Factor Endowments and the Heckscher-Ohlin Theory
要素禀赋理论
要素禀赋
一种方法是物理量定义法，如果两国资本-劳动的禀赋比例分别为 KA/LA和KB/LB，而且有KB/LB > KA/LA，就可以认为相对于A国而 言，B国是资本丰裕型国家(k-abundant)，相对于B国而言，A国是劳动 力丰裕型国家(l-abundant)即A国劳动力丰裕而资本稀缺，B国资本丰裕 而劳动稀缺。 在 EA点：A国拥有资本总量为KA、 劳动总量为LA，相对量为KA/LA。 K （资本的数量） 在EB点：B国拥有资本总量为KB、 K EB B 劳动总量为LB，相对量为KB/LB。 由于假设有KB/LB > KA/LA； KA EA 所以图示中OEB斜率大于OEA斜率 OEB斜率与OEA斜率值分别为A、B 两国的要素禀赋状况。 O
LB
LA L（劳动的数量）
要素禀赋
另一种方法是价格定义法，在A、B两个国家中资本要素价格为r， 劳动要素价格为w，如果两国的工资利率比分别为rA/wA和 rB/ wB，而且有rA/wA> rB/ wB，就可以认为相对A国而言，B国是资 本丰裕型国家，相对于B国而言，A国为劳动丰裕型国家。 物理量定义法是一种相对的数量关系，仅仅从生产要素供给角 度而言。而价格定义法则受要素市场供求的影响。对生产要素 的需求主要有两个影响因素：一是生产技术的变化会使生产一 个单位的商品所需要的生产要素量发生变化；二是消费偏好变 化会使消费商品数量改变，从而使生产商品所需要的生产要素 量发生变化。如果假定两国的生产技术和消费偏好相同，那么 要素禀赋的两种计量方法的关系就是明确的。比如B国K/L大于A 国K/L，则必定有B国的r/w小于A国的r/w，即B国无论从哪种方 法计量都是资本丰裕型国家。如果两国生产技术或消费偏好不 同，运用不同定义得出的国家的丰裕情形将不一致。
贸易理论 要素禀赋理论 HO理论ppt课件
三、H—O—S定理
H—O—S定理：国际贸易引起的商品流 动实际上可以代替生产要素的流动，最 终导致各国同质要素价格达到均等化。
均等化的假设：
两国生产两种相同的产品。 两国的生产技术水平相同。 贸易使两国商品价格相等。
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思 考（1）
过去20年中，与发展中国家的国际贸易 加大了美国工资的不平等，由此美国政府应 限制贸易吗？如果不是，又该如何解决呢？
TC=750000000+5000Q,AC=750000000/Q+ 5000, 两国销量：SA=90万,SB=160万 则有： nQ=90万； P= MR+1 / nb； AC=750000000/Q+ c MR=MC,AR(P)=Ac,
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本国市场的均衡： 有n=6，P=10000，Q=15万即为均衡点。
注意；这也是一个相对概念。一种商品的 密集度与其投入要素的绝对量无关，只与相对 量有关。
7
思考
在土地便宜的美国，用来养牛的人均土地要高 于用于种植小麦的人均土地，但是在那些比较 拥挤的国家里，土地昂贵而劳动力便宜，人们 用于养牛的人均土地通常比美国用于种植小麦 的人均土地更少。我们是否仍然可以说，与种 植小麦相比，养牛业是土地密集型？为什么是 或不是？
(H—O—S和S—S定理)
一、商品价格和要素价格 二、斯托珀-萨缪尔森定理
（The Stolper-Samuelson Theorem） 三、H—O—S定理
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一、商品价格和要素价格
1、要素价格的确定：在完全竞争条件下，生产要素在每一 部门的报酬等于其边际产品价值，即等于其边际产出与商 品价格的乘积。
1
4.1 赫克歇尔—俄林理论
( H—O定理)
国贸贸易毕业论文比较优势理论在中国对外贸易中的应用
摘要比较优势理论自产生之日起，就一直受到学术界的普遍关注，将其视为国际贸易理论的基础。
但这一理论的应用却并非一帆风顺。
对于中国这样一个比较优势相当明显的发展中国家，如何充分利用好我国对外贸易的比较优势成为国内学者的研究重点。
本文首先分析了比较优势理论的内涵和发展，重点讲述了当代影响比较优势的几个要素。
并根据比较优势的内涵的发展，将这一理论分为比较成本理论、要素禀赋理论、当代比较优势理论三个阶段。
其次论述了当代中国对外贸易的现状。
最后论述了比较优势理论对中国对外贸易的借鉴意义。
以中国三类出口商品的显性比较优势变化趋势图为依据，分析了我国对外贸易中比较优势的变化，并对如何借鉴比较优势，提高我国的比较优势素质做出了一定的建议。
重视发展我国对外贸易的比较优势，能够加快我国外贸体制改革的进程和企业跨国经营战略的实施，最终推动中国对外贸易的发展。
关键词：对外贸易；比较优势；策略建议 Abstract Theory of comparative advantage gets the universal solicitude of academic circle fromits producing day，and it is regarded as the foundation of international trading theory. But theapplication of this theory is not plain sailing. For China such a developing country thatcomparative advantage is fairly obvious how to make good use of the comparativeadvantages became the focus of academic research. The first part analyzes the connotation and the developmentof the theory of comparativeadvantage and particularly narrates some essential factors which influence presentcomparative advantage. In accordance with comparative advantage of the connotation ofdevelopment this theory may be divided into 3 stages: the theory of comparative coststheory of factor endowments and the contemporary theory of comparative advantage. Thesecond part discusses on the contemporary Chinese foreign trade in the applicability of thestatus applicability. Finally discusses the reference of theory of comparative advantage ofChinas foreign trade. Based on Chinas exports to the three dominant trend map changes incomparative advantage we analyzed the comparative advantage of Chinas foreign trade inthe changes and how to use the comparative advantages to make some recommendations inorder to enhance the quality of Chinas comparative advantages. China attaches importance to developing foreign trade and comparative advantages tospeed up the process of reform of Chinas foreign trade enterprises and transnational businessstrategy of eventually promote the development of Chinas foreign trade.Key words: Foreign trade Theory of comparative advantage Strategy of foreign trade 目录摘要................................................................................IAbstract ...................... ......................................................... ......................................................... .................. II一、绪论....................................................... ......................................................... .............. 1二、比较优势理论综述....................................................... ................................................. 1（一）比较优势理论的核心....................................................... ......................................... 1（二）比较优势理论的发展....................................................... ......................................... 1（三）中国的比较优势论....................................................... ............................................. 3（四）显示性比较优势系数的含义....................................................... ............................. 3三、中国对外贸易的现............................................. 4（一）进出口规模迅速扩大....................................................... ......................................... 4（二）对外贸易依存度和出口依存度大大提高....................................................... ......... 4（三）工业制成品比重上升，初级产品比重下降....................................................... ..... 5（四）出口产品结构不断改善....................................................... ..................................... 6（五）高新技术产品出口比重提高.................................................. 错误！未定义书签。
国际贸易基本模型
禀赋理论中要素禀赋的差异很容易解释。
INTERNATIONAL TRADE
一、基本概念
在建立要素禀赋理论的基本模型之前，先引入几个 重要概念： • 要素禀赋 • 要素丰裕度 • 要素密集度
INTERNATIONAL TRADE
1.要素禀赋（factor endowments） 是指一国所拥有的并能用于生产的各种生 产要素的数量，这些经济资源包括自然资源
第三章 要素禀赋理论
INTERNATIONAL TRADE
内容提要
本章介绍新古典国际贸易理论的代表理论——要素 禀赋理论。要素禀赋理论又被称为H-O理论，是由瑞典 经济学家赫克歇尔（Heckscher）和俄林（Ohlin）提出 的。20世纪50年代初，美国经济学家里昂惕夫(Leontief) 对要素禀赋的理论提出了质疑，被后人称为“里昂惕夫 之谜”，并引发了人们对传统国际贸易理论的长期争论。 本章主要介绍要素禀赋理论的相关内容、“里昂惕夫之 谜”及其解释。
要素禀赋论是当代著名的瑞典经济学家赫克歇尔 和俄林提出的国际贸易理论。 赫克歇尔于1919年提出了要素禀赋论的基本论 点。俄林在 1933 年出版的《区际贸易和国际贸易》 一书中继承并发展了赫克歇尔的论点，创立了要素
禀赋理论,所以要素禀赋理论又被称为赫-俄理论,即
H-O理论。
INTERNATIONAL TRADE
结论：美英两国的两种商品价格比例不同是由两国生 产要素价格比例不同决定的。
INTERNATIONAL TRADE
（四）要素价格比例不同是由要素供给 比例不同决定的
各种生产要素在不同国家中的丰缺程度是很不相 同的。供给丰富的生产要素价格便宜，相反，供给稀 缺的生产要素价格就昂贵。
比如，澳大利亚地广人稀、资本较少，因此地租 较便宜而资本和劳动力的价格较贵。所以说要素价格 比例不同是由要素供给比例不同决定的。
第5章 H-O理论
Chapter 5：Factor Endowment and the Heckscher-Ohlin Theory（要素禀赋与赫克歇尔-俄林理论）From this chapter,we will learn:factor intensity, factor abundance(endowment)（要素密集度，要素丰裕度）Heckscher-Ohlin theorem（赫克歇尔-俄林定理）factor-price equalization (H-O-S) theorem要素价格均等（赫-俄-萨）定理the Leontief paradox and it’s explanations里昂惕夫之谜及其解释15.2 Assumptions of the Theory（理论的假设）1. two nations, two commodities （X and Y）, two factors（L and K）2. both nations use the same technology3. commodity X is labor intensive, Y is capital intensive4. constant returns to scale5. incomplete specialization6. taste are equal in both nations7. perfect competition in both commodities and factor markets8. perfect internal factor mobility, no international factor mobility9. no transportation costs, tariffs, or other obstructions10. resources are fully employed11. international trade is balanced35.3 factor intensity, factor abundance, and the shape of the production frontier （要素密集度、要素充裕度和生产可能性曲线的形状）45.3A factor intensityfactor intensity :the ratio of labor and capital used in the production of a commodity.要素密集度:指生产某种产品所投入的两种生产要素的比例。
第三章：要素禀赋理论
2006年版
The Heckscher-Ohlin Model
Factor Why trade? Endowment H-O Model
Chapter 3
（要素禀赋模型Factor Endowment Theory)
General effect
5. 6.
Full Employment, Perfect Competition，same consumer preference,no trade barriers.
2006年版
Chapter 3
1. 对于服装生产（CC）或粮食 生产（FF）本身而言，相对 工资率（w/r）越高，越有可 能用较便宜的土地替代劳动， 即土地－劳动比（T/L）越高。
“灰色清关” 惹的祸?
1.
Chapter 3
2.
前苏联解体后，俄罗斯 商品供应极为紧张，政 府不得不大量进口商品， 为鼓励进口，简化海关 手续，俄罗斯海关允许 清关公司为货主代办进 口业务。 但俄罗斯各类清关公司 为多赚钱，一般都少报、 瞒报货物数量，因此也 就拿不到合法的报关单。 一旦有关部门前来检查， 商人们就可能因无法提 供海关有效文件而导致 货物被查抄。
“西烧”事件的背 景
Chapter 3
2006年版
“温州鞋事件”的反思
•“温州鞋凭什么在世界市场上攻城略地（竞争优势）？ •“价廉物美” •成本低
Chapter 3
•廉价劳动力
•要素禀赋理论
引发反华情绪 •“价廉物美”成穿肠毒 药？ •“低档竞争”能走多远？
2006年版
招致非关税壁垒 •Presentation
2006年版“温州鞋”惹了？•2001年8月至2002年1月，温州东艺鞋业等中国鞋商 在俄罗斯遭查扣，损失约3亿元。 •2003年冬，20多家温州鞋企的鞋类产品在意大利罗 马被焚烧。损失不详。 •2004年1月，尼日利亚政府发布“禁止进口商品名 单”，造成温州鞋损失至少数千万元。
国际贸易英语第二章讲义
