国际经济学(英文版)
国际金融英文版(全)
Short-and Medium-term Debt Markets
Euro-commercial paper (ECP)and Euro-medium-term
notes(EMTN) Floating rate Euro-notes(Floating rate notes(FRN)represent an early innovation in the eurobond market.Interest is usually paid semiannually and they trade at a spread of the reference rate,e.g.,LIBOR.Margin above LIBOR may amount to 25-100 basis points or more.After 6 months ,the rate is reset with the same margin. International REPO market(repurchase agreement ,or REPOS)
Non-bank
Public international financial institutions public global financial institutions regional public national public Private international financial institutions global private regional private national private
the balance of payment
3.the theories of foreign exchange rate determination 4.foreign exchange exposure
国际经济学英文第七版克鲁格曼英文经济名词翻译
国际经济学英文第七版克鲁格曼英文经济名词翻译Key Terms of International EconomicsChapter3 Labor Productivity and Comparative Advantage Comparative advantage 比较优势Absolute advantage 绝对优势Opportunity cost 机会成本Production possibility frontier 生产可能性边界Unit labor requirement 单位产品劳动投入Relative price 相对价格Relative demand curve相对需求曲线Relative supply curve 相对供给曲线Relative wage 相对工资Relative quantity 相对产量Ricardian model 李嘉图模型Pauper labor argument 贫民劳动论Nontraded goods 非贸易商品Chapter 4 Resources and Trade: the Heckscher-Ohlin Model Abundant factor 丰裕要素Biased expansion of production 偏向性生产扩张Equalization of factor prices 要素价格均等化Factor abundance 要素丰裕度Factor intensity 要素密集度Scarce factor 稀缺要素Leontief paradox 里昂惕夫悖论land-intensive 土地密集型Labor-intensive劳动密集型the ratio of 2 factor prices 要素价格比Wage-rental ratio 工资-租金比Land-labor ratio ，the ratio of land to labor 土地劳动比Chapter 5 The standard Trade ModelBiased growth 偏向性增长Export-biased growth 出口偏向性增长Immiserizing growth 贫困化增长Import-biased growth 进口偏向性增长Isovalue line等价值线Marginal propensity to spend边际消费倾向Terms of trade贸易条件Transfers of income转移支付Chapter 6 Economies of Scale, Imperfect Competition, and international TradeDumping 倾销External economies of scale外部规模经济Imperfect competition 不完全竞争Interindustry trade 产业间贸易Intraindustry trade 产业内贸易Internal economies of scale内在规模经济Monopolistic competion垄断竞争Reciprocal dumping 相互倾销Increasing return 报酬递增Chapter 7 The Instruments of Trade policyad valorem tariff从价税Specific tariff从量税Consumer surplus消费者剩余Producer surplus生产者剩余Production distortion loss生产扭曲损失Consumption distortion loss消费扭曲损失Effective rate of protection有效保护率Efficiency loss效率损失Export restraint出口限制Export subsidy出口补贴Import quota进口配额Voluntary export restraint自愿出口限制Local content requirement国产化程度要求nontariff barriers非关税避垒Quota rent配额租金Chapter 8 National Income Accounting and the Balance of Payments The Balance of Payment AccountsCurrent accountFinancial accountCapital accountChapter 9 Exchange Rates and the Foreign Exchange Market:An Asset ApproachAppreciation升值Arbitrage套汇、套利Depreciation贬值Exchange rate汇率Forward exchange rate远期汇率Interest parity condition利率平价条件Rate of appreciation升值率Rate of depreciation贬值率Real rate of return实际收益率Spot exchange rate即期汇率Vehicle currency载体货币Foreign exchange外汇Chapter 10 Money, Interest Rates, and Exchange ratesMoney Supply 货币供给Money Demand 货币需求Short-Run Price Rigidity 短期价格粘性Long-run Price Flexibility 长期灵活价格permanent increase in the U.S. money supply 货币供给永久性增长overshooting 超调Chapter 11 Price Levels and the Exchange Rate in the Long Run Law of one price 一价定律Nominal exchange rate 名义汇率Nominal interest rate 名义利率Purchasing power parity 购买力平价Real appreciation实际升值Real depreciation 实际贬值Real exchange rate 实际汇率Relative PPP相对购买力平价Market rigidity市场刚性Price rigidity价格刚性Price stickiness价格粘性Chapter 12 Output and the Exchange Rate in the Short Run Aggregate demand 总需求Fiscal policy 财政政策J-curve J曲线Real exchange rate 实际汇率Real appreciation 实际升值Real depreciation 实际贬值Chapter 13 Fixed, Floating Exchange Rate and Policies Effects Sterilization冲销Sterilized foreign exchange intervention冲销性外汇干预Devaluation法定贬值Revaluation法定升值Clean float 清洁浮动Dirty float 肮脏浮动Capital flight 资本抽逃Chapter 14 The Theory of Optimum Currency Areas optimumcurrency areas 最优货币区Monetary efficiency gain 货币效率收益Economic integration 经济一体化Floating exchange rate 浮动汇率Fixed exchange rate 固定汇率。
国际经济学题库(英文版)
Part Ⅰ。
Fill in the blank with suitable content.1.Seven themes recur throughout the study of international economics. These are the gains from trade ， the pattern of trade ， protectionism the balance of payments ， exchange rate determination ， international policy coordination ， international capital market.2。
Countries engage in international trade for two basic reasons ： comparative advantage and economics of scale 。
3。
A country has a comparative advantage in producing a good if the opportunity cost of producing that good in terms of other goods is lower in that country than it is in other countries.4。
Labor is the only one factor of production. LC a 、LW a and *LC a 、*LW a are the unit labor requirement in cheese and wine at Home and Foreign ， respectively 。
If aLC/aLW<aLC*/aLW* ， Home has a comparative advantage in cheese 。
国际经济学英文版（第八版）章节练习第一章
国际经济学英⽂版（第⼋版）章节练习第⼀章International Economics, 8e (Krugman)Chapter 1 Introduction1.1 What Is International Economics About?1) Historians of economic thought often describe ________ written by ________ and published in ________ as the first real exposition of an economic model.A) ”Of the Balance of Trade,” David Hume, 1776B) ”Wealth of Nations,” David Hume, 1758C) ”Wealth of Nations,” Adam Smith, 1758D) ”Wealth of Nations,” Adam Smith, 1776E) ”Of the Balance of Trade,” David Hume, 1758Answer: E2) 2)Ancient theories of international economics from the 18th and 19th Centuries areA) not relevant to current policy analysis.B) are only of moderate relevance in today’s modern international economy.C) are highly relevant in today’s modern international economy.D) are the only theories that actually relevant to modern international economy.E) are not well understood by modern mathematically oriented theorists.Answer: C3) An important insight of international trade theory is that when countries exchange goods and services one with the other itA) is always beneficial to both countries.B) is usually beneficial to both countries.C) is typically beneficial only to the low wage trade partner country.D) is typically harmful to the technologically lagging country.E) tends to create unemployment in both countries.Answer: B4) If there are large disparities in wage levels between countries, thenA) trade is likely to be harmful to both countries.B) trade is likely to be harmful to the country with the high wages.C) trade is likely to be harmful to the country with the low wages.D) trade is likely to be harmful to neither country.E) trade is likely to have no effect on either country.Answer: D5) Who sells what to whomA) has been a major preoccupation of international economics.B) is not a valid concern of international economics.C) is not considered important for government foreign trade policy since such decisions are made in the private competitive market.D) is determined by political rather than economic factors.E) None of the aboveAnswer: A6) The insight that patterns of trade are primarily determined by international differences in labor productivity was first proposed byA) Adam Smith.B) David Hume.C) David Ricardo.D) Eli Heckscher.E) Lerner and Samuelson. Answer: C7) The euro, a common currency for most of the nations of Western Europe, was introducedA) before 1900.B) before 1990.C) before 2000.D) in order to snub the pride of the U.S.E) None of the above.Answer: C8) For the 50 years preceding 1994, international trade policies have been governedA) by the World Trade Organization.B) by the International Monetary Fund.C) by the World.D) by an international treaty known as the General Agreement on Tariffs and Trade (GATT).E) None of the above.Answer: D9) The international capital market isA) the place where you can rent earth moving equipment anywhere in the world.B) a set of arrangements by which individuals and firms exchange money now for promises to pay in the future.C) the arrangement where banks build up their capital by borrowing from the Central Bank.D) the place where emerging economies accept capital invested by banks.E) None of the above.Answer: B10) Since 1994, trade rules have been enforced byA) the WTO.B) the G10.C) the GATT.D) The U.S. Congress.E) None of the above.Answer:A11) Cost-benefit analysis of international tradeA) is basically useless.B) is empirically intractable.C) focuses attention primarily on conflicts of interest within countries.D) focuses attention on conflicts of interests between countries.E) None of the above.Answer: C12) An improvement in a country’s balance of payments means a decrease in its balance of payments deficit, or an increase in its surplus. In fact we know that a surplus in a balance of paymentsA) is good.B) is usually good.C) is probably good.D) may be considered bad.E) is always bad.Answer: D13) The GATT wasA) an international treaty.B) an international U.N. agency.C) an international IMF agency.D) a U.S. government agency.E) a collection of tariffs.Answer: A14) International economics can be divided into two broad sub-fieldsA) macro and micro.B) developed and less developed.C) monetary and barter.D) international trade and international money.E) static and dynamic.Answer: DInternational Economics, 8e (Krugman)Chapter 2 World Trade: An Overview2.1 Who Trades with Whom?1) What percent of all world production of goods and services is exported to other countries?A) 10%B) 30%C) 50%D) 100%E) None of the above.Answer: B2) The gravity model offers a logical explanation for the fact thatA) trade between Asia and the U.S. has grown faster than NAFTA trade.B) trade in services has grown faster than trade in goods.C) trade in manufactures has grown faster than in agricultural products.D) Intra-European Union trade exceeds International Trade of the European Union.E) None of the above.Answer: D3) According to the gravity model, a characteristic that tends to affect the probability of trade existing betweenany two countries isA) their cultural affinity.B) the average weight/value of their traded goods.C) their colonial-historical ties.D) the distance between them.E) the number of varieties produced on the average by their industries.Answer: D4) Why does the gravity model work?A) Large economies became large because they were engaged in international trade.B) Large economies have relatively large incomes, and hence spend more on government promotion of trade and investment.C) Large economies have relatively larger areas which raises the probability that a productive activity will take place within the borders of that country.D) Large economies tend to have large incomes and tend to spend more on imports.E) None of the