
Question 2: Give an example of each of the following in terms of Real GDP Per Capita, and describe the differences in the resources for each classification: a Less Developed Country (LDC), a Newly Industrialized Country (NIC), and a Developed Country.
Question 3: Discus and analyze whether the skill set of the country’s Labor impacts what the country will be able to produce and explain why you believe this will be the outcome referencing the institutions (Technology) available in the country. You may want to visit the CIA’s World Factbook (Links to an external site.). What do you believe the impact of Free-Trade would have on a LDC? Would this be a long-term gain or loss?
Case Study 2 is due by 11:30pm,