国际经济学答案 (1)

Chapter 2

The Gains from Trade

Suggested Answers to Textbook Questions

1. (a) The endowment in Figure

2.5 shifts towards the vertical axis by 10 percent. The country can then

trade along a line parallel to CED (as the world prices have not changed). This should lead to the result that both imports and exports decline (i.e., the trade triangle will be smaller).

(b) An analysis similar to the one above should reveal that both imports and exports decrease.

2. This situation will not lead to a lack of trade. It will be analogous to the endowment being at point G

in Figure 2.5.

3. (a) tastes similar across countries, transformation schedules differ

E represents the home endowment, and E' the foreign endowment. The countries share common

tastes, represented by the common indifference curve, labeled y' y'. The autarky price ratios for

the home and foreign country are given by AEB and A'E'B' respectively. The countries can trade at world prices represented by the dotted line CEFE'D. Along this line in the region EFE' both

countries will gain from trade. The home country will be importing clothing and exporting food.

(b) transformation curves are the same across countries, tastes differ

4. (a) Consider that consumption of a given good is equal to production minus exports. In autarky,

exports are zero, and thus production equals consumption. If a good is exported with trade and

production cannot change, then there must be less available for domestic consumption.

(b) Consumption is production minus exports. If production rises more than exports as a result of

trade, then consumption must rise also.

(c) see figure 2.7

Chapter 2 The Gains from Trade 3

The common endowment is given by E. Countries differ in their preferences as represented by

the different indifference curves, y and y'. The autarky price ratios are given by AEB for the

home country and A'E'B' for the foreign. At an intermediate price ratio such as CED, home can

gain by exporting clothing and importing food (to reach a point such as F), whereas the foreign

country does the opposite (to obtain consumption at a point such as F').

5.

(a) The production possibilities schedule for this economy is the downward sloping straight line of

20 and horizontal intercept of 40. The indifference curves are right-angled with the corners lying

along the dotted line through the origin. In autarky, consumers will then consume at point E. This can be found by finding the intersection of the PPF, represented by Q f= 20 - (1/2)Q c and the ray along which the corners of the indifference curves lie, represented by Q f= 2Q c This should yield Q f= 16 and Q c= 8.

(b) In autarky, the relative price of food will be given by the inverse of the slope of the PPF, which

will be equal to 2.

(c) If the price of clothing doubles with trade, the relative price of food falls to 1. This will cause the

economy to shift all production into clothing, and they will then trade along the dotted line that

intersects both the horizontal and vertical axis at a value of 40 (which represents a relative price

of food equal to 1). They will trade along this line until they reach the line where Q f=2Q c This

point, E', corresponds to Q f= 80/3 and Q c= 40/3.

(d) The country is obviously better off with trade in that they are consuming more of both goods.

However, they are not consuming twice as much of both goods.

4 Caves/Frankel/Jones - World Trade and Payments: An Introduction, Tenth Edition

6.

In this diagram the autarky endowment is E with autarky prices for this individual of AEB. The

individual is then selling food to their fellow citizens and is consuming at G in autarky. After

trade, if the price of food falls to A'EB' this individual will be worse off. However, if the price of food falls a great deal to A"EB", the individual can import food and export clothing from their

fellow citizens to reach consumption at a point such as H. They will then obtain greater utility

than at G.

Multiple Choice Questions

Questions 1 through 5 concern Figure 2.5

The country has endowment at E. It faces autarky prices AEB. It can trade at relative prices represented by CED. After trade, the country has consumption represented by point F.

1. Exports for this country are represented by

Answer: (b)

2. Imports for this country are represented by

Answer: (a)

Chapter 2 The Gains from Trade 5

3. If the world price of food fell, the country would generally

Answer: (d)

4. With trade, the market value of exports is

Answer: (d)

5. If this country were to lose 10 percent of its clothing endowment it would

Answer: (e)

Questions 6–10 concern a situation where 2 countries have identical preferences, but country A has an endowment with more food and less clothing than B.

6. Under autarky, the relative price of food will be

Answer: (a)

7. Under autarky, country B

Answer: (d)

8. With free trade between countries with equal incomes,

Answer: (d)

9. With free trade, country A will

Answer: (a)

10. If country B’s clothing endowment increases,

Answer: (e)

11. In free trade equilibrium,

Answer: (b)

12. The slope (in absolute value) of the budget line represents

Answer: (d)

13. Two countries produce different varieties of the same two goods, food and clothing. If there is zero

net trade in clothing, there must also be

Answer: (a)

Questions 14–15 concern the following scenario:

There are two commodities, food and clothing. In autarky an individual is a net seller of food. His country opens up to trade and the price of food drops. He remains a net seller of food.

14. He receives no compensation. How does opening up to trade change welfare in the country?

Answer: (b)

15. All net sellers of food receive enough compensation to keep them at the same level of welfare. How

Answer: (a)

6 Caves/Frankel/Jones - World Trade and Payments: An Introduction, Tenth Edition

16. In a world with many countries and only food and clothing, if countries all have the same

endowments but different tastes,

Answer: (c)

17. If a country experiences an improvement in technology,

Answer: (c)

18. Efficient consumption in autarky

Answer: (b)

19. In autarky, a preference shift towards food

Answer: (c)

20. If the relative world price of food is lower than the autarky price,

Answer: (c)

21. A sharply bowed-out production possibilities frontier embodies

Answer: (c)

22. A country that has a comparative advantage in clothing production

Answer: (e)

23. In autarky, a country produces a number of varieties of an aggregate good. Trade will

Answer: (d)

24. All of the following are sources of gains from trade except

Answer: (d)

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