above.Answer: D5) The two neighbors of the United States do a lot more trade with the United States than European economiesof equal size.A) This contradicts predictions from gravity models.B) This is consistent with predictions from gravity models.C) This is relevant to any inferences that may be drawn from gravity models.D) This is because these neighboring countries have exceptionally large GDPs.E) None of the above.Answer: B6) Since World War II (the early 1950s), the proportion of most countries' production being used in some other countryA) remained constant.B) increased.C) decreased.D) fluctuated widely with no clear trend.E) both A and D above.Answer: B7) Since World War II, the relative importance of raw materials, including oil, in total world tradeA) remained constant.B) increased.C) decreased.D) fluctuated widely with no clear trendE) both A and D above.Answer: C8) In the current Post-Industrial economy, international trade in services (including banking and financial services)A) dominates world trade.B) does not exist.C) is relatively small.D) is relatively stagnant.E) None of the above.Answer: C9) In the pre-World War I period, the U.S. exported primarilyA) manufactured goods.B) services.C) primary products including agricultural.D) technology intensive products.E) None of the above.Answer: C10) In the pre-World War I period, the United Kingdom exported primarilyA) manufactured goods.B) services.C) primary products including agricultural.D) technology intensive products.E) None of the above.Answer:A11) In the present, most of the exports from China are inA) manufactured goods.B) services.C) primary products including agricultural.D) technology intensive products.E) None of the above.Answer: AInternational Economics, 8e (Krugman)Chapter 3 Labor Productivity and Comparative Advantage: The Ricardian Model1) Trade between two countries can benefit both countries ifA) each country exports that good in which it has a comparative advantage.B) each country enjoys superior terms of trade.C) each country has a more elastic demand for the imported goods.D) each country has a more elastic supply for the exported goods.E) Both C and D.Answer: A2) In order to know whether a country has a comparative advantage in the production of one particular product we need information on at least ________ unit labor requirementsA) oneB) twoC) threeD) fourE) fiveAnswer: D3) A country engaging in trade according to the principles of comparative advantage gains from trade because itA) is producing exports indirectly more efficiently than it could alternatively.B) is producing imports indirectly more efficiently than it could domestically.C) is producing exports using fewer labor units.D) is producing imports indirectly using fewer labor units.E) None of the above.Answer: B4) Given the information in the table above, if it is ascertained that Foreign uses prison-slave labor to produce its exports, then home shouldA) export cloth.B) export widgets.C) export both and import nothing.D) export and import nothing.E) All of the above.Answer: A5) Given the information in the table above, if the Home economy suffered a meltdown, and theUnit Labor Requirements doubled to 30 for cloth and 60 for widgets then home shouldA) export cloth.B) export widgets.C) export both and import nothing.D) export and import nothing.E) All of the above.Answer: A6) The earliest statement of the principle of comparative advantage is associated withA) David Hume.B) David Ricardo.C) Adam Smith.D) Eli Heckscher.E) Bertil Ohlin.Answer: B7) The Gains from Trade associated with the principle of Comparative Advantage depends onA) the trade partners must differ in technology or tastes.B) there can be no more goods traded than the number of trade partners.C) there may be no more trade partners than goods traded.D) All of the above.E) None of the above.Answer: A8) The Ricardian model demonstrates thatA) trade between two countries will benefit both countries.B) trade between two countries may benefit both regardless of which good each exports.two countries may benefit both if each exports the product in which it has a comparative advantage. C)trade betweenD) trade between two countries may benefit one but harm the other.E) None of the above.Answer: C9) Given the information in the table aboveA) neither country has a comparative advantage.B) Home has a comparative advantage in cloth.C) Foreign has a comparative advantage in cloth.D) Home has a comparative advantage in widgets.E) Home has a comparative advantage in both products.Answer: B10) Given the information in the table above, if wages were to double in Home, then Home shouldA) export cloth.B) export widgets.C) export both and import nothing.D) export and import nothing.E) All of the above.Answer: A11) In a two product two country world, international trade can lead to increases inA) consumer welfare only if output of both products is increased.B) output of both products and consumer welfare in both countries.C) total production of both products but not consumer welfare in both countries.D) consumer welfare in both countries but not total production of both products.E) None of the above.Answer: B12) A nation engaging in trade according to the Ricardian model will find its consumption bundleA) inside its production possibilities frontier.B) on its production possibilities frontier.C) outside its production possibilities frontier.D) inside its trade-partner's production possibilities frontier.E) on its trade-partner's production possibilities frontier.Answer: C13) In the Ricardian model, if a country's trade is restricted, this will cause all except which?A) limit specialization and the division of laborB) reduce the volume of trade and the gains from tradeC) cause nations to produce inside their production possibilities curvesD) may result in a country producing some of the product of its comparative disadvantageE) None of the above.Answer: C14) If the world terms of trade for a country are somewhere between the domestic cost ratio of Hand that of F, thenA) country H but not country F will gain from trade.B) country H and country F will both gain from trade.C) neither country H nor F will gain from trade.D) only the country whose government subsidizes its exports will gain.E) None of the above.Answer: B15) According to Ricardo, a country will have a comparative advantage in the product in which itsA) labor productivity is relatively low.B) labor productivity is relatively high.C) labor mobility is relatively low.D) labor mobility is relatively high.E) None of the above.Answer: B16)Assume that labor is the only factor of production and that wages in the United States equal $20 per hour while wages in Japan are $10 per hour. Production costs would be lower in the United States as compared to Japan ifA) U.S. labor productivity equaled 40 units per hour and Japan's 15 units per hour.B) U.S. productivity equaled 30 units per hour whereas Japan's was 20.C) U.S. labor productivity equaled 20 and Japan's 30.D) U.S. labor productivity equaled 15 and Japan's 25 units per hour.E) None of the above.Answer: A17) Let us define the real wage as the purchasing power of one hour of labor. In the Ricardian 2X2 model, if twocountries under autarky engage in trade thenA) the real wage will not be affected since this is a financial variable.B) the real wage will increase only if a country attains full specialization.C) the real wage will increase in one country only if it decreases in the other.D) the real wage will rise in both countries.E) None of the above.Answer: D18) In a two country and two product Ricardian model, a small country is likely to benefit more than the largecountry becauseA) the large country will wield greater political power, and hence will not yield to market signals.B) the small country is less likely to trade at price equal or close to its autarkic (domestic) relative prices.C) the small country is more likely to fully specialize.D) the small country is less likely to fully specialize.E) None of the above.Answer: B19) An examination of the Ricardian model of comparative advantage yields the clear result thattrade is (potentially) beneficial for each of the two trading partners since it allows for anexpanded consumption choice for each. However, for the world as a whole the expansion ofproduction of one product must involve a decrease in the availability of the other, so that it isnot clear that trade is better for the world as a whole as compared to an initial situation ofnon-trade (but efficient production in each country). Are there in fact gains from trade for theworld as a whole? Explain.Answer: If we were to combine the production possibility frontiers of the two countries to create a single world production possibility frontier, then it is true that any change in production points (from autarky tospecialization with trade) would involve a tradeoff of one good for another from the world'sperspective. In other words, the new solution cannot possibly involve the production of more of bothgoods. However, since we know that each country is better off at the new solution, it must be true thatthe original points were not on the trade contract curve between the two countries, and it was in factpossible to make some people better off without making others worse off, so that the new solutiondoes indeed represent a welfare improvement from the world's perspective.20）Given the information in the table above. What is the opportunity cost of Cloth in terms of Widgets in Foreign? Answer: One half a widget.21) Given the information in the table above. If these two countries trade these two goods in the context of the Ricardian model of comparative advantage, then what is the lower limit of the world equilibrium price of widgets? Answer: 1/2 Cloths.22) Given the information in the table above. If these two countries trade these two goods with each other incontext of the Ricardian model of comparative advantage, what is the lower limit for the price of cloth? Answer: One half a widget.23) Given the information in the table above. What is the opportunity cost of cloth in terms of Widgets inForeign?Answer: 2 widgets.24) If a production possibilities frontier is bowed out (concave to the origin), then production occurs underconditions ofA) constant opportunity costs.B) increasing opportunity costs.C) decreasing opportunity costs.D) infinite opportunity costs.E) None of the above.Answer: B25) If the production possibilities frontier of one the trade partners ("Country A") is bowed out (concave to theorigin), then increased specialization in production by that country willA) increase the economic welfare of both countries.B) increase the economic welfare of only