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僑榮
Country
#3#
Hong
$150,000
Without Cost of
Special- Production) ization
units of out put Dolls Rice Dolls Rice 1,000 1,000 1500 500
With Special-Through In-
isation units ternational of output
Trade Units. of Out gut
Dalls Rica
Kong
1968英文中學會考試題預習專欄
Burn
$100,000
250 $750 01500
1,125 1,125
375
875
World
經濟及公共事務科
$250,000 1,250 1,750 1500 2000
1,500 2,000
(八),劉奇敏
Total
Economic & Public Affairs
Lecture NOT
By K.M. Lau
Bxample 2: illustrating th Theow of Comps na ti ve
Cost
question (2) Explain the results brought about by
countries when they start to trade with one another.
Answers to the questions an Exercížas VI
Question: 1) What do you mean by the Theory of
Compare tive Cost?
The Theory of Comparative Cost is a principle on which international trade is based, It was first developed by an swineat petacuist, David Ricardo (1772-1823). The principle states that even if a country is suited climatically and industrially to produce several commodities, the country tends to specialize in only one commodity for which the country bas the greatest comparative advantage over other com- tries.
In order to understand more thoroughly the #ignificance of this principle it is necessary to u36". a few simple illustrations. To overcome any complications. we shall consider only two countries, Bay, Hong Kong and Burma, in our first illustration.
Supposing it costs $150,000 for Hong Kong to produce 1,000 units of dolls and 500 units of rice, and it costs $100,000 for Surma to produce 500 units of dolls and 1,000 units of rice. Thus, both countries can produce 1,500 units of dolls and 1,500 unita of rice at the cost of $250,000
Since Hong Kong can produce dolls much cheaper than rice, Hong Kong should specialize in the production of dolls and give up the production of rice completely. Likewise, as Burns is more capable of producing rice than dolls, Burus should specialise in the production of rice, and abandon the production of dolls.
The result is that Hong Kong will be able to double her production of dolls (that is, the now produces: 2,000 units of dolls); Burmay on the other band, doubles the amount of rice produced (and that 16, 2,000 units of rice),
It can thus be clearly seen that as a result o specialisation, each country can increase her out put by 500 units. If Hong Kong and Buris agree that the rate of exchange between the two countries is 750 units of dolls for 750 units of rice, Hong Kong will
ally have 1,250 units of dolls and 750 units of and Burma 750 units of dolls and 1,250 units of
rice ries.
he Theory of Comparativa Cost, thus supports the idea that by specialization and through International trade the world total outout can be increased and at the same time each participating country of international trade can enjoy additional amount GI goods.
The example above, which is only an imaginAZY can be diagrammed as follows:-/
Cost
Country
Production
Dolla Rica Dolls Rice.
3000 500 12,000
Spec isation
For output
of
Through ternationa 1 Trade Ondt of Output
Dolls Rice
$150,000
$100,000
5000,000
02,000
250 250
75001250
World Total
$250,000
1,500 1500 2,000 2,000-
2,000 2,000
Illustrating the Theory of Comparative
pposing Hong Kong dan produce equal quantities o And ries at the same cost of production, it can be sho (and proved) that specialization and
onal trade can benefit the world,
us assume that Hong Kong can produce 1,000
1,000 units of rice at the same: "COBT Burma can produce 250 units of dolls
and 750 units of rice.
Without specialization, both countries can produce 1.250 units of dolls and 1,750 units of rice.
Since Burma can produce rice better than dolle, ane therefore utilizes all her resources (represented hore by $100,000) in the produ ion of rice, and thereault is that Bures now, produces 500 unita of rice. Since, Burn left alone unable to meet the combined
of rice output of 1,750 unit
Hong Kong must assist in the production of
This Hong Kong produces 500 units of rice she can on the other hand, produce 1,500 units of dolls
result of Dart 1a.l specialization.
Both countries now produce 1,500 units of dolls and 2,000 units of rice, thus showing an increase of 250 units per commodity.
If Hong Kong and purta agrees to exchange with each other. 375 units of della for 625 units of rice (respectively) Hong Kong will have 1,125 units of dolls and (500 625-) 1,125 units of rice, and Burm will have 375 units of uolls and (1,500 - 625 -) 875 units, of rice. Thus, each country has gained 125 units per commodity as a result of snacialization and international trade and
To obtain a clearer picture of these figures we #hall now table than as followsi
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When countries start to trade with one another, they are capable of enjoying a wide range of products, which are otherwise denied to them if they themselves are unable to produce. For instance, Ceylon produces tea, Brazil coffes, Malaya tin, Bong Kong textiles, and Australin mutton. Because of international trade macu country is able to have the exports of the other countries. Thus Hong Kong can sell her textiles to foreign countries and get in return, tea, coffee, tán, and mutton.
