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1、 ReviewQuestionsandProblemsforChapter3 a Increasingopportunitycostsarisebecauseresourcesorfactorsofproductionarenothomogeneous i e allunitsofthesamefactorarenotidenticalorofthesamequality andnotusedinthesamefixedproportionorintensityintheproductionofallcommodities Thismeansthatasthenationproducesmor
2、eofacommodity itmustutilizeresourcesthatbecomeprogressivelylessefficientorlesssuitedfortheproductionofthatcommodity Asaresult thenationmustgiveupmoreandmoreofthesecondcommoditytoreleasejustenoughresourcestoproduceeachadditionalunitofthefirstcommodity i e itfacesincreasingcosts b Intherealworld thepr
3、oductionfrontiersofdifferentnationswillusuallydifferbecauseofdifferencesinfactorendowmentsandtechnology AnswertoReviewQuestionsandProblems 2 a Seethefollowingfigure b TheslopeofthetransformationcurveincreasesasthenationproducesmoreofXanddecreasesasthenationproducesmoreofY Thesereflectincreasingoppor
4、tunitycostsasthenationproducesmoreofXorY AnswertoReviewQuestionsandProblems 3 a Seethefollowingfigure b Nation1hasacomparativeadvantageinXandNation2inY c Iftherelativecommoditypricelineinautarkyhasequalslopeinbothnations Thisisrare AnswertoReviewQuestionsandProblems 4 a SeefollowingFigure3 PointsBan
5、dB aretheproductionpointsinNations1and2 respectively withspecializationandtradeandEandE aretheconsumptionpoints AnswertoReviewQuestionsandProblems 5 a Theequilibrium relativecommoditypriceinisolationistherelativepricethatprevailsinthenationwithouttradeorinautarky b Theequilibrium relativecommoditypr
6、iceinisolationforthecommodityplottedalongthehorizontalaxisisgivenbythe absolute slopeofthetangentoftheproductionfrontierandthecommunityindifferencecurveatthepointofproductionandconsumptioninthenationinisolation c Thenationwiththelowerequilibriumrelativecommoditypriceinisolationorautarkyhasacomparati
7、veadvantageinthecommoditymeasuredalongthecommodityaxisandacomparativedisadvantageinthecommoditymeasuredalongtheverticalaxis AnswertoReviewQuestionsandProblems 6 SeeFigurefollowing AnswertoReviewQuestionsandProblems 7 a Thereasonforincompletespecializationunderincreasingcostsisthataseachnationspecial
8、izesintheproductionofthecommodityofitscomparativeadvantage therelativecommoditypriceineachnationmovestowardeachother i e becomelessunequal untiltheyareidenticalinbothnations Atthatpoint itdoesnotpayforeithernationtocontinuetoexpandtheproductionofthecommodityofitsinitialcomparativeadvantage Thisoccur
9、sbeforeeithernationhascompletelyspecializedinproduction b Underconstantcosts eachnationspecializescompletelyinproductionofthecommodityofitscomparativeadvantage i e producesonlythatcommodity Thereasonisthatsinceitpaysforthenationtoobtainsomeofthecommodityofitscomparativedisadvantagefromtheothernation
10、 thenitpaysforthenationtogetallofthecommodityofitscomparativedisadvantagefromtheothernation i e tospecializecompletelyintheproductionofthecommodityofitscomparativeadvantage AnswertoReviewQuestionsandProblems 8 SeeFigurefollowing Nations1and2haveidenticalproductionfrontiers shownbyasinglecurve butdif
11、ferenttastes indifferencecurves Inisolation Nation1producesandconsumesatpointAandNation2atpointA SincePA PA Nation1hasacomparativeadvantageinXandNation2inY AnswertoReviewQuestionsandProblems 9 a Ifthetermsoftradeofanationimprovedfrom100to110overagivenperiodoftime thetermsoftradeofthetradepartnerwoul
12、ddeterioratebyabout9percentoverthesameperiodoftime 100 110 110 0 09 0 9 b Adeteriorationinthetermsoftradeofthetradepartnercanbesaidtobeunfavorabletothetradepartnerbecausethetradepartnermustpayahigherpriceforitsimportsintermsofitsexports c Thisdoesnotnecessarilymeanthatthewelfareofthetradepartnerhasd
13、ecreasedbecausethedeteriorationinitstermsoftrademayhaveresultedfromanincreaseinproductivitythatissharedwiththeothernation AnswertoReviewQuestionsandProblems 10 ItistruethatMexico swagesaremuchlowerthanU S wages theyareaboutonefifthoftheaveragewageintheUnitedStates butlaborproductivityismuchhigherint
14、heUnitedStatesandsolaborcostsarenotnecessarilyhigherthaninMexico Inanyevent tradecanstillbebasedoncomparativeadvantage Multiple ChoiceQuestions 1 Aproductionfrontierthatisconcaveindicatesthatthenationincursincreasingopportunitycostsintheproductionof modityXmodityYonlyc bothcommoditiesd neithercommod
15、ity 2 Themarginalrateoftransformation MRT ofXforYrefersto a theamountofYthatanationmustgiveuptoproduceeachadditionalunitofXb theopportunitycostofXc theabsoluteslopeoftheproductionfrontieratthepointofproductiond alloftheabove AnswertoReviewQuestionsandProblems 3 Whichofthefollowingisnotareasonforincr
16、easingopportunitycosts a technologydiffersamongnationsb factorsofproductionarenothomogeneousc factorsofproductionarenotusedinthesamefixedproportionintheproductionofallcommoditiesd forthenationtoproducemoreofacommodity itmustuseresourcesthatarelessandlesssuitedintheproductionofthecommodity AnswertoReviewQuestionsandProblems 4 Communityindifferencecurves a arenegativelyslopedb areconvextotheoriginc shouldnotcrossd alloftheabove 5 WhichofthefollowingstatementsistruewithrespecttotheMRSofXforY a itis
