한국외대 국제통상학과 국제무역론 졸시 문제+답

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Explain how the Ricardian model works and how it illustrates the principle of comparative advantage.
Ricardo considered just two commodities to keep things simple: wine and cloth. Let's say that Portugal has absolute advantage in the production of both goods. For example, if they specialize in just one product with their limited resources, Portugal can produce 5 bottles of wine or 2 clothes while England can produce 2 bottles of wine or 1 cloth. However, each country has comparative advantage,which implies an opportunity cost associated with the production of one good compared to another.

Opportunity cost:

Considering the opportunity cost, we can see that Portugal is better at producing wine than cloth and England is better at producing cloth than wine. (2.5W>2W, 2/5C<1/2C). So for Portugal, it will be advantageous to import cloth from England because England has a comparative advantage in cloth.

Discuss why trade often creates losers as well as winners.
In the Ricardian model, labor was the only factor of production. Once we make the more realistic assumption that capital and land are also factors of production, then trade will generate gains for some factors and losses for others. Some specific factors of production gain in real terms and other factors of production lose. So the change in relative prices due to the opening of trade creates winners and losers.

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