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{"ops":[{"insert":"Consider a world consisting of two countries, Belgium and Holland. Belgium has\u00a0\nL=100 workers and Holland has L*=200 workers, the only input. There are two goods\u00a0\n\u2013 bread (B) and tulips (T).\u00a0\nIn Belgium: MPLB=1 and MPLT =1\/2, in Holland: MPL*\nB = 1\/2 and MPL*\nT =1.\n(a) Which country has a comparative advantage in which good?\n(b) Draw the production possibilities frontier for each country. Draw the relative\u00a0\nsupply of bread (B\/T) curve for each country. Assume that each country has the same\u00a0\ndownward-sloping relative demand for bread curve. What is the autarky equilibrium\u00a0\nrelative price of bread in each country?\n(c) Now derive and draw the world relative supply of bread curve.\n(d) Suppose that the relative demand for bread curve intersects with the world relative\u00a0\nWhat can you say about the trade equilibrium\u00a0\nrelative price of bread? Which country produces which good or goods?\nIs there complete specialization? Who gains from trade?\n\n"}]}

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