《西方经济学》习题答案答案9.docx
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《西方经济学》习题答案答案9
《西方经济学》习题答案—答案9
173SOLUTIONSTOTEXTPROBLEMS:
QuickQuizzes1.Sincewoolsuitsarecheaperinneighboringcountries,Autarkawouldimportsuitsifitweretoallowfreetrade.2.Figure1showsthesupplyanddemandforwoolsuitsinAutarka.Withnotrade,thepriceofsuitsis3ouncesofgold,consumersurplusisareaA,producersurplusisareaB+C,andtotalsurplusisareaA+B+C.Whentradeisallowed,thepricefallsto2ouncesofgold,consumersurplusrisestoA+B+D(anincreaseofB+D),producersurplusfallstoC(adeclineofB),sototalsurplusrisestoA+B+C+D(anincreaseofD).Atariffonsuitimportswouldreducetheincreaseinconsumersurplus,reducethedeclineinproducersurplus,andreducethegainintotalsurplus.Figure13.Lobbyistsforthetextileindustrymightmakefiveargumentsinfavorofabanontheimportofwoolsuits:
(1)importsofwoolsuitsdestroydomesticjobs;
(2)thewool-suitindustryisvitalfornationalsecurity;(3)thewool-suitindustryisjuststartingandneedsprotectionfromforeigncompetitionuntilitgetsstarted;(4)othercountriesareunfairlysubsidizingtheirwool-suitindustries;and(5)thebanonwoolsuitscanbeusedasabargainingchipininternationalnegotiations.Indefendingfreetradeinwoolsuits,youcouldarguethat:
(1)freetradecreatesjobsinsomeindustriesevenasitdestroysjobsinthewool-suitindustryandallowsAutarkatoenjoyahigherstandardofliving;
(2)theroleofwoolsuitsforthemilitaryisprobablyexaggerated;(3)governmentprotectionisnotneededforanindustrytogrowonitsown;(4)itwouldbegoodforAutarkatobuywoolsuitsatasubsidizedprice;and(5)threatsagainstfreetrademaybackfire,leadingtolowerlevelsoftradeandlowereconomicwelfareforeveryone.QuestionsforReview1.Ifthedomesticpricethatprevailswithoutinternationaltradeisabovetheworldprice,thecountrydoesnothaveacomparativeadvantageinproducingthegood.Ifthedomesticpriceisbelowtheworldprice,thecountryhasacomparativeadvantageinproducingthegood.2.Acountrywillexportagoodforwhichitsdomesticpriceislowerthantheprevailingworldprice.Thus,ifacountryhasacomparativeadvantageinproducingagood,itwillbecomeanexporterwhentradeisallowed.Acountrywillimportaproductforwhichitsdomesticpriceisgreaterthantheprevailingworldprice.Thus,ifacountrydoesnothaveacomparativeadvantageinproducingagood,itwillbecomeanimporterwhentradeisallowed.3.Figure2illustratessupplyanddemandforanimportingcountry.Beforetradeisallowed,consumersurplusisareaAandproducersurplusisareaB+C.Aftertradeisallowed,consumersurplusisareaA+B+DandproducersurplusisareaC.ThechangeintotalsurplusisanincreaseofareaD.Figure24.Atariffisataxongoodsproducedabroadandsolddomestically.Ifacountryisanimporterofagood,atariffreducesthequantityofimportsandmovesthedomesticmarketclosertoitsequilibriumwithouttrade,increasingthepriceofthegood,reducingconsumersurplusandtotalsurplus,whileraisingproducersurplusandgovernmentrevenue.5.Animportquotaisalimitonthequantityofagoodthatcanbeproducedabroadandsolddomestically.Itseconomiceffectsaresimilartothoseofatariff,inthatanimportquotareducesthequantityofimportsandmovesthedomesticmarketclosertoitsequilibriumwithouttrade,increasingthepriceofthegood,reducingconsumersurplusandtotalsurplus,whileraisingproducersurplus.However,atariffraisesrevenueforthegovernmentwhileanimportquotacreatessurplusforlicenseholders.6.Theargumentsgiventosupporttraderestrictionsare:
(1)tradedestroysjobs;
(2)industriesthreatenedwithcompetitionmaybevitalfornationalsecurity;(3)newindustriesneedtraderestrictionstohelpthemgetstarted;(4)somecountriesunfairlysubsidizetheirfirms,socompetitionisn’tfair;and(5)traderestrictionscanbeusefulbargainingchips.Economistsdisagreewiththesearguments:
(1)trademaydestroysomejobs,butitcreatesotherjobs;
