第46页 1、2、3、4题
1、What were the mercantilists' views on trade? How were their views different from tho of Adam Smith ? What is the relevance of all this today ?重商主义的观点是什么？它们与亚当斯密观点的不同之处？与今天有什么关系？
Answer:
The mercantilists believed that a nation could gain in international trade only at expen of other nations. As a result ,they advocated restrictions on imports , incentives for exports , and strict government regulation of all economic activities .
The mercantilists believed that one nation could gain only at the expen of other nations and advocated strict government control of all economic activity and trade;Adam believed that all nations would gain from free trade and strongly advocated a policy of laisz-faire.
All of this is relevant today becau many of the arguments made in favor of restricting international trade to protect domestic jobs are very similar to the mercantilists arguments made three or four centuries ago. That is why we can say that”mercantilists is alive and well in the twenty-first century”.Thus we have to be prepared to answer and demonstrate that the arguments are basically wrong.
2、What was the basis for and the pattern of trade according to Adam Smith ? How were gains from trade generated ? What policies did Smith advocate in international trade ? What did he think was the proper function of government in the economic life of the nation ?
根据亚当斯密的理论，其贸易模式的基础和模式是什么？贸易所得是怎样产生的？亚当主张在国际贸易中推行怎样的政策？他认为政府在国家的经济运行中应当扮演怎样的角色？
Answer:
The basis for trade: Absolute advantage.if one nation is more efficient than another nati
on in the production of one commodity, the nation has absolute advantage in that commodity.
The gain of trade: Both nations can gain by each specializing in the production of the commodity of its absolute advantage and exporting part of its output to the other nation for the commodity of its absolute disadvantage.
Policy:Adam Smith believed that all nations would gain from free trade and strongly advocated free trade and a policy of laisz-faire,the policy of minimum government interference in or regulation of economic activity.
3、（1）In what way was Ricardo’s law of comparative advantage superior to Smith’s theory of absolute advantage?
Ricardo's law of comparative advantage is superior to Smith's theory of absolute advantage in that it showed that even if a nation is less efficient than or has an absolute disadvantage in the production of all commodities wit respect to the other nations,there is still a basis for beneficial trade for all nation.
（2）how do gains from trade ari with comparative advantage？
the gains from trade ari from the incread production of all commodities that aris when each country specializes in the production of and exports the commodities of its comparative advantage and imports the other commodities
（3）How can a nation that is less efficient than another nation in the production of all commodities export anything to the cond nation?
the first nation should specialize in the production of and export th commodity in which its absolute disadvantage is smaller and import the commodity in which ist absolute disadvantage is greater.
104页 1—8题
1、（1）H-O theorem: the part of the H-O theory that postulates that a nation will export the commodity intensive in its relatively abundant and cheap factor and import the commodity intensive in its relatively scarce and expensive factor.
(2)Which force does Heckscher and Ohlin identify as the basic determinant of comparative advantage and trade?
H-O identify the relative difference in factor endowments among nations as the basis determinant of comparative advantage and international trade.
(3)In what way does the H-O theory reprent an extension of the standard trade model prent in the previous chapter?
(a)By explaining the basis of comparative advantage (classical economists,such as Ricardo had assumed it )
(b)By examining the effect of international trade on the earnings of factors of production.(which classical economists had left unanswered)
2、104j页第二题？
3、
(4)What is the relationship to the international mobility of factors of production?
With perfect mobility,labor would migrate from the low-wage nation to the high-wage nation until wages in the two nations became equal.similarly,capital would move from the low-interest to the high-interest nation until the rate of interest was equalized in the two nations.While trade operates on the demand for factors,factor mobility operates on the supply of factors.the result is completely equalization in the returns to homogeneous factors.
