1.Suppose that the technology available to country I and II are given by
the following table:(output per unit of labor)
I II
_________________
X | 16 | 24 |
|________|________|
Y | 8 | 12 |
|________|________|
Which country will export X to the other one? How about trade of Y?
Explain your answer under proper theoretical guidance.
2.Given the following table regarding factor endowment in country I and II.
I II
_________________
L | 45,000 | 20,000 |
|________|________|
K | 15,000 | 10,000 |
|________|________|
a.Which country is relatively capital abundant? Which country is relatively
labor abundant?
b.Suppose that good X is capital intensive,which country will have
comparative advantage in export of Y?
3.Suppose that an offer curve diagram has developed countries' exports on the
horizontal axis and developing countries' exports on the vertical axis.
Explain the predicted impact on the terms of trade of developing countries
of relatively slow growth in demand for developing countries' goods by
developed countries combined with relatively rapid growth in demand by
developed countries' goods.
4.It has been argued that opening a country to international trade is a great
"antitrust" policy. What impact would the threat of imports have on a
monopolist who had never before been faced with foreigh competition?
How would the monopolist respond concerning the quzntity produced and the
price charged in the domestic market?
5.You are given the following Classical-type table showing the number of days
of labor input required to obtain 1 unit of output for each of the five
commodities in each of the two countries:
Bread VCRs Lamps Rugs Books
________________________________________________________________________
United Kingdom 2 days 8 days 4 days 3 days 2 days
United States 2 days 6 days 2 days 2 days 3 days
________________________________________________________________________
a.Assume that the wage rate in the United Kingdom(WUK) is 8 pounds per day,
the wage rate in the United States(WUS) is $12 per day,and the exchange
rate (e) is $2 / 1 pound. With this information,determine the goods that
will be U.K. exports and the goods that will be U.S. exports.
b.Keeping WUS at $12 per day and keeping the exchange rate at $2 / 1 pound,
calculate the upper and lower limits (in pounds per day) to the U.K. wage
rate that are consistent with two-way trade between the countries.
c.With WUK at 8 pounds per day and WUS at $12 per day, calculate the upper
and lower limits(in $/pound) to the exchange rate that are consistent with
two-way trade between the country.
6.Given your knowledge of the basis for trade,would you be surprised or not
to learn that the composition of the exports and imports of a former "Soviet
bloc" country such as Mongolia changed with the dissolution of the Soviet
Union and the opening of trade with China and Japan? Explain your answer.
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