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1、Chapter14
2、MacroeconomicsandInternationalTrade195Chapter14MacroeconomicsandInternationalTradeQuestions1.Supposethatyoupaymoretohaveamealintheuniversitycafeteriathantocookforyourself.Asastudent,youstillchoosetoeatoutbeforetheexam.Explainyourchoiceintermsofabsolutecostandopport
3、unitycost.Answer:Intermsoftheabsolutecost,eatingoutishigherthandoingyourowncooking.However,eatingoutsavestimetofinishreadingbeforetheexamwhilecookingbyyourselfreducestimeleftforreading.Thus,theopportunitycostofdoingyourowncookingisgettingalowerexamgrade.Ifthisopportunitycost
4、isconsideredtobehigherthantheabsolutecostofamealinthecanteen,theoptimalchoiceistoeatout.A-head:WHYANDHOWWETRADEConcept:Absoluteadvantage,comparativeadvantage2.Isitpossibletohaveacountrythathasabsolutedisadvantageinbothgoods,butstilltradewithanothercountry?Explainyouranswer.A
5、nswer:Itispossibleforacountry,sayX,tohaveabsolutedisadvantageinbothgoods,buthavecomparativeadvantageinproducingoneoftwogoods,sincetradeisbasedoncomparativeadvantageratherthanabsoluteadvantage.RiceNoodlesX$300perkilogram$60perkilogramY$100perkilogram$50perkilogramAsshowninthe
6、tableabove,countryXhasabsolutedisadvantageinbothriceandnoodles.However,itsopportunitycostofproducing1kilogramofriceis5kilogramsofnoodles,andthatofproducing1kilogramofnoodlesis0.2kilogramofrice.ForcountryY,theopportunitycostofproducing1kilogramofriceis2kilogramsofnoodle,andth
7、atofproducing1kilogramofnoodlesis0.5kilogramsofrice.Comparingbothcountries’opportunitycostsofproduction,weseethatcountryXhascomparativeadvantageinproducingnoodleseventhoughithasabsolutedisadvantageinbothgoods.A-head:WHYANDHOWWETRADEConcept:Gainsfromtrade©2015PearsonEducation
8、,Inc.Chapter14
9、MacroeconomicsandInternationalTrade1953.Engagingintradeincreasesoveralleconomicefficiency.Doesthisalsoimplythateveryoneinaneconomygainsfromtradeequally?Answer:Althoughtradedoesgeneratesubstantialbenefitstobothtradingpartners,everyonedoesnotgainequallyfromit.Tr
10、adeproducessomewinnersandsomelosers.Forexample,internationaltrademaycausero
