曼昆经济学原理英文版文案加习题答案9章.docx
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曼昆经济学原理英文版文案加习题答案9章.docx
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曼昆经济学原理英文版文案加习题答案9章
9
APPLICATION:
INTERNATIONALTRADE
WHAT’SNEWINTHESEVENTHEDITION:
AnewIntheNewsfeatureon“ThreatstoFreeTrade”hasbeenadded.
LEARNINGOBJECTIVES:
Bytheendofthischapter,studentsshouldunderstand:
Øwhatdetermineswhetheracountryimportsorexportsagood.
Øwhowinsandwholosesfrominternationaltrade.
Øthatthegainstowinnersfrominternationaltradeexceedthelossestolosers.
Øthewelfareeffectsoftariffsandimportquotas.
Øtheargumentspeopleusetoadvocatetraderestrictions.
CONTEXTANDPURPOSE:
Chapter9isthirdinathree-chaptersequencedealingwithwelfareeconomics.Chapter7introducedwelfareeconomics:
thestudyofhowtheallocationofresourcesaffectseconomicwell-being.Chapter8appliedthelessonsofwelfareeconomicstotaxation.Chapter9appliesthetoolsofwelfareeconomicsfromChapter7tothestudyofinternationaltrade,atopicthatwasfirstintroducedinChapter3.
ThepurposeofChapter9istousewelfareeconomicstoaddressthegainsfromtrademorepreciselythaninChapter3,whichdiscussedcomparativeadvantageandthegainsfromtrade.Thischapterdevelopstheconditionsthatdeterminewhetheracountryimportsorexportsagoodanddiscusseswhowinsandwholoseswhenacountryimportsorexportsagood.Thischapterwillshowthatwhenfreetradeisallowed,thegainsofthewinnersexceedthelossesofthelosers.Becausetherearegainsfromtrade,restrictionsonfreetradereducethegainsfromtradeandcausedeadweightlossessimilartothosegeneratedbyatax.
KEYPOINTS:
∙Theeffectsoffreetradecanbedeterminedbycomparingthedomesticpricewithouttradetotheworldprice.Alowdomesticpriceindicatesthatthecountryhasacomparativeadvantageinproducingthegoodandthatthecountrywillbecomeanexporter.Ahighdomesticpriceindicatesthattherestoftheworldhasacomparativeadvantageinproducingthegoodandthatthecountrywillbecomeanimporter.
∙Whenacountryallowstradeandbecomesanexporterofagood,producersofthegoodarebetteroff,andconsumersofthegoodareworseoff.Whenacountryallowstradeandbecomesanimporterofagood,consumersarebetteroff,andproducersareworseoff.Inbothcases,thegainsfromtradeexceedthelosses.
∙Atariff—ataxonimports—movesamarketclosertotheequilibriumthatwouldexistwithouttradeand,therefore,reducesthegainsfromtrade.Althoughdomesticproducersarebetteroffandthegovernmentraisesrevenue,thelossestoconsumersexceedthesegains.
∙Therearevariousargumentsforrestrictingtrade:
protectingjobs,defendingnationalsecurity,helpinginfantindustries,preventingunfaircompetition,andrespondingtoforeigntraderestrictions.Althoughsomeoftheseargumentshavemeritinsomecases,economistsbelievethatfreetradeisusuallythebetterpolicy.
CHAPTEROUTLINE:
Thischaptermaybedifficulttoteachandverydifficultforstudentstounderstandandaccept.Bepreparedforaskepticalreactionfromstudentswhohavebeentoldthatfreeinternationaltradeisdetrimentaltoacountry.Forvarioushistorical,cultural,andpoliticalreasons,freetradehasfewdefendersoutsideoftheeconomicsprofession.
Pointoutthatinternationaltradeissuesarenodifferentfromtradingasitappliestoindividualswithinacommunityorbetweenstatesandregionswithinacountry.Thegainsfromtradebetweencountriesoccurforthesamereasonsthatweobservegainsfromtradebetweenindividuals.
Pickastateadjacenttoyours.Askstudentswhywedonotseemtoworryabout“importing”goodsfromotherstatesthesamewayinwhichweworryaboutimportinggoodsfromothercountries.
I.TheDeterminantsofTrade
A.Exampleusedthroughoutthechapter:
ThemarketfortextilesinacountrycalledIsoland.
B.TheEquilibriumwithoutTrade
1.Ifthereisnotrade,thedomesticpriceinthetextilemarketwillbalancesupplyanddemand.
Figure1
2.Anewleaderiselectedwhoisinterestedinpursuingtrade.Acommitteeofeconomistsisorganizedtodeterminethefollowing:
a.Ifthegovernmentallowstrade,whatwillhappentothepriceoftextilesandthequantityoftextilessoldinthedomesticmarket?
b.Whowillgainfromtrade,whowilllose,andwillthegainsexceedthelosses?
c.Shouldatariff(ataxonimportedtextiles)bepartofthenewtradepolicy?
C.TheWorldPriceandComparativeAdvantage
1.ThefirstissueistodecidewhetherIsolandshouldimportorexporttextiles.
a.TheanswerdependsontherelativepriceoftextilesinIsolandcomparedwiththepriceoftextilesinothercountries.
b.Definitionofworldprice:
thepriceofagoodthatprevailsintheworldmarketforthatgood.
