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1、International Economics, 8e (Krugman) Chapter 4Resources, Comparative Advantage, and Income Distribution,In the 2-factor, 2 good Heckscher-Ohlin model, an influx of workers from across the border would move the point of production along the production possibility curve. shift the production possibil
2、ity curve outward, and increase the production of both goods. shift the production possibility curve outward and decrease the production of the labor-intensive product. shift the production possibility curve outward and decrease the production of the capital-intensive product. None of the above. Ans
3、wer:D In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differ in tastes. military capabilities. size. relative availabilities of factors of production. labor productivities. Answer:D,1,The Heckscher-Ohlin model differs from the Ricardian model of Comparative Advantage in that the for
4、mer has only two countries. has only two products. has two factors of production. has two production possibility frontiers (one for each country). None of the above. Answer:C A good cannot be both land- and labor-intensive. Discuss.,Answer:,In a two good, two factor model, such as the original Hecks
5、cher-Ohlin framework, the factor intensities are relative intensities. Hence, the relevant statistic is either workers per acre (or acres per worker); or wage per rental unit (or rental per wage). In order to illustrate the logic of the statement above, let us assume that the production of a broom r
6、equires 4 workers and 1 acre. Also, let us assume that the production of one bushel of wheat requires 40 workers and 80 acres. In this case the acres per person required to produce a broom is one quarter, whereas to produce a bushel of wheat requires 2 acres per person. The wheat is therefore (relat
7、ively) land intensive, and the broom is (relatively) labor intensive.,5),No country is abundant in everything. Discuss.,Answer:,The concept of relative (country) factor abundance is (like factor intensities) a relative concept. When we identify a country as being capital intensive, we mean that it h
8、as more capital per worker than does the other country. If one country has more capital worker than another, it is an arithmetic impossibility that it also has more workers per unit capital.,6),Refer to above figure. Can you guess which group of producers in Country P might lobby against free trade?
9、 Answer:,In Country P, the owners of the relatively scarce factor of production are the owners of capital. Their relative and real incomes will decrease, and so they may well attempt to lobby for protectionism, which may prevent the country from moving to a free trade equilibrium. An Economy can pro
10、duce good 1 using labor and capital and good 2 using labor and land. The total supply of labor is 100 units. Given the supply of capital, the outputs of the two goods depends on labor input as follows:,7),2,Refer to the table above.,(a) (b),Graph the production functions for good 1 and good 2 Graph
11、the production possibility frontier. Why is it curved?,Answer:,The production possibility frontier is curved because of the diminishing returns associated with the expansion of output in the short run in each of the two industries.,8)In the 2-factor, 2 good Heckscher-Ohlin model, a change from autar
12、ky (no trade) to trade will benefit the owners of,3,capital. the relatively abundant factor of production. the relatively scarce factor of production. the relatively inelastic factor of production. the factor of production with the largest elasticity of substitution. Answer:B,Answer: 10),According t
13、o the Heckscher-Ohlin model, the source of comparative advantage is a countrys technology. advertising. human capital. factor endowments. Both A and B. D The Hechscher-Ohlin model states that a country will have a comparative advantage in the good or service whose production is relatively intensive
14、in the with which the country is relatively abundant. tastes technology factor of production opportunity cost scale economy Answer:C,According to the Hecksher-Ohlin model, everyone automatically gains from trade. the scarce factor necessarily gains from trade. the gainers could compensate the losers
15、 and still retain gains. a country gains if its exports have a high value added. None of the above. Answer:C,Assume that only two countries, A and B, exist.,Refer to the table above. If good S is capital intensive, then following the Heckscher-Ohlin Theory, country A will export good S. country B wi
16、ll export good S. both countries will export good S. trade will not occur between these two countries. Insufficient information is given. Answer:B In international-trade equilibrium in the Heckscher-Ohlin model, the capital rich country will charge less for the capital intensive good than the price paid by the capital poor country for the capital-intensive good. the capital rich country will charge the same price for the capital intensive good as that paid for it by the capital poor country.
