国际经济学习题与答案.docx

国际经济学习题与答案.docx

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国际经济学习题与答案

国际经济学习题与答案

Chapter1Introduction

1.MultipleChoiceQuestions

1.1Attemptstoexplainthepatternofinternationaltrade

A.havebeenamajorfocusofinternationaleconomists.

B.haveproventobehopeless.

C.haveproventobeatrivialexercise.

D.havebeenthepreoccupationofeconomicdevelopmenttheorists.

1.2Internationaleconomicscanbedividedintotwobroadsub-fields:

A.macroandmicro.

B.developedandlessdeveloped.

C.monetaryandbarter.

D.internationaltradeandinternationalmoney.

1.3Proponentsoffreetradeclaimallofthefollowingasadvantagesexcept

A.relativelyhighwagelevelsforalldomesticworkers.

B.awiderselectionofproductsforconsumers

C.increasedcompetitionforworldproducers.

D.theutilizationofthemostefficientproductionprocesses.

1.4Empiricalstudiesindicatethatproductivityperformanceis

A.directlyrelatedtoglobalizationofindustries.

B.inverselyrelatedtoglobalizationofindustries.

C.notrelatedtoglobalizationofindustries.

D.Anyoftheabove.

1.5Aclosedeconomyisoneinwhich

A.importsexactlyequalexports.

B.domesticfirmsinvestinforeigncountries.

C.thehomeeconomyisisolatedfromforeigntradeorinvestment.

D.Alloftheabove.

2.EssayQuestions

2.1.Itisarguedthatsmallcountriestendhavemoreopeneconomiesthanlargeones.Isthisempiricallyverified?

Whatarethelogicalunderpinningsofthisargument?

2.2.InternationalTradetheoryisoneoftheoldestareasofappliedeconomicpolicyanalysis.Itisalsoanareaforwhichdatawasrelativelywidelyavailableveryearlyon.Whydoyousupposethisisthecase?

Answers

1.MultipleChoiceQuestions

1.1.A1.2.C1.3.A1.4.A1.5.C

2.EssayQuestions

2.1.Answer:

Yes.Theydonothavesufficientresourcestosatisfyconsumptionneeds;andalsodonothaveasufficientlylargemarkettoenabletheirindustriestoavailthemselvesofscaleeconomypossibilities.

Anotheranswerwouldrelyonalocationargument.Assumethatthe"natural"marketforanygivenplantisacirclewitharadiusofnmileswiththeplantatitscenter.Assumingthattheproductionplantsarelocatedrandomlythroughoutthecountry,thentheprobabilitythatthetypicalcircularmarketwillencompasssomeforeigncountryisgreaterthesmalleristhecountry.

2.2Answer:

Inancienttimes,publicfinancewasnotwelldeveloped.Mostofthepopulationwasnotproducingandconsumingwithinwell-developedmarketeconomies,sothatincomeandsalestaxeswerenotefficient.Oneofthemostconvenientwaysforgovernmentstoobtainresourceswastosetupcustompostsatbordersandtax.Henceinternationaltradewasofgreatpolicyinteresttoprincesandkings,aswasprecisedataoftheirmaintaxbase.

CHAPTER2LABORPRODUCTIVITYANDCOMPARATIVEADVANTAGE:

THERICARDIANMODEL

1．MultipleChoiceQuestions

1.1TheRicardiantheoryofcomparativeadvantagestatesthatacountryhasacomparativeadvantageinwidgetsif

A.outputperworkerofwidgetsishigherinthatcountry.

B.thatcountry'sexchangerateislow.

C.wageratesinthatcountryarehigh.

D.theoutputperworkerofwidgetsascomparedtotheoutputofsomeotherproductishigherinthatcountry

1.2Acountryengagingintradeaccordingtotheprinciplesofcomparativeadvantagegainsfromtradebecauseit

A.isproducingexportsindirectlymoreefficientlythanitcouldalternatively.

B.isproducingimportsindirectlymoreefficientlythanitcoulddomestically.

C.isproducingexportsusingfewerlaborunits.

D.isproducingimportsindirectlyusingfewerlaborunits.

1.3Giventhefollowinginformation:

UnitLaborRequirements

ClothWidgets

Home2040

Foreign12060

A.Neithercountryhasacomparativeadvantage.

B.Homehasacomparativeadvantageincloth.

C.Foreignhasacomparativeadvantageincloth.

D.Homehasacomparativeadvantageinwidgets.

1.4Asaresultoftrade,specializationintheRicardianmodeltendstobe

A.completewithconstantcostsandwithincreasingcosts.

B.completewithconstantcostsandincompletewithincreasingcosts.

C.incompletewithconstantcostsandcompletewithincreasingcosts.

D.incompletewithconstantcostsandincompletewithincreasingcosts.

1.5Ifonecountry'swagelevelisveryhighrelativetotheother's（therelativewageexceedingtherelativeproductivityratios）,then

A.itisnotpossiblethatproducersineachwillfindexportmarketsprofitable.

B.itisnotpossiblethatconsumersinbothcountrieswillenhancetheirrespectivewelfaresthroughimports.

C.itisnotpossiblethatbothcountrieswillfindgainsfromtrade.

D.itispossiblethatbothwillenjoytheconventionalgainsfromtrade.

