Question: QUESTION 38 oo. es 8 MARKS Suppose that when Japan opens to trade, it imports rice, a labor-intensive good. A. According to the Heckscher-Ohlin theorem,

QUESTION 38 oo. es 8 MARKS Suppose that when Japan opens to trade, it imports rice, a labor-intensive good. A. According to the Heckscher-Ohlin theorem, is Japan capital-abundant or labor-abundant? Briefly explain. B. What is the impact of opening trade on the real wage in Japan? C. What is the impact of opening trade on the real rental on capital'? D. Which group (capital owner or labor) would support policies to limit free trade? Briefly explain

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