International Trade TheoriesChapter 2 Modern Trade Theories (1)In Chapter 2 and 3 we have discussed the benefits from trade. In this and the next two chapters, our discussion will be focused on providing the theoretical basis for international trade by introducing the most popular modern trade theories, such as the theories of mercantilism, absolute advantage and comparative advantage, the Heckscher-Ohlin theory of factor endowments, the Leontief paradox, the product life-cycle theory and the “Gravity” model of trade by Andrew Rose and some other new trade theories.Mercantilism(1) ConceptMercantilism can be defined in various ways but most popularly it is defined as a sort of economic doctrine seeking to secure a nation’s supremacy over other states by the accumulation of precious metal (silver and gold) and by exporting the largest possible quantity of products while importing as little as possible.(2) Historical backgroundThis doctrine or theory representing the first stage in the development of modern trade theory, arose during the period 1500-1800 in Europe (mainly in Britain and France) with the decline of feudalism and the rise of capitalism. The quick growth of capitalism called for accumulation of currency and expansion of market.(3) Major view points of mercantilists and criticism of mercantilismAccording to the mercantilists like Thomos Mun (157-1641), the central question was how a country could regulate its domestic and international affairs so as to promote its own interests. The solution lay in a strong foreign trade sector. If a nation could achieve a favorable trade balance (trade surplus or a surplus of exports over imports), it would make a lot of money in the form of gold and silver. Such revenues would contribute to increased spending and a rise in domestic output and employment.To achieve a trade surplus the mercantilists like Thomos Mun advocated governmental regulation of trade. Tariffs, quotas and other commercial policies (even monopolization) were proposed by mercantilists to minimize imports in order to protect a nation’s trade position. In 1630, Thomos Mun —the mercantilist English writer was quoted as saying: “The ordinary means therefore to increase our wealth and treasure is by foreign trade, wherein we must observe the rule: to sell more to strangers yearly than we consume of theirs in value.”By the 18th century, the economic policies of the mercantilists were under strong attack. For example, David Hume expressed his disagreement with mercantilists by saying that a favorable trade balance was possible only in the short run, for over time it would automatically be eliminated. Adam Smith also opposed the theory of mercantilism with the theory of free trade and international division of labor.(4) Is mercantilism dead?The answer is no. It is still living and working in developed countries.Some trade experts say Japan is a neo-mercantilist nation because its government, while publicly supporting free trade, simultaneously seeks to protect certain segments of its economy from more efficient foreign competition. This example shows the theory of mercantilism remain in practice today. But modern version of mercantilism differs from the original in that today the accumulation of convertible currency instead of gold and silver is often the goal of governments.Absolute AdvantageThe second modern theory explaining why nations trade is Adam Smith’s absolute advantage. This theory of absolute advantage also represents the first stage in the development of modern trade theories.(1) DefinitionWhen country A can produce a unit of a good with less labor than countryB we say that country A has an absolute advantage in producing that good.(2) Major views of this theoryAdam Smith (1723-1790), one of the most influential classical economists was a leading advocate of free trade on the grounds that it promoted the international division of labor. According to his theory of absolute advantage, nations could concentrate their production on goods they could make most cheaply, with all the consequent benefits of the division of labor.In further explaining his principle of absolute advantage he used some suppositions. “In a two-country two-product world”, he said, international trade and specialization will be beneficial when one country has an absolute cost advantage (that is, it can produce a good using fewer resources) in the production of one product, whereas the other country has about cost advantage in the other product. For nations to benefit from the international division of labor, each nation must have a kind of goods that it is absolutely more efficient in producing than its trading partner.Smith felt it was far better for a country to import goods that could be produced overseas more efficiently than to manufacture them itself. Countries would import goods in the production of which they had an absolute disadvantage against the exporting country. They would export goods in the production of which they had an absolute advantage over the importingcountry.More of his theory of absolute advantage can be found in his landmark book The wealth of Nations written in 1776 in which Adam Smith attacked the mercantilist assumption that trade was a zero-sum game. In Smith’s opinion each nation had some sort of absolute advantage in the production of certain goods. If it could specialize in the production of them and then exchange the goods with each other, every country would receive a benefit.(3) Illustration of the theory of absolute advantageSuppose there it’s a two-country, two-product world in which Ghana produces cocoa and South Korea rice. Assume that Ghana and South Korea both have 200 units of resources and that these resources can be used to produce either. Further imagine that in Ghana (due to its favorable climate, goods soil and ready access to world shipping routes) it takes 10 units of resources to produce one ton of cocoa and 20 units of resources to produce one ton of rice. Thus, Ghana could produce 20 tons of cocoa and no rice, 10 tons of rice and no cocoa, or some combination of rice and cocoa in between the two extremes.Similarly imagine that in South Korea it takes 40 units of resources to produce one ton of cocoa and 10 units of resources to produce one ton of rice. Thus, South Korea could produce 5 tons of cocoa and no rice, 20 tons of rice and no cocoa, or some combination between the two extremes. Clearly, Ghana has an absolute advantage in the production of cocoa and South Korea has an absolute advantage in the production of rice as shown in the following figure.So it is mutually beneficial for Ghana and South Korea to sell the product in the production of which they have absolute advantage.Comparative Advantage(1) DefinitionComparative advantage can be defined in the following two ways:a. According to the theory of comparative advantage, it makes sense for a country to specialize in the production of those goods it produces most efficiently and to buy the goods that it produces less efficiently from other countries, even if this means buying goods from other countries that it could produce more efficiently itself.b. A country has a comparative advantage in producing a good if the opportunity cost of producing that good in terms of other good is lower in that country than it is in other countries.(2) Chief points of viewIn explaining why nations trade, David Ricardo (1772-1823) developed the trade principle of comparative advantage. According to this principle, even if a nation has an absolute disadvantage in the production of both goods relative to its trading partner, a basis for mutually beneficial trade may still exist. The less efficient nation should specialize in and export the good in which it is comparatively less inefficient (where its absolute disadvantage is least). The more efficient nation should specialize in and export that good in which it is comparatively more efficient (where its absolute advantage is greatest). Absolute productive efficiency was thus not a crucial factor governing the basis for international trade, according to Ricardo. The Ricardian model or principle of comparative advantage is today the most famous and influential principle of economics.