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单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,*,*,Review Questions and Problems for Chapter 3,a.Increasing opportunity costs arise because resources or factors of production are not homogeneous(i.e.,all units of the same factor are not identical or of the same quality)and not used in the same fixed proportion or intensity in the production of all commodities.This means that as the nation produces more of a commodity,it must utilize resources that become progressively less efficient or less suited for the production of that commodity.As a result,the nation must give up more and more of the second commodity to release just enough resources to produce each additional unit of the first commodity(i.e.,it faces increasing costs).,b.In the real world,the production frontiers of different nations will usually differ because ofdifferences in factor endowments and technology.,第1页,Answer to Review Questions and Problems,2.a.See the following figure.,b.,The slope of the transformation curve increases as the nation produces more of X and decreases as the nation produces more of Y.These reflect increasing opportunity costs asthe nation produces more of X or Y.,第2页,Answer to Review Questions and Problems,3.a.See the following figure.,b.Nation 1 has a comparative advantage in X and Nation 2 in Y.,c.If the relative commodity price line in autarky has equal slope in both nations.This is rare.,第3页,Answer to Review Questions and Problems,4.a.See following Figure3.Points B and B are the production points in Nations 1 and 2,respectively,with,specialization and trade and E and E are the consumption points.,第4页,Answer to Review Questions and Problems,5.a.The equilibrium-relative commodity price in isolation is the relative price that prevails in the nation without trade or in autarky.,b.The equilibrium-relative commodity price in isolation for the commodity plotted along the horizontal axis is given by the(absolute)slope of the tangent of the production frontier and,the community indifference curve at the point of production and consumption in the nation in isolation.,c.The nation with the lower equilibrium relative commodity price in isolation or autarky has a comparative advantage in the commodity measured along the commodity axis and a,comparative disadvantage in the commodity measured along the vertical axis.,第5页,Answer to Review Questions and Problems,6.See Figure following.,第6页,Answer to Review Questions and Problems,7.a.The reason for incomplete specialization under increasing costs is that as each nation specializes in the production of the commodity of its comparative advantage,the relative commodity price in each nation moves toward each other(i.e.,become less unequal)until they are identical in both nations.At that point,it does not pay for either nation to continue to expand the production of the commodity of its initial comparative advantage.This occurs before either nation has completely specialized in production.,b.Under constant costs,each nation specializes completely in production of the commodity of its comparative advantage(i.e.,produces only that commodity).The reason is that since it pays for the nation to obtain some of the commodity of its comparative disadvantage from the other nation,then it pays for the nation to get all of the commodity of its comparative,disadvantage from the other nation(i.e.,to specialize completely in the production of the commodity of its comparative advantage).,第7页,Answer to Review Questions and Problems,8.See Figure following.Nations 1 and 2 have identical production frontiers(shown by a single curve)but different,tastes(indifference curves).In isolation,Nation 1 produces and consumes at point A and Nation 2 at point A.Since PA PA,Nation 1 has a comparative advantage in X and Nation 2 in Y.,第8页,Answer to Review Questions and Problems,9.a.If the terms of trade of a nation improved from 100 to 110 over a given period of time,the terms of trade of the trade partner would deteriorate by about 9 percent over the same period of time(100-110)/110=-0.09=0.9%.,b.A deterioration in the terms of trade of the trade partner can be said to be unfavorable to the trade partner because the trade partner must pay a higher price for its imports in terms of its exports.,c.This does not necessarily mean that the welfare of the trade partner has decreased because the deterioration in its terms of trade may have resulted from an increase in productivity that is shared with the other nation.,第9页,Answer to Review Questions and Problems,10.It is true that Mexicos wages are much lower than U.S.wages(they are about one fifth of the,average wage in the United States),but labor productivity is much higher in the United States,and so labor costs are not necessarily higher than in Mexico.In any event,trade can still be,based on comparative advantage.,第10页,Multiple-Choice Questions,1.A production frontier that is concave indicates that the nation incurs increasing opportunity costs in