Country A.C) decrease the economic welfare of Country A.D) decrease the economic welfare of Country B.E) None of the above.Answer: A26)If one country's wage level is very high relative to the other's (the relative wage exceeding the relative productivity ratios), thenA) it is not possible that producers in each will find export markets profitable.B) it is not possible that consumers in both countries will enhance their respective welfares throughimports.C) it is not possible that both countries will find gains from trade.D) it is possible that both will enjoy the conventional gains from trade.E) None of the above.Answer: D27) In a two-country, two-product world, the statement "Germany enjoys a comparative advantageover France in autos relative to ships" is equivalent toA) France having a comparative advantage over Germany in ships.B) France having a comparative disadvantage compared to Germany in autos and ships.C) Germany having a comparative advantage over France in autos and ships.D) France having no comparative advantage over Germany.E) None of the above.Answer: A28) Suppose the United states production possibility frontier was flatter to the widget axis, whereasGermany's was flatter to the butter axis. We now learn that the German wage doubles, but U.S.wages do not change at all. We now know thatA) the United States has no comparative advantage.B) Germany has a comparative advantage in butter.C) the United States has a comparative advantage in butter.D) Not enough information is given.E) None of the above.Answer: B29) We know that in antiquity, China exported silk because no-one in any other country knew how to producethis product. From this information we learn thatA) China enjoyed a comparative advantage in silk.B) China enjoyed an absolute advantage, but not a comparative advantage in silk.C) no comparative advantage exists because technology was not diffused.D) China should have exported silk even though it had no comparative advantage.E) None of the above.Answer: A30) The evidence cited in the chapter using the examples of the East Asia New IndustrializingCountries suggests that as international productivities converge, so do international wage levels.Why do you suppose this happened for the East Asian NICs? In light of your answer, what doyou think is likely to happen to the relative wages (relative to those in the United States) ofChina in the coming decade? Explain your reasoning.Answer: Following the logic of the Ricardian model of comparative advantage, the East Asian countries played to their respective comparative advantages. This allowed the world demand to provide excessdemands for their relatively abundant labor, which in turn tended to raise these wages. If Chinafollows the same pattern, their wages levels should also be expected over time to converge to those intheir industrialized country markets.Answers to Textbook Problems1. a. The production possibility curve is a straight line that intercepts the apple axis at 400(1200/3)and the banana axis at 600(1200/2).b. The opportunity cost of apples in terms of bananas is 3/2. It takes three units of labor toharvest an apple but only two units of labor to harvest a banana. If one foregoes harvesting an apple,this frees up three units of labor. These 3 units of labor could then be used to harvest 1.5 bananas.c. Labor mobility ensures a common wage in each sector and competition ensures the price ofgoods equals their cost of production. Thus, the relative price equals the relative costs, which equalsthe wage times the unit labor requirement for apples divided by the wage times the unit laborrequirement for bananas. Since wages are equal across sectors, the price ratio equals the ratio of the unit labor requirement, which is 3 apples per 2 bananas. 2. a. The production possibility curve is linear, with the intercept on the apple axis equal to 160(800/5) and the intercept on the banana axis equal to 800(800/1).b. The world relative supply curve is constructed by determining the supply of apples relative to the supply of bananas at each relative price. The lowest relative price at which apples are harvested is 3 apples per 2 bananas. The relative supply curve is flat at this price. The maximum number of apples supplied at the price of 3/2 is 400 supplied by Home while, at this price, Foreign harvests 800 bananas and no apples, giving a maximum relative supply at this price of 1/2. This relative supply holds for any price between 3/2 and 5. At the price of 5, both countries would harvest apples. The relative supply curve is again flat at 5. Thus, the relative supply curve is step shaped, flat at the price 3/2 from the relative supply of 0 to 1/2, vertical at the relative quantity 1/2 rising from 3/2 to 5, and then flat again from 1/2 to infinity.International Economics, 8e (Krugman)Chapter 4 Resources, Comparative Advantage, and Income Distribution1) In the 2-factor, 2 good Heckscher-Ohlin model, an influx of workers from across the border wouldA) move the point of production along the production possibility curve.B) shift the production possibility curve outward, and increase the production of both goods.C) shift the production possibility curve outward and decrease the production of the labor-intensiveproduct.D) shift the production possibility curve outward and decrease the production of the capital-intensiveproduct.E) None of the above.Answer: D2) In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differ inA) tastes.B) military capabilities.C) size.D) relative availabilities of factors of production.E) labor productivities.Answer: D3) The Heckscher-Ohlin model differs from the Ricardian model of Comparative Advantage in that the formerA) has only two countries.B) has only two products.C) has two factors of production.D) has two production possibility frontiers (one for each country).E) None of the above.Answer: C4) "A good cannot be both land- and labor-intensive." Discuss.Answer: In a two good, two factor model, such as the original Heckscher-Ohlin framework, the factorintensities are relative intensities. Hence, the relevant statistic is either workers per acre (or acres perworker); or wage per rental unit (or rental per wage). In order to illustrate the logic of the statementabove, let us assume that the production of a broom requires 4 workers and 1 acre. Also, let us assumethat the production of one bushel of wheat requires 40 workers and 80 acres. In this case the acres perperson required to produce a broom is one quarter, whereas to produce a bushel of wheat requires 2 acres per person. The wheat is therefore (relatively) land intensive, and the broom is (relatively) labor intensive.5) "No country is abundant in everything." Discuss.Answer: The concept of relative (country) factor abundance is (like factor intensities) a relative concept. When we identify a country as being capital intensive, we mean that it has more capital per worker than doesthe other country. If one country has more capital worker than another, it is an arithmeticimpossibility that it also has more workers per unit capital.6) Refer to above figure. Can you guess which group of producers in Country P might lobby against free trade? Answer:In Country P, the owners of the relatively scarce factor of production are the owners of capital. Their relative and realincomes will decrease, and so they may well attempt to lobby for protectionism, which may prevent the country frommoving to a free trade equilibrium.An Economy can produce good 1 using labor and capital and good 2 using labor and land. The total supply of labor is 100 units. Given the supply of capital, the outputs of the two goods depends on labor input as follows:7) Refer to the table above.(a) Graph the production functions for good 1 and good 2(b) Graph the production possibility frontier. Why is it curved?Answer: The production possibility frontier is curved because of the diminishing returns associated with the expansion of output in the short run in each of the two industries.8) In the 2-factor, 2 good Heckscher-Ohlin model, a change from autarky (no trade) to trade will benefit theowners ofA) capital.B) the relatively abundant factor of production.C) the relatively scarce factor of production.D) the relatively inelastic factor of production.E) the factor of production with the largest elasticity of substitution.Answer: B9) According to the Heckscher-Ohlin model, the source of comparative advantage is a country'sA) technology.B) advertising.C) human capital.D) factor endowments.E) Both A and B.Answer: D10) The Hechscher-Ohlin model states that a country will have a comparative advantage in the good or servicewhose production is relatively intensive in the ________ with which the country is relatively abundant.A) tastesB) technologyC) factor of productionD) opportunity costE) scale economyAnswer: C11) According to the Hecksher-Ohlin model,A) everyone automatically gains from trade.B) the scarce factor necessarily gains from trade.C) the gainers could compensate the losers and still retain gains.D) a country gains if its exports have a high value added.E) None of the above.Answer:CAssume that only two countries, A and B, exist.12) Refer to the table above. If good S is capital intensive, then following the Heckscher-Ohlin Theory,A) country A will export good S.B) country B will export good S.C) both countries will export good S.D) trade will not occur between these two countries.E) Insufficient information is given.Answer: B13) In international-trade equilibrium in the Heckscher-Ohlin model,A) the capital rich country will charge less for the capital intensive good than the price paid by the capital poor country for the capital-intensive good.B) the capital rich country will charge the same price for the capital intensive good as that paid for it by the capital poor country.C) the capital rich country will charge more for the capital intensive good than the price paid by the capital poor country for the capital-intensive good.D) the workers in the capital rich country will earn more than those in the poor country.E) the workers in the capital rich country will earn less than those in the poor country.Answer: B14) The Heckscher-Ohlin model predicts all of the following exceptA) which country will export which product.B) which factor of production within each country will gain from trade.C) the volume of trade.D) that wages will tend to become equal in both trading countries.。
International Economics chap 02(克鲁格曼国际经济学英文版)
Theory and Policy (Ninth Edition) Paul R. Krugman 黄卫平 彭刚
Chapter 2 Specific Factors and Income Distribution
CONTENTS
01
Understand how a mobile factor will Respond to price changes by mபைடு நூலகம்ving Across sectors?