(3) Illustration of the principle of comparative advantageThe operation of comparative advantage principle can be shown by thefollowing figure:Assume that Ghana is more efficient in the production of both cocoa and rice, that Ghana has an absolute advantage in the production of both goods. And that in Ghana it takes 10 units of resources to produce one ton of cocoa and units of resources to produce one ton of rice. Thus, given its 200 units of resources, Ghana can produce 20 tons of cocoa and no rice, 15 tons of rice and no cocoa, or any combination between on its PPF.In South Korea it takes 40 units of resources to produce one ton of cocoa and 20 units of resources to produce one ton of rice. Thus, South Korea can produce 5 tons of cocoa and no rice, 10 tons of rice and no cocoa or any combination on its PPF.Again assume that without trade each country uses half of its resources to produce rice and half to produce cocoa. Thus, without trade, Ghana will produce 10 tons of cocoa and 7.5 tons of rice, while South Korea will produce 2.5 tons of cocoa and 5 tons of rice. In light of Ghana’s absolute advantage in the production of both cocoa and rice why should it trade with South Korea? The answer is: Although Ghana has an absolute advantage in the production of both goods, it has comparative advantage only in the production of cocoa. In other words Ghana can produce 4 times as much cocoa as South Korea, but only 1.5 times as much rice. Ghana is comparatively more efficient at producing cocoa than it is at producing rice. In such a case when Ghana specializes in the production of cocoa and sell it in exchange for South Korea’s rice which it is more efficient at producing, there is still mutually beneficial trade.(4) Comparison between the theory of absolute advantage and the theory of comparative advantageAfter comparison we’ll find Ricardo’s theory of comparative advantage is more advanced than Smith’s theory of absolute advantage. According to Smith’s view, the product exported by a country must be a good which the exporting country has absolute advantage to produce and the cost of producing it must be absolutely lower than the same good of another country. But David Ricardo took Adam Smith’s theory of absolute advantage one step further. In his opinion not necessarily every country has to produce all sorts of goods. What a nation should do is to concentrate its efforts and resources on producing those goods high can generate more advantage and bring about less disadvantages. Under such conditions international trade would result in international division of labor and specialization beneficial to all countries. In addition, Ricardo particularly stressed labor productivity and argued that differences in labor productivity between nations underlie the notion of comparative advantage.Despite the differences between the two theories they have something in common. Both Smith and Ricardo emphasized the supply side of the market and the fact that the immediate basis for trade stemmed from cost differences. Actually Ricardo’s theory of comparative advantage was developed on the basis of Smith’s theory of absolute advantage.New Words1.doctrine 学说，理论2. feudalism 封建主义3. to regulate （依法）管理4. interests 利益（单数interest表示“利息”）5. to advocate 拥护，提倡6. to observe 遵守7. segment 部门 8.version 说法，看法9. convertible 可兑换的 10. to underlie 构成（理论、政策等）的基础11. monopolization 垄断Useful Phrases and Idiomatic Expressions1. to provide a basis for 为……提供根据2. to secure supremacy over sb. 获得超过某人的霸权3. to call for 要求，需要4. to contribute to 对……起一分作用5. to be quoted as saying“……” 被引述时这样说道“……”6. to consume of sth. 消费某物7. under strong attack 受到强有力的打击8. to express disagreement with sb. 表示对某人的不同意9. in the short run 在短期内（＝in the short term）10. relative to 与……相比较11. in light of 按照，根据12. to take sth. One step further 比……高出一筹13. to concentrate sth. on sth. else 将某事集中于某事ExercisesI. Answer the following Questions:1. What is meant by the theory of absolute advantage?2. Can you give a good illustration of comparative advantage?3. Why is comparative-advantage theory more popular advantage?4. What is mercantilism? What are its main view points?5. In what way is the modern version of mercantilism different from the original one?6. What are the similarities and dissimilarities between the theory of absoluteadvantage and the theory of comparative advantage?II. Translate the following into English”1.李嘉图认为每个国家不一定要生产各种商品，而应集中力量生产那些利益较大或不利较小的商品然后通过国际贸易互相获益。
ch04 国际经济学课后答案与习题(萨尔瓦多)
*CHAPTER 4(Core Chapter)THE HECKSCHER-OHLIN AND OTHER TRADE THEORIESOUTLINE4.1 Introduction4.2 Factor Endowments and the Heckscher-Ohlin Theory4.3 The Formal Heckscher-Ohlin ModelCase Study 4-1 The Revealed Comparative Advantage of Various Countries and Regions4.4 Factor-Price Equalization and Income DistributionCase Study 4-2 Has International Trade Increased U.S. Wage Inequalities?4.5 Empirical Tests of the Heckscher-Ohlin Theory4.6 Economies of Scale and International TradeCase Study 4-3 The New International Economies of Scale4.7 Trade Based on Product DifferentiationCase Study 4-4 Growth of Intra-Industry Trade4.8 Technological Gap and Product Cycle ModelsCase Study 4-5: The United States as the Most Competitive Economy in the World4.9 Transportation Costs and International Trade4.10 Environmental Standards and International TradeAppendix The Specific-Factors Model and Intra-Industry Trade ModelsA4.1 The Specific-Factors ModelA4.2 A Model of Intra-Industry TradeKey TermsInternationalofscaleeconomies pricesRelativefactorproducts Heckscher–Ohlin (H–O) theory DifferentiatedtradeIntra-industryHeckscher–Ohlintheorem(H–O)Factor-proportions or factor-endowment theory Technological gap modelcyclemodelProductFactor–price equalization theoremcostsTransportationStolper-Samuelsontheoremmodel Nontraded goods and services Specific-factorsparadox Environmental standardsLeontiefMonopolisticcompetitionscalereturnsIncreasingtoLecture Guide1. This is one of the most important and difficult chapters in the book. It is also a long chapter andrequires four lectures to cover adequately.2. In the first lecture, I would cover sections 1-3. Section 3 is one of the most important sections inthe book because it presents the H-O model. I would proceed slowly and carefully in explaining Figure 4.1 and compare it to the standard trade model of Figure 3.4.3. In the second lecture, I would cover sections 4 and 5. Section 4 on the factor-price equalizationtheorem and income distribution is a difficult section. Case Study 4-2 should be of great interest to the students and give rise to a great deal of class discussion.4. In third lecture, I would cover sections sections 6-7, paying a great deal of attention to section 7on trade in differentiated products.5. In fourth lecture, I would cover the rest of the chapter.Answers to Review Questions and Problems1. a. The Heckscher–Ohlin (H-0) theorem postulates that a nation will export those commodi- ties whose production requires the intensive use of the nation’s relatively abundant and cheap factor and import the commodities whose production requires the intensive useof the nation’s relatively scarce and expensive factor. In short, the relatively labor-richnation exports relatively labor-intensive commodities and imports the relativelycapital-intensive commodities.b. Heckscher and Ohlin identify the relative difference in factor endowments amongnations 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).2. See Figure 1 on the next page.3. a. The factor–price equalization theorem postulates that international trade will bring about the equalization of the returns to homogeneous or identical factors across nations.b. The Stopler-Samuelson theorem postulates that free international trade reduces the realincome of the nation’s relatively scarce factor and increases the real income of the nation’s relatively abundant factor.Fig 4.1Fig 4.2XXb. The specific-factors model postulates that the opening of trade (1) benefits the specific factorused in the production of the nation’s export commodity, (2) harms the specific factor used in the production of the nation’s import-competing industry, and (3) leads to an ambiguouseffect (i.e., it may benefit or harm) the mobile factor.c. Trade acts as a substitute for the international mobility of factors of production in itseffect on factor prices. With perfect mobility, labor would migrate from the low-wagenation to the high-wage nation until wages in the two nations are equalized. Similarly,capital would move from the low-interest to the high-interest nation until the rate ofinterest was equalized in the two nations.4. a. The Leontief paradox refers to the original Leontief’s finding that U.S. import substituteswere more K-intensive than U.S. exports. This was the opposite of what the H-O