the production of:,modity X only,modity Y only,c.both commodities,d.neither commodity,2.The marginal rate of transformation(MRT)of X for Y refers to:,a.the amount of Y that a nation must give up to produce each additional unit of X,b.the opportunity cost of X,c.the absolute slope of the production frontier at the point of production,d.all of the above,第11页,Answer to Review Questions and Problems,3.Which of the following is not a reason for increasing opportunity costs:,a.technology differs among nations,b.factors of production are not homogeneous,c.factors of production are not used in the same fixed proportion in the production of all,commodities,d.for the nation to produce more of a commodity,it must use resources that are less and,less suited in the production of the commodity,第12页,Answer to Review Questions and Problems,4.Community indifference curves:,a.are negatively sloped,b.are convex to the origin,c.should not cross,d.all of the above,5.Which of the following statements is true with respect to the MRS of X for Y?,a.it is given by the absolute slope of the indifference curve,b.declines as the nation moves down an indifference curve,c.rises as the nation moves up an indifference curve,d.all of the above,第13页,Answer to Review Questions and Problems,6.The marginal rate of substitution(MRS)of X for Y in consumption refers to the:,a.amount of X that a nation must give up for one extra unit of Y and still remain on the,same indifference curve,b.amount of Y that a nation must give up for one extra unit of X and still remain on the same indifference curve,b.amount of X that a nation must give up for one extra unit of Y to reach a higher indifference curve,c.amount of Y that a nation must give up for one extra unit of X to reach a higher indifference curve,第14页,Answer to Review Questions and Problems,7.Which of the following is not true for a nation that is in equilibrium in isolation?,a.it consumes inside its production frontier,b.it reaches the highest indifference curve possible with its production frontier,c.the indifference curve is tangent to the nations production frontier,d.MRT of X for Y equals MRS of X for Y,and they are equal to Px/Py,第15页,Answer to Review Questions and Problems,8.If the internal Px/Py is lower in nation 1 than in nation 2 without trade:,a.nation 1 has a comparative advantage in commodity Y,b.nation 2 has a comparative advantage in commodity X,c.nation 2 has a comparative advantage in commodity Y,d.none of the above,9.If actual Px/Py exceeds the equilibrium relative Px/Py with trade,a.the nation exporting commodity X will want to export more of X than at equilibrium,b.the nation importing commodity X will want to import less of X than at equilibrium,c.Px/Py will fall toward the equilibrium Px/Py,d.all of the above,第16页,Answer to Review Questions and Problems,10.With free trade under increasing costs:,a.neither nation will specialize completely in production if both nations are large,b.at least one nation will consume above its production frontier,c.a small nation will always gain from trade,d.all of the above,11.Which of the following statements is true?,a.a nations demand curve of a commodity is derived from production points on the nations production frontier.,b.a nations supply curve for a commodity is derived from community indifference curves and trade lines,c.the price of the nations import commodity will fall as a result of international trade,d.none of the above,第17页,Answer to Review Questions and Problems,12.,At a relative commodity price above equilibrium,a.the quantity demand of imports exceeds the quantity supplied of exports,b.the relative price of the commodity will rise,c.the commodity price will fall,d.none of the above,13.If the terms of trade increase in a two-nation world,those of the trade partner:,a.deteriorate,b.improve,c.remain unchanged,d.any of the above,第18页,Answer to Review Questions and Problems,14.A deterioration of a nations terms of trade causes the nations welfare to:,a.deteriorate,b.improve,c.remain unchanged,d.any of the above,15.Mutually beneficial trade cannot occur if production frontiers are:,a.equal but tastes are not,b.different but tastes are the same,c.different and tastes are also different,d.the same and tastes are also the same.,第19页,Answers to Review Questions and Problems for Chapter four,1.a.The HeckscherOhlin(H-0)theorem postulates that a nation will export those commodities,whose production requires the intensive use of the nations relatively abundant and,cheap factor and import the commodities whose production requires the intensive use,of the nations relatively scarce and expensive factor.In short,the relatively labor-rich,nation exports relatively labor-intensive commodities and imports the relatively,capital-intensive commodities.,第20页,b.Heckscher and Ohlin identify the relative difference in factor endowments among,nations as the basic determinant of comparative advantage and international trade.,c.The H-O Theory represent an extension of the standard trade