What are factor endowments? What will be an ideal ...

[Tazate]

What are factor endowments?
 
  What will be an ideal response?

Question 2

If smartwatches are considered substitutes for smartphones, the decline in the price of smartphones would, all else equal
 
  A) increase the quantity of smartwatches demanded.
  B) decrease the quantity of smartwatches demanded.
  C) increase the demand for smartwatches.
  D) decrease the demand for smartwatches.

[Ksh22]

Answer to Question 1

Factor endowments are the quantity and quality of labor, land, and natural resources of a country.

Answer to Question 2

D

[Tazate]

Thank you

[Ksh22]

No problemo