1 2
LC2
3
AA
Labor Input in cloth, Lc
1 2
Production Possibility Frontier, PPF
BB（slope= -PC/ PF ,the minus relative 3 price of cloth）
QC2
Output of cloth, Qc
Production function for cloth
The same: MPLF×PF=w= MPLC×PC, or -MPLF/MLPC= -PC/ PF
Wage rate, w
10% PC increase
10% w increase
Labor used in cloth, LC
Price, wages and labor allocation-an equal-proportional change in prices
The main reasons that international trade has strong effects on the distribution of income are: 1. A short-run consequence of trade 2. A long-run consequence of trade
国际经济学英文版选择题
Multiple-Choice Questions Ch.2（已学，可参考）1.The Mercantilists did not advocate:a. free tradeb. stimulating the nation's exportsc. restricting the nations' importsd. the accumulation of gold by the nation2.According to Adam Smith, international trade was based on:a. absolute advantageb. comparative advantagec. both absolute and comparative advantaged. neither absolute nor comparative advantage3.What proportion of international trade is based on absolute advantage?a. Allb. mostc. somed. none4.The commodity in which the nation has the smallest absolute disadvantage isthe commodityof its:a. absolute disadvantageb. absolute advantagec. comparative disadvantaged. comparative advantage5.If in a two-nation (A and B), two-commodity (X and Y) world, it isestablished that nationA has a comparative advantage in commodity X, then nationB must have:a. an absolute advantage in commodity Yb. an absolute disadvantage in commodity Yc. a comparative disadvantage in commodity Yd. a comparative advantage in commodity Y6.If with one hour of labor time nation A can produce either 3X or 3Y whilenation B canproduce either 1X or 3Y (and labor is the only input):a. nation A has a comparative disadvantage in commodity Xb. nation B has a comparative disadvantage in commodity Yc. nation A has a comparative advantage in commodity Xd. nation A has a comparative advantage in neither commodity7. With reference to the statement in Question 6:a. Px/Py=1 in nation Ab. Px/Py=3 in nation Bc. Py/Px=1/3 in nation Bd. all of the above8. With reference to the statement in Question 6, if 3X is exchanged for 3Y:a. nation A gains 2Xb. nation B gains 6Yc. nation A gains 3Yd. nation B gains 3Y9.With reference to the statement of Question 6, the range of mutuallybeneficial tradebetween nation A and B is:a. 3Y < 3X < 5Yb. 5Y < 3X < 9Yc. 3Y < 3X < 9Yd. 1Y < 3X < 3Y10. If domestically 3X=3Y in nation A, while 1X=1Y domestically in nation B:a. there will be no trade between the two nationsb. the relative price of X is the same in both nationsc. the relative price of Y is the same in both nationsd. all of the above11. Ricardo explained the law of comparative advantage on the basis of:a. the labor theory of valueb. the opportunity cost theoryc. the law of diminishing returnsd. all of the above12. Which of the following statements is true?a. The combined demand for each commodity by the two nations is negatively slopedb. the combined supply for each commodity by the two nations is rising stepwisec.the equilibrium relative commodity price for each commodity with tradeis given by theintersection of the demand and supply of each commodity by the two nationsd. all of the above13. A difference in relative commodity prices between two nations can be based upon adifference in:a. factor endowmentsb. technologyc. tastesd. all of the above14. In the trade between a small and a large nation:a. the large nation is likely to receive all of the gains from tradeb. the small nation is likely to receive all of the gains from tradec. the gains from trade are likely to be equally sharedd. we cannot say15. The Ricardian trade model has been empiricallya. verifiedb. rejectedc. not testedd. tested but the results were inconclusiveMultiple-Choice Questions ch.5（已学，可参考）1. The H-O model extends the classical trade model by:a. explaining the basis for comparative advantageb. examining the effect of trade on factor pricesc. both a and bd. neither a nor b2. Which is not an assumption of the H-O modela. the same technology in both nationsb. constant returns to scalec. complete specializationd. equal tastes in both nations3. With equal technology nations will have equal K/L in production if:a. factor prices are the sameb. tastes are the samec. production functions are the samed. all of the above4. We say that commodity Y is K-intensive with respect to X when:a. more K is used in the production of Y than Xb. less L is used in the production of Y than Xc. a lower L/K ratio is used in the production of Y than Xd. a higher K/L is used in the production of X than Y5. When w/r falls, L/Ka. falls in the production of both commoditiesb. rises in the production of both commoditiesc. can rise or falld. is not affected6. A nation is said to have a relative abundance of K if it has a:a. greater absolute amount of Kb. smaller absolute amount of Lc. higher L/K ratiod. lower r/w7. A difference in relative commodity prices between nations can be based ona difference in:a. technologyb. factor endowmentsc. tastesd. all of the above8. In the H-O model, international trade is based mostly on a difference in:a. technologyb. factor endowmentsc. economies of scaled. tastes9. According to the H-O-S model, trade reduces international differences in:a. relative but not absolute factor pricesb. absolute but not relative factor pricesc. both relative and absolute factor pricesd. neither relative nor absolute factor prices10. According to the H-O-S model, international trade will:a. reduce international differences in per capita incomesb. increases international differences in per capita incomesc. may increase or reduce international differences in per capita incomesd. lead to complete specialization11. The H-O model is a general equilibrium model because it deals with:a. production in both nationsb. consumption in both nationsc. trade between the two nationsd. all of the above12. The H-O model is a simplification of the a truly general equilibrium modelbecause it deals with:a. two nationsb. two commoditiesc. two factors of productiond. all of the above13. The Leontief paradox refers to the empirical finding that U.S.a. import substitutes are more K-intensive than exportsb. imports are more K-intensive than exportsc. exports are more L-intensive than importsd. exports are more K-intensive than import substitutes14. From empirical studies, we conclude that the H-O theory:a. must be rejectedb. must be accepted without reservationsc. can be accepted while awaiting further testingd. explains all international trade15. For factor reversal to occur, two commodities must be produced with:a. sufficiently different elasticity of substitution of factorsb. the same K/L ratioc. technologically-fixed factor proportionsd. equal elasticity of substitution of factorsMultiple-Choice Questions Ch. 6: （已学，可参考）1. Relaxing the assumptions on which the Heckscher-Ohlin theory rests:a. leads to rejection of the theoryb. leaves the theory unaffectedc. requires complementary trade theoriesd. any of the above.1.Which of the following assumptions of the Heckscher-Ohlin theory, whenrelaxed, leavethe theory unaffected?a. Two nations, two commodities, and two factorsb. both nations use the same technologyc. the same commodity is L-intensive in both nationsd. all of the above2.Which of the following assumptions of the Heckscher-Ohlin theory, whenrelaxed,require new trade theories?a. Economies of scaleb. incomplete specializationc. similar tastes in both nationsd. the existence of transportation costs3.International trade can be based on economies of scale even if both nationshave identical:a. factor endowmentsc. technologyd. all of the above5. A great deal of international trade:a. is intra-industry tradeb. involves differentiated productsc. is based on monopolistic competitiond. all of the above6. The Heckscher-Ohlin and new trade theories explains most of the trade:a. among industrial countriesb. between developed and developing countriesc. in industrial goodsd. all of the above4.The theory that a nation exports those products for which a large domesticmarket existswas advanced by:a. Linderb. Vernonc. Leontiefd. Ohlin8. Intra-industry trade takes place:a. because products are homogeneousb. in order