model because it explains,the basis for comparative advantage(classical economists,such as Ricardo had assumed,it)and examines the effect of international trade on factor prices and income distribution,(which classical economists had left unanswered).,Answers to Review Questions and Problems,第21页,2.See the following Figure,Answers to Review Questions and Problems,第22页,9.See the following Figure,Answers to Review Questions and Problems,第23页,Multiple-Choice Questions,Answers to Review Questions and Problems,1.The H-O model extends the classical trade model by:,a.explaining the basis for comparative advantage,b.examining the effect of trade on factor prices,c.both a and b,d.neither a nor b,第24页,2.A nation is said to have a relative abundance of K if it has a:,a.greater absolute amount of K,b.smaller absolute amount of L,c.higher L/K ratio,d.lower price of K in relation to the price of L,Answers to Review Questions and Problems,第25页,3.A difference in relative commodity prices between nations can be based on a difference in:,a.technology,b.factor endowments,c.tastes,d.all of the above,Answers to Review Questions and Problems,第26页,4.In the H-O model,international trade is based mostly on a difference in:,a.technology,b.factor endowments,c.economies of scale,d.tastes,Answers to Review Questions and Problems,第27页,5.According to the H-O theory,trade reduces international differences in:,modity prices,b.in factor prices,c.both commodity and factor prices,d.neither relative nor absolute factor prices,Answers to Review Questions and Problems,第28页,6.According to the Stolper-Samuelson theorem,international trade leads to,a.reduction in the real income of the nations relatively abundant factor,b.reduction in the real income of the nations relatively scarce factor,c.increase in the real income of the nations relatively scarce factor,d.none of the above,Answers to Review Questions and Problems,第29页,7.Which of the following is false with regard to the specific factors theorem,international trade,a.harms the immobile factors that are specific to the nations export commodities or sectors,b.harms the immobile factors that are specific to the nations import-competing commodities,c.has an ambiguous effect on the nations mobile factors,d.may benefit or harm the nations mobile factors,Answers to Review Questions and Problems,第30页,8.Perfect international mobility of factors of production,a.leads to a reduction in international differences in the returns to homogenous factors,b.acts as a substitute for international trade in its effects on factor prices,c.operates on the supply of factors in affecting factor prices,d.all of the above,Answers to Review Questions and Problems,第31页,9.The Leontief paradox refers to the empirical finding that U.S.,a.import substitutes were more K-intensive than exports,b.exports were more L-intensive than imports,c.exports were more K-intensive than import substitutes,d.all of the above,Answers to Review Questions and Problems,第32页,10.From empirical studies,we onclude that the H-O theory:,a.must be rejected,b.must be accepted without reservations,c.can generally be accepted,d.explains all international trade,Answers to Review Questions and Problems,第33页,11.International trade can be based on economies of scale even if both nations have identical:,a.factor endowments,b.tastes,c.technology,d.all of the above,Answers to Review Questions and Problems,第34页,12.A great deal of international trade:,a.is intra-industry trade,b.involves differentiated products,c.is based on monopolistic competition,d.all of the above,Answers to Review Questions and Problems,第35页,Answer to Problems for Chapter 5,1.a.See following Figure 1,b.Consumption is 70X,production is 50X and imports are 20X.,c.The consumption effect is 30X,the production effect is+30X,the trade effect is 60X,and the revenue effect is$30,第36页,Answer to Problems,2.a.The consumer surplus is$250 without and$l22.50 with the tariff(see above Figure).,b.Of the increase in the revenue of producers with the tariff(as compared with their,revenues under free trade),$22.50 represents the increase in production costs and,another$22.50 represents the increase in rent or producer surplus(see above Figure).,c.The dollar value or the protection cost of the tariff is$45(see above Figure).,第37页,Answer to Problems,3.see following Figure,第38页,Answer to Problems,4.see following Figure,第39页,Answer to Problems,5.The optimum tariff is the tariff that maximizes the net benefit resulting from the improvement in the nations terms of trade against the negative effect resulting from reduction in the volume of trade.,第40页,Answer to Problems,6.a.When a nation imposes an optimum tariff,the trade partners welfare declines because of the lower volume of trade and the deterioration in its terms of trade.,b.The trade partner is likely to retaliate and in the end both nations are likely to lose because of the reduction in the volume of trade.,第41页,Answer to Problems,7.Even when t
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