international（國(guó)際經(jīng)濟(jì)學(xué)）課后習(xí)題及答案

1、- Page 1- Review Questions and Condensed Answers for International Trade Theories Chapter 1 World Trade and the National Economy Review Questions： ： 1 What features distinguish international from domestic transactions? 2 What can you say about the growth of world trade in both nominal and real terms

2、? Was it faster than the growth of output? 3 Evaluate the statement,” the United States is a closed economy, hence foreign trade is of no consequence to it.” 4 Distinguish between export industries, import-competing industries and nontraded goods. Give examples of each. 5 Using the figure in table 1

3、-3, what can you say about the trade structure of the USA and Japan. Condensed Answers to Review Questions： ： 1. The text discusses ways that international transactions differ from domestic ones. i. International trade requires that transactions be conducted between two currencies mediated by an exc

4、hange rate. Domestic transactions are conducted in a single currency. ii. Commercial policies that operate to restrict international transactions cannot, in general, be imposed on domestic trade. Such policies include tariffs, quotas, voluntary export restraints, export subsidies, and exchange contr

5、ols. iii. Countries pursue different domestic macroeconomic policies which result in divergent rates of economic growth, inflation, and unemployment. iv. More statistical data exist on the nature, volume, and value of international transactions than exist in domestic trade. v. Factors of production

6、are more mobile domestically than internationally. vi. Countries exhibit different demand patterns, sales techniques, and marketing requirements. Many of these are due to culture and custom. Some result from differences in government regulations. Included here are health, safety, environmental, and

7、technical rules. 2. The real volume of world exports grew at an annual rate of more than 6 percent between 1950 and 2000. Global output grew at an annual rate of 4 percent. Export growth in excess of output growth reflects the increased openness to trade of many countries. 3. The United States is a

8、relatively closed economy since the share of trade in GDP is smaller than that of most other industrial nations. In 2000, U.S. exports of goods and services were 11 percent of GDP. The U.S. economy is less dependent on the foreign sector than other major economies, but to say that foreign trade is o

9、f no consequence is an exaggeration. The U.S. economy has become increasingly open and, therefore, more impacted by trade developments over time. This trend is likely to continue. Curtailing imports would, for example, have a big effect on consumers' ability to buy some goods - Page 2- (e.g. tro

10、pical products) and would raise the prices of others. The absence of certain key commodities and material inputs would greatly disrupt areas of U.S. industry. 4. a. Export industries send a substantial share of their output abroad. Ratios of exports to GDP are much higher than the average ratio for

11、all industries. Net exporting industries are those for which exports exceed imports. U.S. net exporting industries include farm products, chemicals, certain types of machinery, and aerospace products. b. Import-competing industries are domestic industries that share the domestic market with a substa

12、ntial import presence. These activities have ratios of imports to GDP that are much higher than the average ratio for all industries. U.S. import-competing industries include fuels, automobiles, clothing, footwear, and iron and steel. c. Nontraded goods are those which, because of their nature and c

13、haracteristics, are not easily exported or imported. Examples are hair-dressing, movie theaters, meals, construction activity, and health-care. 5. Table 1.3 contains figures on the trade structure of the U.S. and Japan. The U.S. is a net exporter of food, certain ores, chemicals, and other machinery

14、 and transport equipment, and is a net importer of raw materials, mining products, fuels, nonferrous metals, iron and steel, semimanufactures, office and telecommunications equipment, automotive products, textiles and clothing, and other consumer goods. Japan is a net exporter of iron and steel, che

15、micals, semimanufactures, office and telecommunications equipment, automotive products, other machinery and transport equipment, and other consumer goods. Imports exceed exports in food, raw materials, and textiles and clothing. - Page 3- Chapter 2 Why Nations Trade Review Questions： ： 1 a. In what

16、sense are the cost data of footnote 4 related to the figures of scheme 1? b. Based on the figures of footnote 4, determine the: Direction of trade once it develops. Limits to mutually beneficial trade. Limits to a sustainable exchange trade. 2. Evaluate the following statements: a. In international

17、trade, domestic cost ratios determine the limits of mutually beneficial trade, whereas demand considerations show where, within these limits, the actual exchange ratio will lie. b. Comparative advantage is a theoretical concept. It cannot be used to explain any real-world phenomena. c. The opening u

18、p of trade raises the price of export goods; hence trade is inflationary. d. The concept of absolute advantage offers explainations for East Germanys high unemployment rates in the 1990s. 3. a. Use the theory of comparative advantage to explain why it pays for: The USA to export grains and import oi

19、l. Russia to export oil and import grains. b. Why does the popular press believe that grain exports are inflnationary? What is wrong with this porposition? Condensed Answers to Review Questions: 1. a. Scheme 1 is based on labor productivity comparisons, while Footnote 4 presents per unit cost data.

