《国际贸易》芬斯特拉版人大版练习题答案03.pdfVIP

Gains and Losses from Trade in the Specific-Factors Model 3 1. Why is the speci?c-factors model referred to as a short-run model? Answer: It is a short-run model because land and capital are speci?c to a particular sector and only labor is mobile between the sectors. 2. Figure 3-7 presents wages in the manufacturing and services sectors for the period 1973 to 2009. Is the difference in wages across sectors consistent with either the Ricardian model studied in Chapter 2 or the speci?c-factors model? Explain why or why not. Answer: The difference in wages across the sectors implies that the theoretical assumption of equalized earnings between the different industries is a simpli?cation of the Ricardian and speci?c-factors models. 3. In the gains from trade diagram (Figure 3-3), suppose that instead of having a rise in the relative price of manufactures, there is a fall in that relative price. a. Starting at the autarky point A in Figure 3-3, show what would happen to production and consumption. Answer: U2 Output of agriculture, QA B A C U1 Output of manufacturing, QM S-19 S-20 Solutions ■ Chapter 3 Gains and Losses from Trade in the Specific-Factors Model As seen in the previous diagram, a fall in the relative price of manufactures is shown by the smaller slope (in absolute value) of the international price line. The country produces at point B, at which the international price line intersects its PPF. The higher relative price of agriculture attracts workers into that sector such that the output of agriculture increases and the output of manufactured goods decreases. Now the highest level of utility is achieved where the highest possible indifference curve intersects with the new price line (at C). The increase in utility signi?ed by the higher indifference curve is a measure of gains from trade. b. Which good is exported and which is imported? Answer: The decrease in the relative price of manufactures in the trade equilibrium (compared with autarky) also means that