theorempostulated.b. The Leontief paradox was resolved by including human capital into the calculations andexcluding industries based on natural resources. Recent research using data on many sectors, for many countries, over many years, and considering that countries could specialize in aparticular subset or group of commodities that were best suited to their specific factorendowments, provides strong support for the H-O theorem.c. The Hecksher-Olhin theory remains the centerpiece of modern trade theory for explaininginternational trade today. To be sure, there are other forces (such as economies of scale,product differentiation, and technological differences across countries) that provide additional reasons and explanations for some international trade not explained by the basic H-O model.These other trade theories complement the basic H-O model in explaining the pattern ofinternational trade in the world today.5. International trade with developing economies, especially newly industrializing economies (NIEs), contributed in two ways to increased wage inequalities between skilled and unskilled workers in the United States during the past two decades. Directly, by reducing the demand for unskilledworkers as a result of increased U.S. imports of labor-intensive manufactures and, indirectly, byspeeding up the introduction of labor-saving innovations, which further reduced the U.S.demand for unskilled workers. International trade, however, was only a small cause of increased wage inequalities in the United States. The most important cause was technological change.6. a. Economies of scale refer to the production situation where output grows proportionatelymore than the increase in inputs or factors of production. For example, output may morethan double with a doubling of inputs.b. Even if two nations were identical in every respect, there is still a basis for mutually bene-ficial trade based on economies of scale. When each nation specializes in the production of one commodity, the combined total world output of both commodities will be greater thanthan without specialization when economies of scale are present. With trade, each nationthen shares in these gains.c. The new international economies of scale refers to the increase in productivity resultingfrom firms purchasing parts and components from nations where they are made cheaperand better, and by establishing production facilities abroad-26-7. a. Product differentiation refers to products that are similar, but not identical. Intra-industrytrade refers to trade in differentiated products, as opposed to inter-industry trade incompletely different products.b. Intra-industry trade arises in order to take advantage of important economies of scale inproduction. That is, with intra-industry trade each firm or plant in industrial countries canspecialize in the production of only one, or at most a few, varieties and styles of the sameproduct rather than many different varieties and styles of a product and achieve economies of scale.c. With few varieties and styles, more specialized and faster machinery can be developedfor a continuous operation and a longer production run. The nation then imports othervarieties and styles from other nations. Intra-industry trade benefits consumers because ofthe wider range of choices (i.e., the greater variety of differentiated products) available atthe lower prices made possible by economies of scale in production.8. a. According to the technological gap model, a firm exports a new product until imitators incountries take away its market. In the meantime, the innovating firm will have introduced a new product or process.b. The criticism of the technological gap model are that it does not explain the size of techno- logical gaps and does not explore the reason for technological gaps arising in the first place, or exactly how they are eliminated over time.c. The five stages of the product cycle model are: the introduction of the product, expansion of production for export, standardization and beginning of production abroad through imitation, foreign imitators underselling the nation in third markets, and foreigners underselling theinnovating firms in their home market as well.9. See Figure 2 on page 25.10. A nation with lower environmental standards can use the environment as a resource endow-ment or as a factor of production in attracting polluting firms from abroad and achieving acomparative advantage in the production of polluting goods and services. This can lead totrade disputes with nations with more stringent environmental standards.-27-Multiple-Choice Questions1. The H-O model extends the classical trade model by:a. explaining the basis for comparative advantageb. examining the effect of trade on factor prices*c. both a and bd. neither a nor b2. A nation is said to have a relative abundance of K if it has a:a. greater absolute amount of Kb. smaller absolute amount of Lc. higher L/K ratio*d. lower price of K in relation to the price of L3. A difference in relative commodity prices between nations can be based on a difference in:a. technologyb. factor endowmentsc. tastes*d. all of the above4. In the H-O model, international trade is based mostly on a difference in:a. technology*b. factor endowmentsc. economies of scaled. tastes5. According to the H-O theory, trade reduces international differences in:a. commodity pricesb. in factor prices*c. both commodity and factor pricesd. neither relative nor absolute factor prices6. According to the Stolper-Samuelson theorem, international trade leads toa. reduction in the real income of the nation’s relatively abundant factor*b. reduction in the real income of the nation’s relatively scarce factorc. increase in the real income of the nation’s relatively scarce factord. none of the above7. 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 nation’s export commodities or sectorsb. harms the immobile factors that are specific to the nation’s import-competing commoditiesc. has an ambiguous effect on the nation’s mobile factorsd. may benefit or harm the nation’s mobile factors8. Perfect international mobility of factors of productiona. leads to a reduction in international differences in the returns to homogenous factorsb. acts as a substitute for international trade in its effects on factor pricesc. operates on the supply of factors in affecting factor prices*d. all of the above9. The Leontief paradox refers to the empirical finding that U.S.*a. import substitutes were more K-intensive than exportsb. exports were more L-intensive than importsc. exports were more K-intensive than import substitutesd. all of the above10. From empirical studies, we conclude that the H-O theory:a. must be rejectedb. must be accepted without reservations*c. can generally be acceptedd. explains all international trade11. International trade can be based on economies of scale even if both nations have identical:a. factor endowmentsb. tastesc. technology*d. all of the above12. A great deal of international trade:a. is intra-industry tradeb. involves differentiated productsc. is based on monopolistic competition*d. all of the above13. Intra-industry trade takes place:a. because products are homogeneous*b. in order to take advantage of economies of scalec. because perfect competition is the prevalent form of market organizationd. all of the above14. Which of the following statements is true with regard to the product-cycle theory?a. it depends on differences in technological changes over time among countriesb. it depends on the opening and the closing of technological gaps among countriesc. it postulates that industrial countries export more advanced products to lessadvanced countries*d. all of the above15. Transport costs:a. increase the price in the importing countryb. reduces the price in the exporting countryc. falls less heavily on the nation with the more elastic demand and supply curves of the traded commodity*d. all of the above-30-ADDITIONAL ESSAYS AND PROBLEMS FOR PART ONE1. Assume that both the United States and Germany produce beef and computer chips with the following costs:United States Germany(dollars) (marks)Unit cost of beef (B) 2 8Unit cost of computer chips (C) 1 2(a) What is the opportunity cost of beef (B) and computer chips (C) in each country?