66.
Consider the no-trade input/output situation presented in the
following table and graph for countries A and B. Assuming that free trade is
legal; develop a scenario that will benefit the citizens of both countries.
.0/msohtmlclip1/01/clip_image002.gif”>
.0/msohtmlclip1/01/clip_image004.gif”>
A.
Country B should
make all the textiles and trade with Country A for food.
B.
Country A should
make nothing but textiles and trade with Country B for food.
C.
Country B should
make all the textiles and Country A should make all the food.
D.
Country B should
make nothing but textiles and trade with Country A for food.
67.
Countries A and B currently consume 400 units of food and 400
units of textiles each and currently do not trade with one another. The
citizens of country A have to give up one unit of food to gain two units of
textiles, while the citizens of country B have to give up one unit of
textiles to gain two units of food. Their production possibilities curves are
shown.
.0/msohtmlclip1/01/clip_image006.gif”>
Under
the theory of comparative advantage
A.
The citizens of
country A should make food and trade with the citizens of country B for
textiles.
B.
The citizens of
country A should make textiles and trade with the citizens of country B for
food.
C.
There are no gains
from trade in this example.
D.
A is twice as good
as B at making food and B is twice as good as A at making textiles.
68.
Counties A and B currently consume 400 units of food and 400
units of textiles each and currently do not trade with one another. The
citizens of country A have to give up one unit of food to gain two units of
textiles, while the citizens of country B have to give up one unit of
textiles to gain two units of food. Their production possibilities curves are
shown.
.0/msohtmlclip1/01/clip_image008.gif”>
Under
the theory of comparative advantage, if free trade is allowed, the market
clearing price (or exchange rate if you will) between food and textiles will
be
A.
one unit of food
for one unit of textiles.
B.
somewhere between
One unit of food for two units of textiles and two units of food for one
unit of textiles.
C.
one unit of food
for two units of textiles.
D.
two units of food
for one unit of textiles.
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