to take advantage of economies of scalec. because perfect competition is the prevalent form of market organizationd. all of the above1.If a nation exports twice as much of a differentiated product that it imports,its intra-industry (T) index is equal to:a. 1.00b. 0.75d. 0.2510. Trade based on technological gaps is closely related to:a. the H-O theoryb. the product-cycle theoryc. Linder's theoryd. all of the above11. Which of the following statements is true with regard to the product-cycle theory?a. It depends on differences in technological changes over time among countriesb. it depends on the opening and the closing of technological gaps among countriesc. it postulates that industrial countries export more advanced products to lessadvanced countriesd. all of the above12. Transport costs:a. increase the price in the importing countryb. reduces the price in the exporting countryc. both of the aboved. neither a nor b.13. Transport costs can be analyzed:a. with demand and supply curvesb. production frontiersc. offer curvesd. all of the above14. The share of transport costs will fall less heavily on the nation:a. with the more elastic demand and supply of the traded commodityb. with the less elastic demand and supply of the traded commodityc. exporting agricultural productsd. with the largest domestic market15. A footloose industry is one in which the product:a. gains weight in processingb. loses weight in processingc. both of the aboved. neither a nor b.Multiple-Choice Questions Ch. 7（已学，可参考）1. Dynamic factors in trade theory refer to changes in:a. factor endowmentsb. technologyc. tastesd. all of the above2. Doubling the amount of L and K under constant returns to scale:a. doubles the output of the L-intensive commodityb. doubles the output of the K-intensive commodityc. leaves the shape of the production frontier unchangedd. all of the above.3. Doubling only the amount of L available under constant returns to scale:a. less than doubles the output of the L-intensive commodityb. more than doubles the output of the L-intensive commodityc. doubles the output of the K-intensive commodityd. leaves the output of the K-intensive commodity unchanged4. The Rybczynski theorem postulates that doubling L at constant relative commodity prices:a. doubles the output of the L-intensive commodityb. reduces the output of the K-intensive commodityc. increases the output of both commoditiesd. any of the above5. Doubling L is likely to:a. increases the relative price of the L-intensive commodityb. reduces the relative price of the K-intensive commodityc. reduces the relative price of the L-intensive commodityd. any of the above6. Technical progress that increases the productivity of L proportionately more than theproductivity of K is called:a. capital savingb. labor savingc. neutrald. any of the above7. A 50 percent productivity increase in the production of commodity Y:a. increases the output of commodity Y by 50 percentb. does not affect the output of Xc. shifts the production frontier in the Y direction onlyd. any of the above8. Doubling L with trade in a small L-abundant nation:a. reduces the nation's social welfareb. reduces the nation's terms of tradec. reduces the volume of traded. all of the above9. Doubling L with trade in a large L-abundant nation:a. reduces the nation's social welfareb. reduces the nation's terms of tradec. increases the volume of traded. all of the above10. If, at unchanged terms of trade, a nation wants to trade more after growth, then thenation's terms of trade can be expected to:a. deteriorateb. improvec. remain unchangedd. any of the above11. A proportionately greater increase in the nation's supply of labor than of capital is likelyto result in a deterioration in the nation's terms of trade if the nation exports:a. the K-intensive commodityb. the L-intensive commodityc. either commodityd. both commodities12. Technical progress in the nation's export commodity:a. may reduce the nation's welfareb. will reduce the nation's welfarec. will increase the nation's welfared. leaves the nation's welfare unchanged13. Doubling K with trade in a large L-abundant nation:a. increases the nation's welfareb. improves the nation's terms of tradec. reduces the volume of traded. all of the above14. An increase in tastes for the import commodity in both nations:a. reduces the volume of tradeb. increases the volume of tradec. leaves the volume of trade unchangedd. any of the above15. An increase in tastes of the import commodity of Nation A:a. will reduce the terms of trade of Nation Ab. will increase the terms of trade of Nation Ad. any of the aboveMultiple-choice Questions Ch.8（已学，可参考）1. Which of the following statements is incorrect?a.An ad valorem tariff is expressed as a percentage of the value of thetradedcommodityb. a specific tariff is expressed as a fixed sum of the value of the traded commodity.c. export tariffs are prohibited by the U.S. Constitutiond. The U.S. uses exclusively the specific tariff2. A small nation is one:a. which does not affect world price by its tradingb. which faces an infinitely elastic world supply curve for its import commodityb.whose consumers will pay a price that exceeds the world price by theamount of thetariffd. all of the above3. If a small nation increases the tariff on its import commodity, its:a. consumption of the commodity increasesb. production of the commodity decreasesc. imports of the commodity increased. none of the above4.The increase in producer surplus when a small nation imposes a tariff ismeasured by thearea:a. to the left of the supply curve between the commodity price with and without thetariffb. under the supply curve between the quantity produced with andc. under the demand curve between the commodity price with and without the tariffd. none of the above.5. If a small nation increases the tariff on its import commodity:a. the rent of domestic producers of the commodity increasesb. the protection cost of the tariff decreasesc. the deadweight loss decreasesd. all of the above6. Which of the following statements is incorrect with respect to the rate of effectiveprotection?a. for given values of ai and ti, g is larger the greater is tb. for a given value of t and ti, g is larger the greater is a ic. g exceeds, is equal to or is smaller than t, as t i is smaller than, is equalto or islarger than td. when a i t i exceeds t, the rate of effective protection is positive7. With a i=50%, t i=0, and t=20%, g is:a. 40%b. 20%c. 80%d. 08. The imposition of an import tariff by a small nation:a. increases the relative price of the import commodity for domestic producers andconsumersb.reduces the relative price of the import commodity for domesticproducers andconsumersc. increases the relative price of the import commodity for the nation as a wholed. any of the above is possible9. The imposition of an import tariff by a small nation:a. increases the nation's welfareb. reduces the nation's welfarec. leaves the nation's welfare unchangedd. any of the above is possible10. According to the Stolper-Samuelson theorem, the imposition of a tariff by a nation:a. increases the real return of the nation's abundant factorb. increases the real return of the nation's scarce factorc. reduces the real return of the nation's scarce factord. any of the above is possible11. The imposition of an import tariff by a nation results in:a. an increase in relative price of the nation's import commodityb. an increase in the nation's production of its importable commodityc. reduces the real return of the nation's abundant factord. all of the above12. The imposition of an import tariff by a nation can be represented by a rotation of the:a. nation's offer curve away from the axis measuring the commodity of its comparativeadvantageb.the nation's offer curve toward the axis measuring the commodity of itscomparativeadvantagec.the other nation's offer curve toward the axis measuring the commodityof itscomparative advantaged.the other nation's offer curve away from the axis measuring thecommodity of itscomparative advantage13. The imposition of an import tariff by a large nation:a. increases the nation's terms of tradec. may increase or reduce the nation's welfared. all of the above14. The imposition of