(b) In which commodity does the United States have a comparative cost advantage?What about Germany?(c) What is the range for mutually beneficial trade between the United States and Germanyfor each computer chip traded?(b) How much would the United States and Germany gain if 1 unit of beef is exchangedfor 3 chips?Answ. (a) In the United States:the opportunity cost of one unit of beef is 2 chips;the opportunity cost of one chip is 1/2 unit of beef.In Germany:the opportunity cost of one unit of beef is 4 chips;the opportunity cost of one chip is 1/4 unit of beef.(b) The United States has a comparative cost advantage in beef with respect to Germany,while Germany has a comparative cost advantage in computer chips.(c) The range for mutually beneficial trade between the United States and Germany foreach unit of beef that the United States exports is2C < 1B < 4C(d) Both the United States and Germany would gain 1 chip for each unit of beef traded.2. Given: (1) two nations (1 and 2) which have the same technology but different factor costs conditions, and (3) no transportation costs, tariffs, or other obstructions to trade.Prove geometrically that mutually advantageous trade between the two nations is possible.Note: Your answer should show the autarky (no-trade) and free-trade points of production and consumption for each nation, the gains from trade of each nation, and express the equilibrium condition that should prevail when trade stops expanding.)Ans.: See the figure below.Fig 4.3Fig 4.4Nations 1 and 2 have different production possibilities curves and different community indifference maps. With these, they will usually end up with different relative commodity prices in autarky, thus making mutually beneficial trade possible.In the figure, Nation 1 produces and consumes at point A and Px/Py=P A in autarky, while Nation 2 produces and consumes at point A' and Px/Py=P A'. Since P A < P A', Nation 1 has a comparative advantage in X and Nation 2 in Y. Specialization in production proceeds until point B in Nation 1 and point B' in Nation 2, at which P B =P B' and the quantity supplied for export of each commodity exactly equals the quantity demanded for import.Thus, Nation 1 starts at point A in production and consumption in autarky, moves to point B in production, and by exchanging BC of X for CE of Y reaches point E in consumption. E > A since it involves more of both X and Y and lies on a higher community indifference curve.Nation 2 starts at A' in production and consumption in autarky, moves to point B' in production, and by exchanging B'C' of Y for C'E' of X reaches point E'in consumption (which exceeds A').At Px/Py=P B =P B', Nation 1 wants to export BC of X for CE of Y, while Nation 2 wants to export B'C' (=CE) of Y for C'E' (=BC) of X. Thus, P B =P B' is the equilibrium relative commodity price because it clears both (the X and Y) markets.3. (a) Identify the conditions that may give rise to trade between two nations. (b) What aresome of the assumptions on which the Heckscher-Ohlin theory is based? (c) What does this theory say about the pattern of trade and effect of trade on factor prices?Ans. (a) Trade can be based on a difference in factor endowments, technology, or tastesbetween two nations. A difference either in factor endowments or technology results in a different production possibilities frontier for each nation, which, unlessneutralized by a difference in tastes, leads to a difference in relative commodity price and mutually beneficial trade. If two nations face increasing costs and have identical production possibilities frontiers but different tastes, there will also be a differencein relative commodity prices and the basis for mutually beneficial trade between the two nations. The difference in relative commodity prices is then translated into adifference in absolute commodity prices between the two nations, which is the immediate cause of trade.(b) The Heckscher-Ohlin theory (sometimes referred to as the modern theory – asopposed to the classical theory - of international trade) assumes that nations have the same tastes, use the same technology, face constant returns to scale (i.e., a givenpercentage increase in all inputs increases output by the same percentage) but differ widely in factor endowments. It also says that in the face of identical tastes or demand conditions, this difference in factor endowments will result in a difference in relative factor prices between nations, which in turn leads to a difference in relativecommodity prices and trade. Thus, in the Heckscher-Ohlin theory, the internationaldifference in supply conditions alone determines the pattern of trade. To be noted is that the two nations need not be identical in other respects in order for internationaltrade to be based primarily on the difference in their factor endowments.(c) The Heckscher-Ohlin theorem postulates that each nation will export the commodityintensive in its relatively abundant and cheap factor and import the commodityintensive in its relatively scarce and expensive factor. As an important corollary, itadds that under highly restrictive assumptions, trade will completely eliminate thepretrade relative and absolute differences in the price of homogeneous factors amongnations. Under less restrictive and more usual conditions, however, trade will reduce, but not eliminate, the pretrade differences in relative and absolute factor prices among nations. In any event, the Heckscher-Ohlin theory does say something very useful onhow trade affects factor prices and the distribution of income in each nation. Classical economists were practically silent on this point.-33-4. Suppose that tastes change in Nation 1 (the L-abundant and L-cheap nation) so that consumers demand more of commodity X (the L-intensive commodity) and less of commodity Y (the K- intensive commodity). Suppose that Nation 1 is India, commodity X is textiles, and commodi- ty Y is food. Starting from the no-trade equilibrium position and using the Heckscher-Ohlinmodel, trace the effect of this change in tastes on India's (a) relative commodity prices anddemand for food and textiles, (b) production of both commodities and factor prices, and(c) comparative advantage and volume of trade. (d) Do you expect international trade to leadto the complete equalization of relative commodity and factor prices between India and theUnited States? Why?Ans. (a) The change in tastes can be visualized by a shift toward the textile axis in India'sindifference map in such a way that an indifference curve is tangent to the steepersegment of India's production frontier (because of increasing opportunity costs) after the increase in demand for textiles. This will cause the pretrade relative commodity price of textiles to rise in India.(b) The increase in the relative price of textiles will lead domestic producers in India toshift labor and capital from the production of food to the production of textiles. Since textiles are L-intensive in relation to food, the demand for labor and therefore the wage rate will rise in India. At the same time, as the demand for food falls, thedemand for and thus the price of capital will fall. With labor becoming relative more expensive, producers in India will substitute capital for labor in the production of both textiles and food.(c) Even with the rise in relative wages and in the relative price of textiles, India stillremains the L-abundant and low-wage nation with respect to a nation such as theUnited States. However, the pretrade difference in the relative price of textilesbetween India and the United States is now somewhat smaller than before the change in tastes in India. As a result the volume of trade required to equalize relativecommodity prices and hence factor prices is smaller than before. That is, India need now export a smaller quantity of textiles and import less food than before for therelative price of textiles in India and the United States to be equalized. Similarly, the gap between real wages and between India and the United States is now smaller and can be more quickly and easily closed (i.e., with a smaller volume of trade).