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1、,Application:International Trade,Chapter 9,Copyright 2001 by Harcourt,Inc.All rights reserved.Requests for permission to make copies of any part of thework should be mailed to:Permissions Department,Harcourt College Publishers,6277 Sea Harbor Drive,Orlando,Florida 32887-6777.,International Trade,Wha
2、t determines whether a country imports or exports a good?,International Trade,Who gains and who loses from free trade among countries?,International Trade,What are the arguments that people use to advocate trade restrictions?,Equilibrium Without Trade,Assume:A country is isolated from rest of the wo
3、rld and produces steel.The market for steel consists of the buyers and sellers in the country.No one in the country is allowed to import or export steel.,Equilibrium Without Trade.,0,Quantity,of Steel,Equilibrium,quantity,Domestic,supply,Domestic,demand,Producer,surplus,Consumer,surplus,Equilibrium
4、Without Trade,Results:Domestic price adjusts to balance demand and supply.The sum of consumer and producer surplus measures the total benefits that buyers and sellers receive.,World Price and Comparative Advantage,If the country decides to engage in international trade,will it be an importer or expo
5、rter of steel?,World Price and Comparative Advantage,The effects of free trade can be shown by comparing the domestic price of a good without trade and the world price of the good.The world price refers to the prevailing price in the world markets.A country will either be an exporter or an importer
6、of the good.,World Price and Comparative Advantage,If a country has a comparative advantage,then the domestic price will be below the world price,and the country will be an exporter of the good.,World Price and Comparative Advantage,If the country does not have a comparative advantage,then the domes
7、tic price will be higher than the world price,and the country will be an importer of the good.,0,Quantity,of Steel,Domesticdemand,International Trade in an Exporting Country.,Domesticsupply,Harcourt,Inc.items and derived items copyright 2001 by Harcourt,Inc.,0,Quantity,of Steel,Worldprice,Domesticde
8、mand,How Free Trade Affects Welfare in an Exporting Country.,Domesticsupply,Price after trade,Price before trade,A,B,C,D,Exports,0,Quantity,of Steel,Worldprice,Domesticdemand,How Free Trade Affects Welfare in an Exporting Country.,Domesticsupply,Price after trade,Price before trade,0,Quantity,of Ste
9、el,Worldprice,Domesticdemand,How Free Trade Affects Welfare in an Exporting Country.,Domesticsupply,Price after trade,Price before trade,Changes in Welfare from Free Trade:The Case of an Exporting Country,The area D shows the increase in total surplus and represents the gains from trade.,Before Trad
10、e,After Trade,Change,Consumer Surplus,A+B,A,-B,Producer Surplus,C,B+C+D,+(B+D),Total Surplus,A+B+C,A+B+C+D,+D,How Free Trade Affects Welfare in an Exporting Country,The analysis of an exporting country yields two conclusions:Domestic producers of the good are better off,and domestic consumers of the
11、 good are worse off.Trade raises the economic well-being of the nation as a whole.,International Trade and the Importing Country,If the world price of steel is lower than the domestic price,the country will be an importer of steel when trade is permitted.,International Trade and the Importing Countr
12、y,Domestic consumers will want to buy steel at the lower world price.,International Trade and the Importing Country,Domestic producers of steel will have to lower their output because the domestic price moves to the world price.,International Trade and the Importing Country.,0,Quantity,of Steel,Dome
13、sticsupply,Domestic demand,How Free Trade Affects Welfare in an Importing Country.,0,Quantity,of Steel,Domesticsupply,World Price,Domestic demand,Price after trade,Price before trade,A,B,C,D,Imports,How Free Trade Affects Welfare in an Importing Country.,0,Quantity,of Steel,Domesticsupply,World Pric
14、e,Domestic demand,Price after trade,Price before trade,How Free Trade Affects Welfare in an Importing Country.,0,Quantity,of Steel,Domesticsupply,World Price,Domestic demand,Price after trade,Price before trade,Changes in Welfare from Free Trade:The Case of an Importing Country,The area D shows the
15、increase in total surplus and represents the gains from trade.,Before Trade,After Trade,Change,Consumer Surplus,A,A+B+D,+(B+D),Producer Surplus,B+C,C,-B,Total Surplus,A+B+C,A+B+C+D,+D,How Free Trade Affects Welfare in an Importing Country,The analysis of an importing country yields two conclusions:D
16、omestic producers of the good are worse off,and domestic consumers of the good are better off.Trade raises the economic well-being of the nation as a whole because the gains of consumers exceed the losses of producers.,The Gains and Losses from Free International Trade,The gains of the winners excee
17、d the losses of the losers.The net change in total surplus is positive.,Tariffs,Tariffs are taxes on imported goods.Tariffs raise the price of imported goods above the world price by the amount of the tariff.,The Effects of a Tariff.,0,Quantity,of Steel,Domestic supply,Domestic demand,The Effects of
18、 a Tariff.,0,Quantity,of Steel,Domestic supply,Domestic demand,World price,Q1S,Q1D,Price without tariff,Imports without tariff,The Effects of a Tariff.,0,Quantity,of Steel,Domestic supply,Domestic demand,Tariff,World price,Q1S,Q2S,Q2D,Q1D,Price without tariff,Price with tariff,Imports without tariff