an optimum tariff by a large nation:a. improves its terms of tradeb. reduces the volume of tradec. increases the nation's welfared. all of the above15. The optimum tariff for a small nation is:a. 100%b. 50%c. 0d. depends on elasticitiesMultiple-choice Questions for Ch. 13（已学，可参考）1. Which of the following is false?a. A credit transaction leads to a payment from foreignersb. A debit transaction leads to a payment to foreignersc. A credit transaction is entered with a negative signd. Double-entry bookkeeping refers to each transaction entered twice.2. Which of the following is a debit?a. The export of goodsb. The export of servicesc. Unilateral transfers given to foreignersd. Capital inflows3. Capital inflows:a. refer to an increase in foreign assets in the nationb. refer to a reduction in the nation's assets abroadc. lead to a payment from foreignersd. all of the above4. When a U.S. firm imports goods to be paid in three months the U.S. credits:a. the current accountb. unilateral transfersc. capitald. official reserves5.The receipt of an interest payment on a loan made by a U.S. commercialbank to a foreignresident is entered in the U.S. balance of payments as a:a. credit in the capital accountb. credit in the current accountc. credit in official reservesd. debit in unilateral transfers6. The payment of a dividend by an American company to a foreign stockholder represents:a. a debit in the U.S. capital accountb. a credit in the U.S. capital accountc. a credit in the U.S. official reserve accountd. a debit in the U.S. current account7 .When a U.S. firm imports a good from England a pays for it by drawing on its poundsterling balances in a London Bank, the U.S. debits its current account and credits its:a. official reserve accountb. unilateral transfers accountc. services in its current accountd. capital account8. When the U.S. ships food aid to a developing nation, the U.S. debits:a. unilateral transfersb. servicesc. capitald. official reserves9. When the resident of a foreign nation (1) sells a U.S. stock and (2) deposits the proceeds ina U.S. bank, the U.S.:a. credits capital for (1) and debits capital for (2)b. credits the current account and debits capitalc. debits capital and credits official reservesd. debits capital for (1) and credits capital for (2)-126-1.When a U.S. resident (1) purchases a foreign treasury bill and pays by (2)drawing down hisbank balances abroad:a. debits short-term capital and credits official reservesb. debits capital for (1) and credits capital for (2)c. debits official reserves and credits capitald. credits short-term capital and debits official reserves11. From the U.S. point of view, drawing on (reducing) foreign bank balances in a New Yorkbank represents a:a. capital inflowb. capital outflowc. outflow of official reservesd. debit in the current account11. Which is not an official reserve asset of the U.S.?a. U.S. holdings of Special Drawing Rightsb. The U.S. reserve position in the International Monetary Fundc. Foreign official holdings of U.S. dollarsd. Official holdings of foreign currencies by U.S. monetary authorities13. The capital account of the U.S. includes:a. the change in U.S. assets abroad and foreign assets in the U.S.b. the change in U.S. assets abroad and foreign assets in the U.S., other than officialreserve assetsc. all financial assetsd. all but current account transactions14. Accommodating items are:b. the items below the linec. needed to balance international transactionsd. all of the above15. Which of the following is false?a. a net debit balance in the current and capital accounts measures the surplus in thenation's balance of paymentsb. a balance of payments deficit must be settled by a net credit in the official reserveaccountb.a deficit in the balance of payments can be measured by the excess ofcredits overdebits in the official reserve accountd. a net debit balance in the official reserve account refers to a surplus。
国际经济学英文教材全文翻译(DOC)
第2 章现代贸易理论的基础现代贸易理论试图回答如问题：(1) 贸易基础(basis for trade) 由什么构成--即国与国之间为什么要进和出口某些商品? (2) 商品在世界市场按什么样的贸易条件(terms of trade)( 相对价格)进行交换?(3) 从生产和消费方面来看，国际贸易收益(gains from internationa1 trade) 是什么?本章将首先毓要回顾现代贸易理论的发展历史，然后介绍分析国际贸易影响时用到的理论工具，进而探讨这些问题。
现代贸易理论的发展历史现代贸易理论是经济思想进化的产物。
重商主义以及后来的亚当•斯密和人卫•李嘉图的著作都为现代贸易理论提供了框架。
重商主义在1500-1800年间，欧洲出现了一批关注国家建设的学者。
按照重商主义(merc antists)的观点，一个吲家如何管理它的国内和国际事务以提高自身的利益，是建设国家的中心问题，而拥有一个强大的对外贸易部门则是该问题的答案。
如果一个国家能够实现贸易顺差(出口超过进口的剩余)，就可以得到世界其他国家支付的黄金和白银。
这种收入将增加消费，提高国内的产出和就业水平。
为了促成贸易顺差，重商主义学派主张政府进行贸易管制，并建议采用关税、配额和其他商业政策将进口限制在最低水平，以保护一个国家的贸易地位。
进入18世纪，重商主义的经济政策受到了强烈的攻击。
根据大卫•休谟的价格流转学说doctrine),贸易顺差只可能是短期的，会随着时间的推移自动消除。
为说明这一点，假定余，导致黄金和白银流入。
由于这些贵金属构成了英国货币供给的一部分，它们的流入会增加流通中的货币数量，从而使得英国的物价水平相对于其贸易伙伴的而言比较高。
物价水平的上升会激励英国居民购买外国生产的商品，同时英国的出口额会降低。
结果是，该国的贸易盈余最终将自动消除。
休谟的价格流转机制表明，重商主义的政策最多只能带来短期的经济优势。
重商主义学派从静态的视角分析世界经济，这也是他们遭到攻击的一个原因。
国际经济学：理论与政策(第十一版)英文版课件C09_Krugman_11e
Supply, Demand, and Trade in a Single Industry (3 of 4)
• An export supply curve is the difference between the quantity that Foreign producers supply minus the quantity that Foreign consumers demand, at each price.
PT t PT
• A tariff makes the price rise in the Home market and fall in the Foreign market.
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Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
Effects of a Tariff (3 of 4)
• Because the price in the Foreign market falls from PW under free trade to PT with the tariff, – Foreign producers supply less, and Foreign consumers demand more, so – the quantity of exports falls from QW to QT .
国际经济学：理论与政策(第十一版)英文版课件C20_Krugman_11e
Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
Gains from Trade (1 of 4)
• How have international capital markets increased the gains from trade?
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Gains from Trade (2 of 4)
• The theory of comparative advantage describes the gains from trade of goods and services for other goods and services: – With a finite amount of resources and time, use those resources and time to produce what you are most productive at (compared to alternatives), then trade those products for goods and services that you want. – Be a specialist in production, while enjoying many goods and services as a consumer through trade.
国际经济学：理论与政策(第十一版)英文版课件C01_Krugman_11e
Gains from Trade (2 of 4)
2. How could a country that is the most (least) efficient producer of everything gain from trade? ▪ Countries use finite resources to produce what most productive at (compared to their other production choices), then trade those products for what they want to consume. ▪ Countries can specialize in production, while consuming many goods and services through trade.
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What Is International Economics About? (1 of 3)
• International economics is about how nations interact through trade of goods and services, flows of money, and investment.
• International economics is an old subject, but continues to grow in importance.
国际经济学：理论与政策(第十一版)英文版课件C15_Krugman_11e
Eleventh Edition
Chapter 15 Money, Interest
Rates, and Exchange Rates
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Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
What Is Money? (3 of 3)
• Let’s group assets into monetary assets (or liquid assets) and nonmonetary assets (or illiquid assets).
15.5 Outline the relationship between the short-run and the longrun effects of monetary policy, and explain the concept of short-run exchange rate overshooting.
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Money Supply
• The central bank substantially controls the quantity of money that circulates in an economy, the money supply. – In the U.S., the central banking system is the Federal Reserve System. ▪ The Federal Reserve System directly regulates the amount of currency in circulation. ▪ It indirectly influences the amount of checking deposits, debit card accounts, and other monetary assets.
国际经济学：理论与政策(第十一版)英文版课件C17_Krugman_11e
Figure 17.1 Aggregate Demand as a Function of Output
• However, evidence indicates that for most countries the volume effect dominates the value effect after one year or less.
• Let’s assume for now that a real depreciation leads to an increase in the current account: the volume effect dominates the value effect.