(d) Since many of the assumptions required for the complete equalization of relativecommodity and factor prices do not hold in the real world, great differences can be expected and do in fact remain between real wages in India and the United States.Nevertheless, trade would tend to reduce these differences, and the H-O model does identify the forces that must be considered to analyze the effect of trade on thedifferences in the relative and absolute commodity and factor prices between Indiaand the United States.-34-5. (a) Explain why the Heckscher-Ohlin trade model needs to be extended. (b) Indicate in what important ways the Heckscher-Ohlin trade model can be extended. (c) Explain what ismeant by differentiated products and intra-industry trade.Ans. (a) The Heckscher-Ohlin trade model needs to be extended because, while generallycorrect, it fails to explain a significant portion of international trade, particularly the trade in manufactured products among industrial nations.(b) The international trade left unexplained by the basic Heckscher-Ohlin trade model canbe explained by (1) economies of scale, (2) intra-industry trade, and (3) trade based on imitation gaps and product differentiation.(c) Differentiated products refer to similar, but not identical, products (such as cars,typewriters, cigarettes, soaps, and so on) produced by the same industry or broadproduct group. Intra-industry trade refers to the international trade in differentiated products.-35-。
国际经济学英文版选择题
Multiple-Choice Questions Ch.2（已学，可参考）1.The Mercantilists did not advocate:a. free tradeb. stimulating the nation's exportsc. restricting the nations' importsd. the accumulation of gold by the nation2.According to Adam Smith, international trade was based on:a. absolute advantageb. comparative advantagec. both absolute and comparative advantaged. neither absolute nor comparative advantage3.What proportion of international trade is based on absolute advantage?a. Allb. mostc. somed. none4.The commodity in which the nation has the smallest absolute disadvantage isthe commodityof its:a. absolute disadvantageb. absolute advantagec. comparative disadvantaged. comparative advantage5.If in a two-nation (A and B), two-commodity (X and Y) world, it isestablished that nationA has a comparative advantage in commodity X, then nationB must have:a. an absolute advantage in commodity Yb. an absolute disadvantage in commodity Yc. a comparative disadvantage in commodity Yd. a comparative advantage in commodity Y6.If with one hour of labor time nation A can produce either 3X or 3Y whilenation B canproduce either 1X or 3Y (and labor is the only input):a. nation A has a comparative disadvantage in commodity Xb. nation B has a comparative disadvantage in commodity Yc. nation A has a comparative advantage in commodity Xd. nation A has a comparative advantage in neither commodity7. With reference to the statement in Question 6:a. Px/Py=1 in nation Ab. Px/Py=3 in nation Bc. Py/Px=1/3 in nation Bd. all of the above8. With reference to the statement in Question 6, if 3X is exchanged for 3Y:a. nation A gains 2Xb. nation B gains 6Yc. nation A gains 3Yd. nation B gains 3Y9.With reference to the statement of Question 6, the range of mutuallybeneficial tradebetween nation A and B is:a. 3Y < 3X < 5Yb. 5Y < 3X < 9Yc. 3Y < 3X < 9Yd. 1Y < 3X < 3Y10. If domestically 3X=3Y in nation A, while 1X=1Y domestically in nation B:a. there will be no trade between the two nationsb. the relative price of X is the same in both nationsc. the relative price of Y is the same in both nationsd. all of the above11. Ricardo explained the law of comparative advantage on the basis of:a. the labor theory of valueb. the opportunity cost theoryc. the law of diminishing returnsd. all of the above12. Which of the following statements is true?a. The combined demand for each commodity by the two nations is negatively slopedb. the combined supply for each commodity by the two nations is rising stepwisec.the equilibrium relative commodity price for each commodity with tradeis given by theintersection of the demand and supply of each commodity by the two nationsd. all of the above13. A difference in relative commodity prices between two nations can be based upon adifference in:a. factor endowmentsb. technologyc. tastesd. all of the above14. In the trade between a small and a large nation:a. the large nation is likely to receive all of the gains from tradeb. the small nation is likely to receive all of the gains from tradec. the gains from trade are likely to be equally sharedd. we cannot say15. The Ricardian trade model has been empiricallya. verifiedb. rejectedc. not testedd. tested but the results were inconclusiveMultiple-Choice Questions ch.5（已学，可参考）1. The H-O model extends the classical trade model by:a. explaining the basis for comparative advantageb. examining the effect of trade on factor pricesc. both a and bd. neither a nor b2. Which is not an assumption of the H-O modela. the same technology in both nationsb. constant returns to scalec. complete specializationd. equal tastes in both nations3. With equal technology nations will have equal K/L in production if:a. factor prices are the sameb. tastes are the samec. production functions are the samed. all of the above4. We say that commodity Y is K-intensive with respect to X when:a. more K is used in the production of Y than Xb. less L is used in the production of Y than Xc. a lower L/K ratio is used in the production of Y than Xd. a higher K/L is used in the production of X than Y5. When w/r falls, L/Ka. falls in the production of both commoditiesb. rises in the production of both commoditiesc. can rise or falld. is not affected6. A nation is said to have a relative abundance of K if it has a:a. greater absolute amount of Kb. smaller absolute amount of Lc. higher L/K ratiod. lower r/w7. A difference in relative commodity prices between nations can be based ona difference in:a. technologyb. factor endowmentsc. tastesd. all of the above8. In the H-O model, international trade is based mostly on a difference in:a. technologyb. factor endowmentsc. economies of scaled. tastes9. According to the H-O-S model, trade reduces international differences in:a. relative but not absolute factor pricesb. absolute but not relative factor pricesc. both relative and absolute factor pricesd. neither relative nor absolute factor prices10. According to the H-O-S model, international trade will:a. reduce international differences in per capita incomesb. increases international differences in per capita incomesc. may increase or reduce international differences in per capita incomesd. lead to complete specialization11. The H-O model is a general equilibrium model because it deals with:a. production in both nationsb. consumption in both nationsc. trade between the two nationsd. all of the above12. The H-O model is a simplification of the a truly general equilibrium modelbecause it deals with:a. two nationsb. two commoditiesc. two factors of productiond. all of the above13. The Leontief paradox refers to the empirical finding that U.S.a. import substitutes are more K-intensive than exportsb. imports are more K-intensive than exportsc. exports are more L-intensive than importsd. exports are more K-intensive than import substitutes14. From empirical studies, we conclude that the H-O theory:a. must be rejectedb. must be accepted without reservationsc. can be accepted while awaiting further testingd. explains all international trade15. For factor reversal to occur, two commodities must be produced with:a. sufficiently different elasticity of substitution of factorsb. the same K/L ratioc. technologically-fixed factor proportionsd. equal elasticity of substitution of factorsMultiple-Choice Questions Ch. 6: （已学，可参考）1. Relaxing the assumptions on which the Heckscher-Ohlin theory rests:a. leads to rejection of the theoryb. leaves the theory unaffectedc. requires complementary trade theoriesd. any of the above.1.Which of the following assumptions of the Heckscher-Ohlin theory, whenrelaxed, leavethe theory unaffected?a. Two nations, two commodities, and two factorsb. both nations use the same technologyc. the same commodity is L-intensive in both nationsd. all of the above2.Which of the following assumptions of the Heckscher-Ohlin theory, whenrelaxed,require new trade theories?a. Economies of scaleb. incomplete specializationc. similar tastes in both nationsd. the existence of transportation costs3.International trade can be based on economies of scale even if both nationshave identical:a. factor