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1、99Acemoglu,Laibson,andList
2、MicroeconomicsChapter8TradeQuestions1.Considerthefiguregivenbelow.ThedarkerlineshowshowmanyunitsofgoodsAandBaworkerinTaiwancanproduceandthelighterlineshowsthenumberofunitsofgoodsAandBthataworkerinKoreacanproduce.Doesthisfigureindicatean
3、ythingabouteitherworkerhavingacomparativeorabsoluteadvantageineithergood?Answer:Fromthefigure,wecanseethat,comparedtoaworkerinTaiwan,aworkerinKoreaproducesmoreofbothgoodsAandB.ThismeansthattheKoreanworkerhasanabsoluteadvantageintheproductionofbothgoods.InKorea,th
4、eopportunitycostofGoodBis150/35=4.3;inTaiwantheopportunitycostofGoodBis100/15=6.7.ThereforeworkersinKoreahaveacomparativeadvantageintheproductionofGoodB.AsimilarcalculationshowsthattheTaiwaneseworkerhasacomparativeadvantageintheproductionofgoodA.2.Canacountryhave
5、comparativeadvantageinproducingallgoodsandservices?Howaboutabsoluteadvantageinproducingallgoodsandservices?Answer:Comparativeadvantageistheabilityofanindividual,firm,orcountrytoproduceacertaingoodataloweropportunitycostthanotherproducers.Sincetheopportunitycostso
6、ftwogoodsarereciprocalsofeachother,acountrycannothaveloweropportunitycostsinproducingallgoodsandservices.Therefore,itcannothavecomparativeadvantageinproducingallgoodsandservices.Absoluteadvantageistheabilityofanindividual,firm,orcountrytoproducemoreofacertaingood
7、thanothercompetingproducers,giventhesamenumberofresources.Sinceacountrycanproducemoreofallgoodsandservicesthanothercountries,itcanhaveabsoluteadvantageinproducingallgoodsandservices.3.Whatismeantbycompletespecialization?Howdoesitaffectthetotallevelofoutputproduce
8、dbybothtradingpartners?©2015PearsonEducation,Inc.99Acemoglu,Laibson,andList
9、MicroeconomicsAnswer:Completespecializationoccurswheneachindividual,firm,orcountryproducesonlywhatithascomparativeadvantageinandreliesontradefortheothergoodsandservicesitneeds.Thetotallev
10、elofoutputproducedbybothtradingpartnersincreaseswithcompletespecializationbecauseeachcountrycanproducewhatitismostefficientat.1.Whatdoesaproductionpossibilitie