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Determinants of Agregate Demand (1 of 3)
• Aggregate demand is the aggregate amount of goods and services that individuals and institutions are willing to buy: 1. consumption expenditure 2. investment expenditure 3. government purchases 4. net expenditure by foreigners: the current account
Learning Objectives (1 of 2)
国际经济学(武汉理工大学,英文版)
Further Reading Suggestions
/ / / and WTO,IMF,IBRD,ABD,UNCTAD ,WEF,IMD official websites
2014-1-28 5
Textbook
. International Economics, 10th Edition by Robert J. Carbaugh (Hardcover - 2005) Washington Central University 1 Used & new from $90.00: Buy This edition on Amazon International Economics, 7th edition.(see Review P3) Steven Husted, professor of economics at Arizona State University,coeditor of Journal of Int’l Money and Finance,Ph.D.(UCLA). Research interests:international finance Michael Melvin, professor of economics at University of Pittsburg, Ph.D (Michigan State University). Research interests:international trade policy and finance International Economics: Theory and Policy,8/e Paul R. Krugman, professor at MIT- Princeton University, Nobel Laureate for Economics in 2008 Maurice Obstfeld, professor at UCLA, MA(Cambridge)Ph.D(MIT)
国际经济学英文版(第八版)章节练习第四章
International Economics, 8e (Krugman)Chapter 4 Resources, Comparative Advantage, and Income Distribution1) In the 2-factor, 2 good Heckscher-Ohlin model, an influx of workers from across the border wouldA) move the point of production along the production possibility curve.B) s hift the production possibility curve outward, and increase the production of both goods.C) s hift the production possibility curve outward and decrease the production of the labor-intensiveproduct.D) shift the production possibility curve outward and decrease the production of the capital-intensiveproduct.E) N one of the above.Answer: D2) In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differ inA) tastes.B) m ilitary capabilities.C) s ize.D) relative availabilities of factors of production.E) l abor productivities.Answer: D3) The Heckscher-Ohlin model differs from the Ricardian model of Comparative Advantage in that the formerA) has only two countries.B) h as only two products.C) h as two factors of production.D) has two production possibility frontiers (one for each country).E) N one of the above.Answer: C4) "A good cannot be both land- and labor-intensive." Discuss.Answer: In a two good, two factor model, such as the original Heckscher-Ohlin framework, the factorintensities are relative intensities. Hence, the relevant statistic is either workers per acre (or acres perworker); or wage per rental unit (or rental per wage). In order to illustrate the logic of the statementabove, let us assume that the production of a broom requires 4 workers and 1 acre. Also, let us assumethat the production of one bushel of wheat requires 40 workers and 80 acres. In this case the acres perperson required to produce a broom is one quarter, whereas to produce a bushel of wheat requires 2acres per person. The wheat is therefore (relatively) land intensive, and the broom is (relatively) laborintensive.5) "No country is abundant in everything." Discuss.Answer: The concept of relative (country) factor abundance is (like factor intensities) a relative concept. When we identify a country as being capital intensive, we mean that it has more capital per worker than doesthe other country. If one country has more capital worker than another, it is an arithmeticimpossibility that it also has more workers per unit capital.6) Refer to above figure. Can you guess which group of producers in Country P might lobby against free trade?Answer:In Country P, the owners of the relatively scarce factor of production are the owners of capital. Their relative and real incomes will decrease, and so they may well attempt to lobby for protectionism, which may prevent the country from moving to a free trade equilibrium.An Economy can produce good 1 using labor and capital and good 2 using labor and land. The total supply of labor is 100units. Given the supply of capital, the outputs of the two goods depends on labor input as follows:7) Refer to the table above.(a) Graph the production functions for good 1 and good 2(b) Graph the production possibility frontier. Why is it curved?Answer: The production possibility frontier is curved because of the diminishing returns associated with the expansion of output in the short run in each of the two industries.8) In the 2-factor, 2 good Heckscher-Ohlin model, a change from autarky (no trade) to trade will benefit theowners ofA) capital.B) t he relatively abundant factor of production.C) t he relatively scarce factor of production.D) the relatively inelastic factor of production.E) t he factor of production with the largest elasticity of substitution.Answer: B9) According to the Heckscher-Ohlin model, the source of comparative advantage is a country'sA) technology.B) a dvertising.C) h uman capital.D) factor endowments.E) B oth A and B.Answer: D10) The Hechscher-Ohlin model states that a country will have a comparative advantage in the good or servicewhose production is relatively intensive in the ________ with which the country is relatively abundant.A) tastesB) t echnologyC) f actor of productionD) opportunity costE) s cale economyAnswer: C11) According to the Hecksher-Ohlin model,A) everyone automatically gains from trade.B) t he scarce factor necessarily gains from trade.C) t he gainers could compensate the losers and still retain gains.D) a country gains if its exports have a high value added.E) N one of the above.Answer: CAssume that only two countries, A and B, exist.12) Refer to the table above. If good S is capital intensive, then following the Heckscher-Ohlin Theory,A) country A will export good S.B) c ountry B will export good S.C) b oth countries will export good S.D) trade will not occur between these two countries.E) I nsufficient information is given.Answer: B13) In international-trade equilibrium in the Heckscher-Ohlin model,A) the capital rich country will charge less for the capital intensive good than the price paid by the capitalpoor country for the capital-intensive good.B) t he capital rich country will charge the same price for the capital intensive good as that paid for it bythe capital poor country.C) t he capital rich country will charge more for the capital intensive good than the price paid by the capitalpoor country for the capital-intensive good.D) the workers in the capital rich country will earn more than those in the poor country.E) t he workers in the capital rich country will earn less than those in the poor country.Answer: B14) The Heckscher-Ohlin model predicts all of the following exceptA) which country will export which product.B) w hich factor of production within each country will gain from trade.C) t he volume of trade.D) that wages will tend to become equal in both trading countries.E) N one of the above.Answe: C15) If Australia has relatively more land per worker, and Belgium has relatively more capital per worker, then iftrade were to open up between these two countries,A) the relative price of the capital-intensive product would rise in Australia.B) t he world price of the land-intensive product would be higher than it had been in Belgium.C) t he world price of the land intensive product would be higher than it had been in Australia.D) the relative price of the land intensive product would rise in Belgium.E) N one of the above.Answer: C16) If Australia has more land per worker, and Belgium has more capital per worker, then if trade were to openup between these two countries,A) the real income of capital owners in Australia would rise.B) t he real income of labor in Australia would clearly rise.C) t he real income of labor in Belgium would clearly rise.D) the real income of landowners in Belgium would fall.E) t he real incomes of capital owners in both countries would rise.Answer: D17) The reason trade clearly benefits a country is thatA) it raises the real income of the more productive elements in society.B) i t lowers the real income of the less productive elements in society.C) i t increases the levels of consumption of everyone.D) it increases society's consumption choices.E) N one of the above.Answer: D18) International trade leads to complete equalization of factor prices. Discuss.Answer: This statement is typically "true . . . but." Under a strict and limited set of assumptions, such as the original Heckscher-Ohlin model which excludes country specific technologies; non- homothetic tastes;factor intensity reversals; large country differences in (relative) factor abundances, more factors thangoods, and an equilibrium solution within the "cone of specialization"; then it may be demonstratedthat internal consistency demands that the above stated sentence is "true." However, the minute onerelaxes any of the above listed assumptions one may easily identify solutions, which contradict thefactor price equalization theorem.19) Starting from an autarky (no-trade) situation with Heckscher-Ohlin model, if Country H is relatively laborabundant, then once trade beginsA) wages and rents should rise in H.B) w ages and rents should fall in H.C) w ages should rise and rents should fall in H.D) wages should fall and rents should rise in H.E) N one of the above.Answer: C20) According to the Heckscher-Ohlin model, if the United States is richly endowed in human-capital relative toMexico, then as NAFTA increasingly leads to more bilateral free trade between the two countries,A) the United States will find its industrial base sucked into Mexico.B) M exico will find its relatively highly skilled workers drawn to the United States.C) t he wages of highly skilled U.S. workers will be drawn down to Mexican levels.D) the wages of highly skilled Mexican workers will rise to those in the United States.E) t he wages of highly skilled Mexican workers will fall to those in the United States.Answer: E21) International trade has strong effects on income distributions. Therefore, international tradeA) is beneficial to everyone in both trading countries.B) w ill tend to hurt one trading country.C) w ill tend to hurt some groups in each trading country.D) will tend to hurt everyone in both countries.E) w ill be beneficial to all those engaged in international trade.Answer: C22) Groups that lose from trade tend to lobby the government toA) shift the direction of comparative advantage.B) a bolish the Specific Factor model from practical application.C) p rovide public support for the relatively efficient sectors.D) provide protection for the relatively inefficient sectors.E) N one of the above.Answer: D23) The Leontieff ParadoxA) supported the validity of the Ricardian theory of comparative advantage.B) s upported the validity of the Heckscher-Ohlin model.C) f ailed to support the validity of the Ricardian theory.D) failed to support the validity of the Heckscher-Ohlin model.E) p roved that the U.S. economy is different from all others.Answer: D24) The Leontieff ParadoxA) refers to the finding that U.S. exports were more labor intensive than its imports.B) r efers to the finding that U.S. Exports were more capital intensive than its exports.C) r efers to the finding that the U.S. produces outside its Edgeworth Box.D) still accurately applies to today's pattern of U.S. international trade.E) r efers to the fact that Leontieff an American economist had a Russian name.Answer: AAnswers to TextbookProblems 2. a. The box diagram has 600 as the length of two sides (representing labor)and 60 as the length of the other two sides (representing land). There will be a ray fromeach of the two corners representing the origins. To find the slopes of these rays we usethe information from the question concerning the ratios of the production coefficients.The question states that a LC/a TC= 20 and a LF/a TF= 5.Since a LC/a TC= (L C/Q C)/(T C/Q C) =L C/T C we have L C= 20T C. Using the samereasoning, a LF/a TF= (L F/Q F)/(T F/Q F) =L F/T F and since this ratio equals 5, we have L F= 5T F. We can solve this algebraically since L=L C+ L F= 600 and T=T C+ T F= 60.The solution is L C= 400, T C= 20, L F= 200 and T F= 40.b. The dimensions of the box change with each increase in available labor, but theslopes of the rays from the origins remain the same. The solutions in the different casesare as follows.L= 800: T C= 33.33, L C= 666.67, T F= 26.67, L F= 133.33L= 1000: T C= 46.67, L C= 933.33, T F= 13.33, L F= 66.67L= 1200: T C= 60, L C= 1200, T F= 0, L F= 0. (completespecialization).c. At constant factor prices, some labor would be unused, so factor prices wouldhave to change, or there would be unemployment.。
国际经济学(英文)课件CHAPTER5
——No factor-intensity reversal
4. Both commodities are produced under constant returns to scale in both nations. ——Economies of scale and international trade
Differentiated Products
Intra-industry trade model
Homogeneous Products
Intra-Industry trade
Take advantage of economies of scale in production to keep unit costs low and benefit consumers with more choices