endowmentsc. technologyd. all of the above5. A great deal of international trade:a. is intra-industry tradeb. involves differentiated productsc. is based on monopolistic competitiond. all of the above6. The Heckscher-Ohlin and new trade theories explains most of the trade:a. among industrial countriesb. between developed and developing countriesc. in industrial goodsd. all of the above4.The theory that a nation exports those products for which a large domesticmarket existswas advanced by:a. Linderb. Vernonc. Leontiefd. Ohlin8. Intra-industry trade takes place:a. because products are homogeneousb. in order to take advantage of economies of scalec. because perfect competition is the prevalent form of market organizationd. all of the above1.If a nation exports twice as much of a differentiated product that it imports,its intra-industry (T) index is equal to:a. 1.00b. 0.75d. 0.2510. Trade based on technological gaps is closely related to:a. the H-O theoryb. the product-cycle theoryc. Linder's theoryd. all of the above11. Which of the following statements is true with regard to the product-cycle theory?a. It depends on differences in technological changes over time among countriesb. it depends on the opening and the closing of technological gaps among countriesc. it postulates that industrial countries export more advanced products to lessadvanced countriesd. all of the above12. Transport costs:a. increase the price in the importing countryb. reduces the price in the exporting countryc. both of the aboved. neither a nor b.13. Transport costs can be analyzed:a. with demand and supply curvesb. production frontiersc. offer curvesd. all of the above14. The share of transport costs will fall less heavily on the nation:a. with the more elastic demand and supply of the traded commodityb. with the less elastic demand and supply of the traded commodityc. exporting agricultural productsd. with the largest domestic market15. A footloose industry is one in which the product:a. gains weight in processingb. loses weight in processingc. both of the aboved. neither a nor b.Multiple-Choice Questions Ch. 7（已学，可参考）1. Dynamic factors in trade theory refer to changes in:a. factor endowmentsb. technologyc. tastesd. all of the above2. Doubling the amount of L and K under constant returns to scale:a. doubles the output of the L-intensive commodityb. doubles the output of the K-intensive commodityc. leaves the shape of the production frontier unchangedd. all of the above.3. Doubling only the amount of L available under constant returns to scale:a. less than doubles the output of the L-intensive commodityb. more than doubles the output of the L-intensive commodityc. doubles the output of the K-intensive commodityd. leaves the output of the K-intensive commodity unchanged4. The Rybczynski theorem postulates that doubling L at constant relative commodity prices:a. doubles the output of the L-intensive commodityb. reduces the output of the K-intensive commodityc. increases the output of both commoditiesd. any of the above5. Doubling L is likely to:a. increases the relative price of the L-intensive commodityb. reduces the relative price of the K-intensive commodityc. reduces the relative price of the L-intensive commodityd. any of the above6. Technical progress that increases the productivity of L proportionately more than theproductivity of K is called:a. capital savingb. labor savingc. neutrald. any of the above7. A 50 percent productivity increase in the production of commodity Y:a. increases the output of commodity Y by 50 percentb. does not affect the output of Xc. shifts the production frontier in the Y direction onlyd. any of the above8. Doubling L with trade in a small L-abundant nation:a. reduces the nation's social welfareb. reduces the nation's terms of tradec. reduces the volume of traded. all of the above9. Doubling L with trade in a large L-abundant nation:a. reduces the nation's social welfareb. reduces the nation's terms of tradec. increases the volume of traded. all of the above10. If, at unchanged terms of trade, a nation wants to trade more after growth, then thenation's terms of trade can be expected to:a. deteriorateb. improvec. remain unchangedd. any of the above11. A proportionately greater increase in the nation's supply of labor than of capital is likelyto result in a deterioration in the nation's terms of trade if the nation exports:a. the K-intensive commodityb. the L-intensive commodityc. either commodityd. both commodities12. Technical progress in the nation's export commodity:a. may reduce the nation's welfareb. will reduce the nation's welfarec. will increase the nation's welfared. leaves the nation's welfare unchanged13. Doubling K with trade in a large L-abundant nation:a. increases the nation's welfareb. improves the nation's terms of tradec. reduces the volume of traded. all of the above14. An increase in tastes for the import commodity in both nations:a. reduces the volume of tradeb. increases the volume of tradec. leaves the volume of trade unchangedd. any of the above15. An increase in tastes of the import commodity of Nation A:a. will reduce the terms of trade of Nation Ab. will increase the terms of trade of Nation Ad. any of the aboveMultiple-choice Questions Ch.8（已学，可参考）1. Which of the following statements is incorrect?a.An ad valorem tariff is expressed as a percentage of the value of thetradedcommodityb. a specific tariff is expressed as a fixed sum of the value of the traded commodity.c. export tariffs are prohibited by the U.S. Constitutiond. The U.S. uses exclusively the specific tariff2. A small nation is one:a. which does not affect world price by its tradingb. which faces an infinitely elastic world supply curve for its import commodityb.whose consumers will pay a price that exceeds the world price by theamount of thetariffd. all of the above3. If a small nation increases the tariff on its import commodity, its:a. consumption of the commodity increasesb. production of the commodity decreasesc. imports of the commodity increased. none of the above4.The increase in producer surplus when a small nation imposes a tariff ismeasured by thearea:a. to the left of the supply curve between the commodity price with and without thetariffb. under the supply curve between the quantity produced with andc. under the demand curve between the commodity price with and without the tariffd. none of the above.5. If a small nation increases the tariff on its import commodity:a. the rent of domestic producers of the commodity increasesb. the protection cost of the tariff decreasesc. the deadweight loss decreasesd. all of the above6. Which of the following statements is incorrect with respect to the rate of effectiveprotection?a. for given values of ai and ti, g is larger the greater is tb. for a given value of t and ti, g is larger the greater is a ic. g exceeds, is equal to or is smaller than t, as t i is smaller than, is equalto or islarger than td. when a i t i exceeds t, the rate of effective protection is positive7. With a i=50%, t i=0, and t=20%, g is:a. 40%b. 20%c. 80%d. 08. The imposition of an import tariff by a small nation:a. increases the relative price of the import commodity for domestic producers andconsumersb.reduces the relative price of the import commodity for domesticproducers andconsumersc. increases the relative price of the import commodity for the nation as a wholed. any of the above is possible9. The imposition of an import tariff by a small nation:a. increases the nation's welfareb. reduces the nation's welfarec. leaves the nation's welfare unchangedd. any of the above is possible10. According to the Stolper-Samuelson theorem, the imposition of a tariff by a nation:a. increases the real return of the nation's abundant factorb. increases the real return of the nation's scarce factorc. reduces the real return of the nation's scarce factord. any of the above is possible11. The imposition of an import tariff by a nation results in:a. an increase in relative price of the nation's import commodityb. an increase in the nation's production of its importable commodityc. reduces the real return of the nation's abundant factord. all of the above12. The imposition of an import tariff by a nation can be represented by a rotation of the:a. nation's offer curve away from the axis