20、Production cost ratios are inversely related to productivity measures. b. i. Textiles will be exported from the U.K. and wheat from the U.S. ii. The U.S. will trade only if one yard of textiles costs less than 3 bushels of wheat. The U.K. will trade only if 1 yard of textiles can be exchanged for mo

21、re than 2 bushels of wheat. iii. The value of the £ must be between $1 and $1.50 2. a. Consider Figure 2.2. The domestic cost ratios define limits of mutually beneficial trade. Within the region of mutually beneficial trade the actual exchange rate will be determined by the relative intensity o

22、f each country's demand for the other country's product. A full analysis requires an understanding of reciprocal demand curves, but the following general principle might help heuristically. If the British are more eager to buy U.S. wheat than the Americans are eager for British textiles, the

23、 exchange ratio falls close to the U.K. domestic cost ratio and the U.S. can be viewed as capturing a greater share of the gains from trade. b. Since the real world does not conform to the convenient two-country, two-good assumptions, the simple theoretical model is not immediately applicable. Howev

24、er, we can generalize the model to many goods and many nations. The fundamental truth remains. Countries export those goods in which their relative production costs are lower and import those goods for which the relative costs are higher. - Page 4- c. While trade tends to raise the prices of exporta

25、bles in the domestic economy, the effect of trade is to lower the average price level of all goods. Trade gives consumers an opportunity to consume at lower world prices. Many goods will be cheaper when purchased from foreign supply sources. Trade also conveys procompetitive effects, stimulates the

26、adoption of new technologies, and allows firms to achieve efficient scale production levels. Thus, trade is anti-inflationary. d. The reunification of the Germany economy in 1990 was undertaken on the basis that a unit of the deutschmark, the West German currency, should be equal in value to a unit

27、of the ostmark, the East German currency. At this exchange rate, goods produced in East Germany were almost universally more expensive to produce than their counterparts in the West. Labor productivity in East German manufacturing was found to be about 35% of the West German level. Under these condi

28、tions the East German manufacturing sector collapsed. Investors were reluctant to purchase East German factories and large scale closures and dismissals resulted. 3. a. The U.S. enjoys a comparative advantage in grains. It also produces oil, but will gain by specializing in grain production and usin

29、g proceeds of exported agricultural products to purchase oil from nations that produce oil relatively more efficiently. Russia is relatively more efficient in the production of oil and will gain by purchasing grain from the U.S. in exchange for oil. b. The popular press asserts that by exporting gra

30、in from the U.S. (say to the former U R) we are lowering the domestic supply of grain and raising the domestic U.S. price of grain. Since grain is an important ingredient in many food products, grain exports are believed to increase the price of those products. However, the price of grain is determi

31、ned in world markets. U.S. exports alone cannot permanently raise the domestic U.S. price. If the domestic U.S. grain price rose above the world price, the U.S. would be a net importer of grains and the domestic price would fall. - Page 5- Chapter 3 The Commodity Composition of Trade Review Question

32、s： ： 1 Does the factor proportions theory provide a good explanation of intraindustry trade? If not, can you outline an alternative explaination for the growing phenomenon? 2 Explain the dynamic nature of comparative advantage using Japans experience as an example. 3 Once the United States acquires

33、a comparative advantage in jet aircraft production it can be sure of a dominant position in the global market forever. Do you agree with this statement? Explain. Condensed Answers to Review Questions 1. The factor proportions theory is better suited to explain interindustry trade, or the exchange be

34、tween countries of totally different commodities, than intraindustry trade, which is the two-way trade of similar commodities. The growth of intraindustry trade is greatest in imperfectly competitive industries characterized by economies of scale. Here, scale economies force firms in each industry t

35、o specialize in a narrow range of products within each industry to achieve efficient scale operations. Intraindustry specialization combined with diverse consumer tastes gives rise to two-way trade within the same industry classification. 2. Japan's comparative advantage in the immediate post-wa

36、r period was in labor intensive goods. The high level of saving and investment transformed Japan into a relatively capital abundant country. Its advantage in the labor-intensive industries was lost as wages rose. Moreover, Japan increased its technological capability through high spending on R&D

37、. Now Japan's advantage lies in the production of high-tech, capital intensive goods similar to the U.S. This in large part explains the increasing trade friction between the two countries. 3. Once the U.S. acquires a comparative advantage in jet aircraft, it is likely to enjoy a dominant positi

38、on in the global marketplace for years, but not forever. Jet aircraft production is characterized by huge economies of scale due largely to research and development costs. High capital requirements and scale economies pose large entry barriers. It is extremely difficult for a country to enter into a

39、ircraft production once the U.S. has the lead. The new firm would initially have a small market share and would be unable to compete on a cost basis. The new market entrant would require considerable government support and encouragement. This was the case with the European Airbus. - Page 6- Chapter

40、4 Protection of Domestic Industries: The Tariff Review Questions： ： 1 A tariff on textiles is equivalent to a tax on consumers and a subsidy to the textile producers and workers. 2 Explain the concept of effective rate of protection. a. What does the effective rate on final goods depend upon and how

41、? b. In what way does the effective rate analysis help to illuminate these policy issues: Deepening of production in LDCs Escalation of tariff rates by degree of processing in industrial countries 3. A tariff lowers the real income of the country, while at the same time it distributes income from co

42、nsumers to the governments and to the import-competing industry. Condensed Answers to Review Questions: 1. The effect of a tariff is comparable to the combined effects of a tax on consumers and a subsidy to producers. Using Figure 4.3, one can show a tariff results in a transfer of resources from th

43、e consumers (who lose P P fd ) to the producers (who gain P P ec). With a non-prohibitive tariff, the 2 3 2 3 government will also gain revenue efmn. Whether the two schemes are equivalent depends on the exact nature of the tax and subsidy scheme. 2. a. The effective rate of protection measures the

44、percentage increase in domestic value added per unit of output made possible by tariffs on the output and on material inputs. Determinants of the effective rate include the tariff on the final product, tariffs on the imported material inputs, and the free trade value added per unit of output which is influenced by intermediate input coefficients. Effective rates are positively related to the tariff on the final product and negatively related to both tariffs on imported inputs and the free trade value added. A derivation