(2)argumentsaboutnationalsecuritytendtobeexaggerated;(3)thegovernmentcannoteasilyidentifynewindustriesthatareworthprotecting;(4)ifcountriessubsidizetheirexports,doingsosimplybenefitsconsumersinimportingcountries;and(5)bargainingovertradeisariskybusiness,sinceitmaybackfire,makingthecountryworseoffwithouttrade.7.Aunilateralapproachtoachievingfreetradeoccurswhenacountryremovestraderestrictionsonitsown.Underamultilateralapproach,acountryreducesitstraderestrictionswhileothercountriesdothesame,basedonanagreementreachedthroughbargaining.TheunilateralapproachwastakenbyGreatBritaininthe1800sandbyChileandSouthKoreainrecentyears.ExampleofthemultilateralapproachincludeNAFTAin1993andtheGATTnegotiationssinceWorldWarII.ProblemsandApplications1.a.InFigure3,withnointernationaltradetheequilibriumpriceisP1andtheequilibriumquantityisQ1.ConsumersurplusisareaAandproducersurplusisareaB+C,sototalsurplusisA+B+C.Figure3b.WhentheU.S.orangemarketisopenedtotrade,thenewequilibriumpriceisPW,thequantityconsumedisQD,thequantityproduceddomesticallyisQS,andthequantityimportedisQDQS.ConsumersurplusincreasesfromAtoA+B+D+E.ProducersurplusdecreasesfromB+CtoC.TotalsurpluschangesfromA+B+CtoA+B+C+D+E,anincreaseofD+E.2.a.Figure4illustratestheU.S.marketforwine,wheretheworldpriceofwineisP1.ThefollowingtableillustratestheresultsundertheheadingP1.P1P2CHANGEConsumerSurplusA+B+D+EA+D(B+E)ProducerSurplusCB+C+BTotalSurplusA+B+C+D+EA+B+C+DEFigure4b.TheshiftintheGulfStreamdestroyssomeofthegrapeharvest,raisingtheworldpriceofwinetoP2.Thetableshowstheeffectsonconsumer,producer,andtotalsurplus,undertheheadingP2andthechangeinthesurplusmeasuresundertheheadingCHANGE.Consumerslose,producerswin,andtheUnitedStatesasawholeisworseoff.3.Figure5showsthemarketforcottonincountriesAandB.Notethattheworldpriceofcottonisthesameinbothcountries.CountryAimportscottonfromcountryB.Thetablebelowshowsthattotalsurplusishigherinbothcountries.However,incountryA,consumersarebetteroffandproducersareworseoff,whileincountryB,consumersareworseoffandproducersarebetteroff.Figure5COUNTRYABeforeTradeAfterTradeCHANGEConsumerSurplusCC+D+F+(D+F)ProducerSurplusD+EEDTotalSurplusC+D+EC+D+E+F+FCOUNTRYBBeforeTradeAfterTradeCHANGEConsumerSurplusG+HGHProducerSurplusIH+I+J+(H+J)TotalSurplusG+H+IG+H+I+J+J4.TheimpactofatariffonimportedautosisshowninFigure6.Withoutthetariff,thepriceofanautoisPW,thequantityproducedintheUnitedStatesisQ1S,andthequantitypurchasedintheUnitedStatesisQ1D.TheUnitedStatesimportsQ1DQ1Sautos.TheimpositionofthetariffraisesthepriceofautostoPW+t,causinganincreaseinquantitysuppliedbyU.S.producerstoQ2SandadeclineinthequantitydemandedtoQ2D,thusreducingthenumberofimportstoQ2DQ2S.Thetableshowstheimpactonconsumersurplus,producersurplus,governmentrevenue,andtotalsurplusbothbefore(OLD)andafter(NEW)theimpositionofthetariff,aswellasthechange(CHANGE).SinceconsumersurplusdeclinesbyC+D+E+FwhileproducersurplusrisesbyCandgovernmentrevenuerisesbyE,thedeadweightlossisD+F.ThelossofconsumersurplusintheamountC+D+E+Fissplitupasfollows:
Cgoestoproducers,Egoestothegovernment,andD+Fisdeadweightloss.Figure6BeforeTariffAfterTariffCHANGEConsumerSurplusA+B+C+D+E+FA+B(C+D+E+F)ProducerSurplusGC+G+CGovernmentRevenue0E+ETotalSurplusA+B+C+D+E+F+GA+B+C+E+G(D+F)5.a.TheworldwheatpricemustbebelowtheU.S.no-tradeprice,becausewheatfarmersopposeNAFTA.Theyopposeitbecausetheyknowthatwhentradeisallowed,theU.S.priceofwheatwilldeclinetotheworldprice,andtheirproducersurpluswillfall.TheworldcornpricemustbeabovetheU.S.no-tradeprice,sincecornfarmerssupportNAFTA.Theyknowthatwhentradeisallowed,theU.S.priceofcornwillrisetotheworldprice,andtheirproducersurpluswillrise.b.Consideringbothmarketstogether,NAFTAmakeswheatfarmersworseoffandcornfarmersbetteroff,soitisn’tclearwhetherfarmersasawholegainorlose.Similarly,consumersofwheatgain(sincethepriceofwheatwilldecline)andconsumersofcornlose(sincethepriceofcornwillrise),soconsumersasawholemayeithergainorlose.However,weknowthatthetotalgainsfromtradearepositive,sotheUnitedStatesasawholeisbetteroff.6.ThetaxonwinefromCaliforniaisjustlikeatariffimposedbyonecountryonimportsfromanother.Asaresult,WashingtonproducerswouldbebetteroffandWashingtonconsumerswouldbeworseoff.ThehigherpriceofwineinWashingtonmeansproducerswouldproducemorewine,sotheywouldhiremoreworkers.TaxrevenuewouldgotothegovernmentofWashington.Sobothclaimsaretrue,butitisabadpolicybecausethelossestoWashingtonconsumersexceedthegainstoproducers.7.SenatorHollingsiscorrectthatthepriceofclothingistheworldprice.Whentradeisallowed,thedomesticpriceofclothingisdriventotheworldprice.Thepriceislowerthanitwouldbeintheabsenceoftrade,soconsumersurplusishigherthanitwouldbewithouttradeandthismeansthatconsumersdobenefitfromlower-pricedimports.8.a.Insupportofthe
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