2.Iftheworldpriceisgreaterthanthedomesticprice,Isolandshouldexporttextiles;iftheworldpriceislowerthanthedomesticprice,Isolandshouldimporttextiles.
a.NotethatthedomesticpricerepresentstheopportunitycostofproducingtextilesinIsoland,whiletheworldpricerepresentstheopportunitycostofproducingtextilesabroad.
b.Thus,ifthedomesticpriceislow,thisimpliesthattheopportunitycostofproducingtextilesinIsolandislow,suggestingthatIsolandhasacomparativeadvantageintheproductionoftextiles.Ifthedomesticpriceishigh,theoppositeistrue.
II.TheWinnersandLosersfromTrade
A.WecanusewelfareanalysistodeterminewhowillgainandwhowillloseiffreetradebeginsinIsoland.
B.Wewillassumethat,becauseIsolandwouldbesuchasmallpartofthemarketfortextiles,theywillbepricetakersintheworldeconomy.Thisimpliesthattheytaketheworldpriceasgivenandmustsell(orbuy)atthatprice.
C.TheGainsandLossesofanExportingCountry
1.Iftheworldpriceishigherthanthedomesticprice,Isolandwillexporttextiles.Oncefreetradebegins,thedomesticpricewillrisetotheworldprice.
2.Asthepriceoftextilesrises,thedomesticquantityoftextilesdemandedwillfallandthedomesticquantityoftextilessuppliedwillrise.Thus,withtrade,thedomesticquantitydemandedwillnotbeequaltothedomesticquantitysupplied.
Havestudentscometotheboardandlabeltheareasofconsumerandproducersurplusafteryouhavedrawneachofthefigures.ThisshouldnotbeaproblemastheyarelikelyfamiliarenoughwithconsumerandproducersurplusaftercompletingChapters7and8.
Figure2
3.WelfarewithoutTrade
a.Consumersurplusisequalto:
A+B.
b.Producersurplusisequalto:
C.
c.Totalsurplusisequalto:
A+B+C.
4.WelfarewithTrade
a.Consumersurplusisequalto:
A.
b.ProducerSurplusisequalto:
B+C+D.
c.Totalsurplusisequalto:
A+B+C+D.
5.ChangesinWelfare
a.Consumersurpluschangesby:
–B.
b.Producersurpluschangesby:
+B+D.
c.Totalsurpluschangesby:
+D.
6.Whenacountryexportsagood,domesticproducersofthegoodarebetteroffanddomesticconsumersofthegoodareworseoff.
7.Whenacountryexportsagood,totalsurplusisincreasedandtheeconomicwell-beingofthecountryrises.
D.TheGainsandLossesofanImportingCountry
1.Iftheworldpriceislowerthanthedomesticprice,Isolandwillimporttextiles.Oncefreetradebegins,thedomesticpricewillfalltotheworldprice.
2.Asthepriceoftextilesfalls,thedomesticquantityoftextilesdemandedwillriseandthedomesticquantityoftextilessuppliedwillfall.
a.Thus,withtrade,thedomesticquantitydemandedwillnotbeequaltothedomesticquantitysupplied.
b.Isolandwillimportthedifferencebetweenthedomesticquantitydemandedandthedomesticquantitysupplied.
Notethattherewillbebothimportedanddomesticallyproducedtextilessoldinthiscountry.Thisistrueformanyimportedgoods.
Figure3
3.WelfarewithoutTrade
a.Consumersurplusisequalto:
A.
b.Producersurplusisequalto:
B+C.
c.Totalsurplusisequalto:
A+B+C.
4.WelfarewithTrade
a.Consumersurplusisequalto:
A+B+D.
b.Producersurplusisequalto:
C.
c.Totalsurplusisequalto:
A+B+C+D.
5.ChangesinWelfare
a.Consumersurpluschangesby:
+B+D.
b.Producersurpluschangesby:
–B.
c.Totalsurpluschangesby:
+D.
6.Whenacountryimportsagood,domesticconsumersofthegoodarebetteroffanddomesticproducersofthegoodareworseoff.
7.Whenacountryimportsagood,totalsurplusisincreasedandtheeconomicwell-beingofthecountryrises.
Bepreparedforstudentstoarguethattradecannotbegoodforeveryone.Morethanlikelyatleastoneofyourstudentswillknowanindividualwholosthisorherjobwhenafactoryclosedandmovedtoanothercountry.Takethisopportunitytopointoutthatthisindividualisoneofthe“losers,”butremindtheclassthatthegainsfromtradeexceedthelosses,sothetotalwell-beingofsocietyisincreased.
Pointoutthatduringthe1990swithopentrading(forexample,thepassageofNAFTA),theU.S.economyachievedandmaintainedfullemploymentevenaslargequantitiesofimportedgoodsenteredtheUnitedStates.Mostofthejobsthat“leftthecountry”werelow-skill,low-wagejobs.
E.Tradepolicyisoftencontentiousbecausethepolicycreateswinnersandlosers.Ifthelosershavepoliticalclout,theresultisoftentraderestrictionssuchastariffsandquotas.
F.TheEffectsofaTariff
1.Definitionoftariff:
ataxongoodsproducedabroadandsolddomestically.
2.Atariffraisesthepriceabovetheworldprice.Thus,thedomesticpriceoftextileswillrisetotheworldpriceplusthetariff.
3.Asthepricerises,thedomesticquantityoftextilesdemandedwillfallandthedomesticquantityoftextilessuppliedwillrise.Thequantityofimportswillfalla
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