19、,Imports with tariff,The Effects of a Tariff.,0,Quantity,of Steel,Domestic supply,Domestic demand,Tariff,World price,Q1S,Q2S,Q2D,Q1D,Imports without tariff,Imports with tariff,The Effects of a Tariff.,0,Quantity,of Steel,Domestic supply,Domestic demand,Tariff,World price,Q1S,Q2S,Q2D,Q1D,Imports with
20、out tariff,Imports with tariff,Price with tariff,Price without tariff,The Effects of a Tariff.,0,Quantity,of Steel,Domestic supply,Domestic demand,Tariff,World price,Q1S,Q2S,Q2D,Q1D,Price without tariff,Price with tariff,Imports without tariff,Imports with tariff,A,B,C,E,G,Changes in Welfare from a
21、Tariff,The area D+F shows the fall in total surplus and represents the deadweight loss of the tariff.,The Effects of a Tariff,A tariff reduces the quantity of imports and moves the domestic market closer to its equilibrium without trade.With a tariff,total surplus in the market decreases by an amoun
22、t referred to as a deadweight loss.,The Effects of an Import Quota,An import quota is a limit on the quantity of imports.,The Effects of an Import Quota.,0,Quantity,of Steel,Domestic supply,Domestic demand,Equilibrium without trade,The Effects of an Import Quota,Because the quota raises the domestic
23、 price above the world price,domestic buyers of the good are worse off,and domestic sellers of the good are better off.License holders are better off because they make a profit from buying at the world price and selling at the higher domestic price.,The Effects of an Import Quota.,0,Quantity,of Stee
24、l,Domestic supply,Domestic demand,World price,Q1S,Q2S,Q2D,Q1D,Price without quota,Price with quota,Imports without quota,Imports with quota,Domestic supply+Import Supply,Quota,A,B,C,E,E,F,G,D,Changes in Welfare from an Import Quota,A+B+C+D+E+E”+F+G,A+B+C+E+E”+G,The area D+F shows the fall in total s
25、urplus and represents the deadweight loss of the quota.,Before Quota,After Tariff,Change,Consumer Surplus,Producer Surplus,Government,Revenue,Total Surplus,A+B+C+D+E+E”+F,A+B,-(C+D+E+E”+F),G,C+G,+C,None,E+E”,+(E+E”),-(D+F),The Effects of an Import Quota,With a quota,total surplus in the market decre
26、ases by an amount referred to as a deadweight loss.The quota can potentially cause an even larger deadweight loss,if a mechanism such as lobbying is employed to allocate the import licenses.,The Effects of Tariffs and Quotas,If government sells import licenses for full value,revenue equals that of e
27、quivalent tariff and the results of tariffs and quotas are identical.,Both tariffs and import quotas.,raise domestic prices.reduce the welfare of domestic consumers.increase the welfare of domestic producers.cause deadweight losses.,Other Benefits of International Trade,Increased variety of goodsLow
28、er costs through economies of scaleIncreased competitionEnhanced flow of ideas,The Arguments for Restricting Trade,Jobs National Security Infant IndustryUnfair CompetitionProtection as a Bargaining Chip,Trade Agreements,Unilateral:when a country removes its trade restrictions on its own.Multilateral
29、:a country reduces its trade restrictions while other countries do the same.,NAFTA,The North American Free Trade Agreement(NAFTA)is an example of a multilateral trade agreement.In 1993,NAFTA lowered the trade barriers among the U.S.,Mexico,and Canada.,GATT,The General Agreement on Tariffs and Trade(
30、GATT)refers to a continuing series of negotiations among many of the worlds countries with a goal of promoting free trade.GATT has successfully reduced the average tariff among member countries from about 40%after WWII to about 5%today.,Summary,The effects of free trade can be determined by comparin
31、g the domestic price without trade to the world price.A low domestic price indicates that the country has a comparative advantage in producing the good and that the country will become an exporter.A high domestic price indicates that the rest of the world has a comparative advantage in producing the
32、 good and that the country will become an importer.,Summary,When a country allows trade and becomes an exporter of a good,producers of the good are better off,and consumers of the good are worse off.When a country allows trade and becomes an importer of a good,consumers of the good are better off,an
33、d producers are worse off.,Summary,A tariff a tax on imports moves a market closer to the equilibrium than would exist without trade,and therefore reduces the gains from trade.Import quotas will have effects similar to those of tariffs.,Summary,There are various arguments for restricting trade:prote
34、cting jobs,defending national security,helping infant industries,preventing unfair competition,and responding to foreign trade restrictions.Economists,however,believe that free trade is usually the better policy.,Equilibrium Without Trade.,International Trade in an Exporting Country.,Harcourt,Inc.it
35、ems and derived items copyright 2001 by Harcourt,Inc.,How Free Trade Affects Welfare in an Exporting Country.,How Free Trade Affects Welfare in an Exporting Country.,How Free Trade Affects Welfare in an Exporting Country.,International Trade and the Importing Country.,How Free Trade Affects Welfare
36、in an Importing Country.,How Free Trade Affects Welfare in an Importing Country.,How Free Trade Affects Welfare in an Importing Country.,The Effects of a Tariff.,The Effects of a Tariff.,The Effects of a Tariff.,0,Quantity,of Steel,Domestic supply,Domestic demand,Tariff,World price,Q1S,Q2S,Q2D,Q1D,Price without tariff,Price with tariff,Imports without tariff,Imports with tariff,The Effects of a Tariff.,The Effects of a Tariff.,The Effects of a Tariff.,The Effects of an Import Quota.,The Effects of an Import Quota.,