We know that Hong Kong: can produce textiles as well as grow rice. Since Hong Kong has a greater comparative advantage in manufacturing than in farming, it is wise for her to specialize in manufacturing and give up farming, but this is impossible if international trade: does not exist, since to go so, Hong Kong would not have, any rice, But as it is, countries like Thailand and China are chief rice suppliers Hong Kong can therefor rely on then for the suppir of rice,
The anlity of one country to rely o other ountries for what the country does not heraalf produce has given rise to widerspread adoption. Or
egional specialisation which in turn results in : «
an increase in the world total output
commoditie#j
(b) a greater quantity and wider range of
goods for each country.
Another result brought about by countries when they start to trade with one another is that comtries bave learnt- to live with each other a neighbours, since each country has to depend on the rest of the world for anny product.
International trade
standard of living
Since
raiss-the-
can now en joy
the goods from countries fara, pear. It also enables labour to be used more productively and economically,
Cauthe inf
may encourage **vourable side international trade
ne
country, which is more economically- advanced to take advantage of another country which is veloped. This exploitation is the result of the former country! ■mposition of terms of trade which sara unfavourable to the other country.
dive
International trade ensourages each country to apenfalize in one industry or primary production only. This bad because every country should be economicalay any industries, and this can enable a greater
oba to exist in the country for the schoose; Specializing in one industry is very risk.
on putting all the eggs in one basket
cries start to trade with one anothe every cou
adually becomea a kean competitor, Countries tha are economically and solally weak le their markets
the more advanced countries. That countries can not in actie fact, compete on a Lasie is dne drawback or International trade,
Exercise VII
17 What is the economic term for
(a) a bill of exchange drawn on a bank?
(b) the percentage of a deposit held by the bank,
before creating a credit?
(e) a drop in the value of money?
d) exchanging goods for gooda?
an institution established for faci choque aystep 1p the comtry7
„ating the
(a) What 1a the English doctrine under which the
people of Hong Kong are governed? (b) What 18 the writ which can secure a speecy
for an accused kept in custody?
(c) Name the lowest court of record in Hong Kong. (d) What is the maximus claim a person can ask in
be a civil suit in a District Court?
(e) Name the law that deals with rights petween
private individus.
false" against each statement
te or exchange as the former value of the one country when exchanged into the
money of another.
(b) The Insurance company issues the bill of Lading to certify that the goods have been shipped. (e) 411 banks in the Colony are administered by
Banking Ordinance, 1964 -
(a), The British legal system is entirely a11ferent
From the Roman legal system.
(a) The Governor is authorized to give nia agsent
to bills concerning control and discipline the armed services in Hong Kong,"
Choose the writel answer for sach: atatament:
ARIES
The amount of interest payable to a Tax Reserva Certificate per annum is
(1) 3.6 per cent. (11) 4.2 per cent... T111) 4.3 per cent,
(iv) 15 per cent.
(b) ine notel Accommodation Tax 19 introduce
order to raise revenue for:
(1) promotijg our tourist tra
(11) Government's treasury,
(111) the Hong Kong Tourist Association
(1) The Trade Development Council.
Excise tax is a tax on:
(1) petrol and alcohol.
(11) importa,
(iii) exports.
(iv) locally-made goods
An examole of a felony 19:
(1) robbery.
(11) bribery,
(111) libel
(iv) perjury,
(e) Atenancy tribunal settles disputes between:
(1) Government and the people,
14) Government departmenta. iii) creditors and debtors. (iv) landlords and tenants.
Each statement contains a missing word. What is
Under the Business
Ordinance, 1959, any business firm in Hong Kong must pay a yearly fee of 25. (b) Bets and (c) bank
Tax 18 a tax on horse bettings. enables one to send money abroad. mg law is held more superior than common law when both come into conflict.
(e) When expenditure exceeds revenue we have
(a) What is the safest way of settling one's d60% of
post?!
(b) In order to provide remittance services what cust
a bank arrange with another country? (e) Name the advisory body which advises the District Commissioner on the administration of the New Territories,
(d) What has been done to enadie the rlover Love,
Reservoir to be connected with the service reservoirs in urban Kowloon?
What was organized recently in order to encourage people in Hong Kong to buy Hongkong-
Which government 20varvaĪRIJA
(a) maintains standard time for, the clocks of Hone
Kong?
(b) supervises cyprison anelters?
(c) arranges and conducts sales of crown lands? (d) maintains official records of registration
mining leasea?
(a) promotes health equcacionr
8. Name the rave principal branches of the Development and Fisheries Department:
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