measuring the commodity of its comparativeadvantageb.the nation's offer curve toward the axis measuring the commodity of itscomparativeadvantagec.the other nation's offer curve toward the axis measuring the commodityof itscomparative advantaged.the other nation's offer curve away from the axis measuring thecommodity of itscomparative advantage13. The imposition of an import tariff by a large nation:a. increases the nation's terms of tradec. may increase or reduce the nation's welfared. all of the above14. The imposition of an optimum tariff by a large nation:a. improves its terms of tradeb. reduces the volume of tradec. increases the nation's welfared. all of the above15. The optimum tariff for a small nation is:a. 100%b. 50%c. 0d. depends on elasticitiesMultiple-choice Questions for Ch. 13（已学，可参考）1. Which of the following is false?a. A credit transaction leads to a payment from foreignersb. A debit transaction leads to a payment to foreignersc. A credit transaction is entered with a negative signd. Double-entry bookkeeping refers to each transaction entered twice.2. Which of the following is a debit?a. The export of goodsb. The export of servicesc. Unilateral transfers given to foreignersd. Capital inflows3. Capital inflows:a. refer to an increase in foreign assets in the nationb. refer to a reduction in the nation's assets abroadc. lead to a payment from foreignersd. all of the above4. When a U.S. firm imports goods to be paid in three months the U.S. credits:a. the current accountb. unilateral transfersc. capitald. official reserves5.The receipt of an interest payment on a loan made by a U.S. commercialbank to a foreignresident is entered in the U.S. balance of payments as a:a. credit in the capital accountb. credit in the current accountc. credit in official reservesd. debit in unilateral transfers6. The payment of a dividend by an American company to a foreign stockholder represents:a. a debit in the U.S. capital accountb. a credit in the U.S. capital accountc. a credit in the U.S. official reserve accountd. a debit in the U.S. current account7 .When a U.S. firm imports a good from England a pays for it by drawing on its poundsterling balances in a London Bank, the U.S. debits its current account and credits its:a. official reserve accountb. unilateral transfers accountc. services in its current accountd. capital account8. When the U.S. ships food aid to a developing nation, the U.S. debits:a. unilateral transfersb. servicesc. capitald. official reserves9. When the resident of a foreign nation (1) sells a U.S. stock and (2) deposits the proceeds ina U.S. bank, the U.S.:a. credits capital for (1) and debits capital for (2)b. credits the current account and debits capitalc. debits capital and credits official reservesd. debits capital for (1) and credits capital for (2)-126-1.When a U.S. resident (1) purchases a foreign treasury bill and pays by (2)drawing down hisbank balances abroad:a. debits short-term capital and credits official reservesb. debits capital for (1) and credits capital for (2)c. debits official reserves and credits capitald. credits short-term capital and debits official reserves11. From the U.S. point of view, drawing on (reducing) foreign bank balances in a New Yorkbank represents a:a. capital inflowb. capital outflowc. outflow of official reservesd. debit in the current account11. Which is not an official reserve asset of the U.S.?a. U.S. holdings of Special Drawing Rightsb. The U.S. reserve position in the International Monetary Fundc. Foreign official holdings of U.S. dollarsd. Official holdings of foreign currencies by U.S. monetary authorities13. The capital account of the U.S. includes:a. the change in U.S. assets abroad and foreign assets in the U.S.b. the change in U.S. assets abroad and foreign assets in the U.S., other than officialreserve assetsc. all financial assetsd. all but current account transactions14. Accommodating items are:b. the items below the linec. needed to balance international transactionsd. all of the above15. Which of the following is false?a. a net debit balance in the current and capital accounts measures the surplus in thenation's balance of paymentsb. a balance of payments deficit must be settled by a net credit in the official reserveaccountb.a deficit in the balance of payments can be measured by the excess ofcredits overdebits in the official reserve accountd. a net debit balance in the official reserve account refers to a surplus。
国际贸易
9.The principle of comparative advantage can be explained in opportunity cost, which indicates the amount of one product that must be sacrificed in order to release enough resources to be able to produce one more unit of another product. The slope of the production possibilities curve (i.e., the marginal rate of transformation) indicates this rate of sacrifice.A nation facing a straight-line production possibilities curve produces under conditions of constant costs, while production under increasing costs refers to a bowed-out (i.e., concave) production possibilities curve.9。
比较优势原理可以解释说明的机会成本，一种产品要牺牲为了释放足够的资源能够生产更多的单位另一种产品的数量。
的生产可能性曲线的斜率（即，边际转换率）表明该速率的牺牲。
一个国家面临一个直线生产可能性曲线生产成本不变的条件下，当生产成本增加是指一个退出（即，凹）生产可能性曲线。
退出了9.The Heckscher-Ohlin theory emphasizes factor endowments as the basis for trade, while Ricardian theorystresses the role of labor productivity.9。
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4 Exchange Rate Determination
Chapter Objectives
Explain how exchange rate movements are measured. Explain how the equilibrium exchange rate is determined. Examine factors that determine the equilibrium exchange rate. Explain the movement in cross exchange rates.
Factors That Influence Exchange Rates
Relative Inflation: Increase in U.S. inflation leads to increase in U.S. demand for foreign goods, an increase in U.S. demand for foreign currency, and an increase in the exchange rate for the foreign currency. (See Exhibit 4.5) Relative Interest Rates: Increase in U.S. rates leads to increase in demand for U.S. deposits and a decrease in demand for foreign deposits, leading to a increase in demand for dollars and an increased exchange rate for the dollar. (See Exhibit 4.6)
Exhibit 4.3 Supply Sale
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Exchange Rate Equilibrium
The exchange rate represents the price of a currency, or the rate at which one currency can be exchanged for another. Demand for a currency increases when the value of the currency decreases, leading to a downward sloping demand schedule. (See Exhibit 4.2) Supply of a currency increases when the value of the currency increases, leading to an upward sloping supply schedule. (See Exhibit 4.3) Equilibrium equates the quantity of pounds demanded with the supply of pounds for sale. (See Exhibit 4.4) In liquid spot markets, exchange rates are not highly sensitive to large currency transactions.
Measuring Exchange Rate Movements
Depreciation: decline in a currency’s value Appreciation: increase in a currency’s value Comparing foreign currency spot rates over two points in time, S and St-1
Explain how financial institutions attempt to capitalize on anticipated exchange rate movements.
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Exhibit 4.1 How Exchange Rate Movements and Volatility Are Measured
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Percent ∆ in foreign currency value = S − S t −1 St −1
A positive percent change indicates that the currency has appreciated. A negative percent change indicates that it has depreciated.
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Factors That Influence Exchange Rates
The equilibrium exchange rate will change over time as supply and demand schedules change.
e = f (∆INF , ∆INT , ∆INC , ∆GC , ∆EXP) where e = percentage change in the spot rate ∆INF = change in the differential between U.S. inflation and the foreign country's inflation ∆INT = change in the differential between the U.S. interest rate and the foreign country's interest rate ∆INC = change in the differential between the U.S. income level and the foreign country's income level ∆GC = change in government controls ∆EXP = change in expectations of future exchange rates
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Exhibit 4.4 Equilibrium Exchange Rate Determination
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