2.Explainthekeyterms

2.1absoluteadvantage

2.1comparativeadvantage

2.2opportunitycost

2.4Ricardianmodel

3.EssayQuestions

3.1.ManycountriesinSub-SaharanAfricahaveverylowlaborproductivitiesinmanysectors,inmanufacturingandagriculture.Theyoftendespairofeventryingtoattempttobuildtheirindustriesunlessitisdoneinanautarkiccontext,behindprotectionistwallsbecausetheydonotbelievetheycancompetewithmoreproductiveindustriesabroad.DiscussthisissueinthecontextoftheRicardianmodelofcomparativeadvantage.

3.2.Whenweexaminethe2Good2CountryversionoftheRicardianmodelofcomparativeadvantage,wenotethatcomparativeadvantageistotallydeterminedbyphysicalproductivityratios.Changesinwageratesineithercountrycannotaffectthesephysicallydeterminedcomparativeadvantages,andhencecannotaffect,whichproductwillbeexportedbywhichcountry.However,whenmorethan2goodsareaddedtothemodel（stillwith2countries）,changesinwageratesinoneortheothercountrycaninfactdeterminewhichgoodorgoodseachofthecountrieswillexport.Howcanyouexplainthisanomaly?

3.3.AnexaminationoftheRicardianmodelofcomparativeadvantageyieldstheclearresultthattradeis（potentially）beneficialforeachofthetwotradingpartnerssinceitallowsforanexpandedconsumptionchoiceforeach.However,fortheworldasawholetheexpansionofproductionofoneproductmustinvolveadecreaseintheavailabilityoftheother,sothatitisnotclearthattradeisbetterfortheworldasawholeascomparedtoaninitialsituationofnon-trade（butefficientproductionineachcountry）.Arethereinfactgainsfromtradefortheworldasawhole?

Explain.

4.Quantitative/GraphingProblems

4.1.Giventhefollowinginformation:

UnitLaborRequirements

ClothWidgets

Home100200

Foreign6030

WhatistheopportunitycostofClothintermsofWidgetsinForeign?

4.2.Giventhefollowinginformation:

UnitLaborRequirements

ClothWidgets

Home100200

Foreign6030

IfthesetwocountriestradethesetwogoodsinthecontextoftheRicardianmodelofcomparativeadvantage,thenwhatisthelowerlimitoftheworldequilibriumpriceofwidgets?

4.3.Giventhefollowinginformation:

UnitLaborRequirements

ClothWidgets

Home100200

Foreign6030

IfthesetwocountriestradethesetwogoodswitheachotherinaccordingtotheRicardianmodelofcomparativeadvantage,whatisthelowerlimitforthepriceofcloth?

4.4.Giventhefollowinginformation:

UnitsProducedbyOneWorker/Hour

ClothWidgets

Home100200

Foreign6030

WhatistheopportunitycostofclothintermsofwidgetsinForeign?

4.5.Giventhefollowinginformation:

UnitsProducedbyOneWorker/Hour

ClothWidgets

Home100200

Foreign6030

IfthesetwocountriestradethesetwogoodswitheachotherinthefollowingtheRicardianmodelofcomparativeadvantage,thenwhatisthelowerlimitfortheworldequilibriumpriceofcloth?

Answers

1.MultipleChoiceQuestions

1.1.D1.2B1.3.B1.4.B1.5.D

2.Explainthekeyterms

2.1.absoluteadvantage：

whenonecountrycanproduceaunitofagoodwithlesslaborthananothercountry,wesaythatthefirstcountryhasanabsoluteadvantageinproducingthatgood.

2.2.Comparativeadvantage:

Acountryhasacomparativeadvantageinproducingagoodiftheopportunitycostorproducingthatgoodintermsofothergoodsislowerinthatcountrythanitisinothercountries.

2.3.Opportunitycost:

theopportunitycostofgood1intermsofgood2isthenumberofgood2thatcouldhavebeenproducedwiththeresourcesusedtoproduceagivennumberofgood1.

2.44.Ricardianmodel:

internationaltradeissolelyduetointernationaldifferencesintheproductivityoflabor.

3.EssayQuestions

3.1.Answer:

TheRicardianmodelofcomparativeadvantagearguesthateverycountrymusthaveacomparativeadvantageinsomeproduct（assumingtherearemoreproductsthancountries.

3.2.Answer:

Thisisnotreallyananomaly.Aslongasonlytwogoodsexist,thenaslongastradetakesplace,eachcountrymusthaveacomparativeadvantageinoneofthem（ornone）.However,iftherearemoregoodsthancountries,thenthephysicalproductivitydefinitionofcomparativeadvantagebecomesambiguous.Changesinrelativewagerateswillshifttheinternationalcompetitivenessalongthe"chainofcomparativeadvantage."

3.3.Answer:

Ifweweretocombinetheproductionpossibilityfrontiersofthetwocountriestocreateasingleworldproductionpossibilityfrontier,thenitistruethatanychangeinproductionpoints（fromautarkytospecializationwithtrade）wouldinvolveatradeoffofonegoodforanotherfromtheworld'sperspective.Inotherwords,thenewsolutioncannotpossiblyinvolvetheproductionofmoreofbothgoods.However,sinceweknowthateachcountryisbetteroffatthenewsolution,itmustbetruethattheoriginalpointswerenotonthetradecontractcurvebetweenthetwocountries,anditwasinfactpossibletomakesome