New International Trade Theory
Chapter 5
Economies of Scale, Imperfect Competition, and International Trade
Complementary Theories for H-O Theory
Practical Basis of Today’s International Trade
Chapter 5 5
Relaxing Assumptions
5. There is incomplete specialization in production in both nations. 6. Tastes are equal in both nations.
7. There is perfect competition in both commodities and factor markets in both nations.
国际经济学英文版(internationaleconomics)PPT课件
▪ Growth of emerging markets ▪ international capital movements regain importance
6
Economic interdependence
Exports of goods and services as percent of Gross Domestic Product, 2001
Ch 16 Exchange-Rate Systems
Ch 17 Macroeconomic Policy in an Open Economy
Ch18 International Banking: Reserves, Debt and Risk
International Economics
By Robert J. Carbaugh 9th Edition
8
Economic interdependence
Interdependence: Impact
Overall standard of living is higher
▪ Access to raw materials & energy not availo goods & components made less expensively elsewhere
International Economics
By Robert J. Carbaugh 9th Edition
Ch 1 The International Economy Ch 2 Foundations of Modern
Trade Theory
Ch 3 International Equilibrium
国际经济学英文版选择题
练习题二： Part A: Multiple ChoiceDADCC BACDB DD1. In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differ inA) tastes.B) military capabilities.C) size.D) relative availabilities of factors of production.E) labor productivities.2.The slope of a countryʹs PPF reflectsA) the opportunity cost of product S in terms of product T.B) the opportunity cost of T in terms of money prices.C) the opportunity cost of S or T in terms of S.D) Both A and B.E) Both A and C.3. According to the Heckscher-Ohlin model, the source of comparative advantage is a countryʹsA) Technology.B) advertising.C) human capital.D) factor endowments.E) Both A and B.4. If Australia has relatively more land per worker, and Belgium has relatively m ore capital per worker, then if trade were to open up between these two countries,A) the relative price of the capital-intensive product would rise in Australia.B) the world price of the land-intensive product would be higher than it had been in Belgium.C) the world price of the land intensive product would be higher than it had been in Australia.D) the relative price of the land intensive product would rise in Belgium.E) None of the above.5. The Heckscher-Ohlin model predicts all of the following exceptA) which country will export which product.B) which factor of production within each country will gain from trade.C) the volume of trade.D) that wages will tend to become equal in both trading countries.E) None of the above.6. External economies of scale arise when the cost per unitA) rises as the industry grows larger.B) falls as the industry grows larger rises as the average firm grows larger.C) falls as the average firm grows larger.D) remains constant.E) None of the above.7. External economies of scaleA) may be associated with a perfectly competitive industry.B) cannot be associated with a perfectly competitive industry.C) tends to result in one huge monopoly.D) tends to result in large profits for each firm.E) None of the above.8. The simultaneous export and import of widgets by the United States is an exa mple ofA) increasing returns to scale.B)B) imperfect competition.C) intra-industry trade.D) inter-industry trade.E) None of the above.9. Intra-industry trade can be explained in part byA) transportation costs within and between countries.B) problems of data aggregation and categorization.C) increasing returns to scale.D) All of the above.E) None of the above.10. Intra-industry trade will tend to dominate trade flows when which of the follo wing exists?A) large differences between relative country factor availabilitiesB) small differences between relative country factor availabilitiesC) homogeneous products that cannot be differentiatedD) constant cost industriesE) None of the above.11. The larger the number of firms in a monopolistic competition situation,A) the larger are that countryʹs exports.B) the higher is the price charged.C) the fewer varieties are sold.D) the lower is the price charged.E) None of the above.12. The larger the number of firms in a monopolistic competition situation,A) the larger are that countryʹs exports.B) the higher is the price charged.C) the fewer varieties are sold.D) the lower is the price charged.E) None of the above.Part B： Short Questions1. ʹThe H.O. model remains useful as a way to predict the income distribution effect s of trade.ʹ Discuss.Answer: T he Stolper-Samuelson theorem, one of the basic theorems arising from theHeckscher-Ohlin model yields an elegant demonstration of the fact that changes i n product prices (such as will occur when trade is expanded or curtailed) telescop es its effects onto factor prices, so that not only do relative factor returns mirror product prices, but that actual returns to factors may either rise or fall in real ter ms. Hence, as a policy framework, the disproportionate effect trade may have on real incomes of sectors, such as skilled-labor is quite useful both theoretically and practically (or polemically)2. International trade leads to complete equalization of factor prices. Discuss. This statement is typically ʹtrue . . . but.ʹ Under a strict and limited set of assumptions, such as the original Heckscher-O hlin model which excludes country specific technologies; non- homothetic tastes; factor intensity reversals; large country differences in (relative) factor abundance s, more factors than goods, and an equilibrium solution within the ʹcone of specializationʹ; then it may bedemonstrated that internal consistency demands that the above stated sentence isʹtrue.ʹ However, the minute one relaxes any of the above listed assumptions one may ea sily identify solutions, which contradict the factor price equalization theorem.3. If a scale economy is the dominant technological factor defining or establishing comparativeadvantage, then the underlying facts explaining why a particular country domina tes world markets in some product may be pure chance, or historical accident. E xplain, and compare this with the answer you would give for the Heckscher-Ohli n model of comparative advantage.T his statement is true, since the reason the seller is a monopolist may be that it happened to have been the first to produce this product in this country. It may ha ve no connection to any supply or demand related factors; nor to any natural or man-made availability. This is all exactly the opposite of the Heckscher-Ohlin Ne o-Classical modelʹs explanation of the determinants of comparative advantage.练习题三 Part A Multiple ChoiceB E D D A D A A AC C A BD D1) International borrowing and lending may be interpreted as one form ofA) intermediate trade.B) inter-temporal trade.C) trade in services.D) unrequited international transfers.E) None of the above.2) International free labor mobility will under all circumstancesA) increase total world output.B) improve the economic welfare of everyone.C) improve the economic welfare of workers everywhere.D) improve the economic welfare of landlords (or capital owners) everywhere.E) None of the above.3) International labor mobilityA) leads to wage convergence by raising wages in destination country and lowering in source country.B) is in accordance with the specific factors model.C) is in accordance with the Heckscher-Ohlin factor proportions model.D) leads to wage convergence by raising wages in source and lowering them in destin ation country.E) is in accordance with scale economy model.4) If initially wages are higher in Home than in Foreign, then a movement of wor kers from Foreign to Home willA) lower the marginal product of labor in Foreign.B) raise total product in Foreign.C) raise the income of land owners in Foreign.D) raise the income of land owners in Home.E) None of the above.5) A country that has a comparative advantage in future production of consumpti on goodsA) will tend to be an international borrower.B) will tend to have low real interest rates.C) will tend to be an international investor or lender.D) will tend to have good work ethics. E) None of the above.6) Why a good is produced in two different countries is known as the question ofA) internalization.B) vertical integration.C) exploitation.D) location.E) None of the above.7) Direct foreign investment may take any of the following forms exceptA) investors buying bonds of an existing firm overseas.B) the creation of a wholly owned business overseas.C) the takeover of an existing company overseas.D) the construction of a manufacturing plant overseas.E) None of the above.8) Multinational corporationsA) increase the transfer of technology between nations.B) make it harder for nations to foster activities of comparative advantage.C) always enjoy political harmony in host countries in which their subsidiaries operat e.D) require governmental subsidies in order to conduct worldwide operations.E) None of the above.9) The shift of labor-intensive assembly operations from the United States to Mex ican maqiladora may be best explained in terms of a theory ofA) location.B) vertical integration.C) horizontal integration.D) internalization.E) None of the above.10) A lower tariff on imported steel would most likely benefitA)foreign producers at the expense of domestic consumers.B) domestic manufacturers of steel.C) domestic consumers of steel.D) workers in the steel industry.E) None of the above.11) In the country levying the tariff, the tariff willA) increase both consumer and producer surplus.B) decrease both the consumer and producer surplus.C) decrease consumer surplus and increase producer surplus.D) increase consumer surplus and decrease producer surplus.E) None of the above.12) If the tariff on computers is not changed, but domestic computer producers s hift from domestically produced semiconductors to imported components, then the effective rate of protection in the computer industry willA) increase.B) decreaseC) remain the same.D)depend on whether computers are PCs or ʺSupercomputers.ʺE) None of the above.13) If a small country imposes a tariff, thenA）the producers must suffer a loss.B) the consumers must suffer a loss.C) the government revenue must suffer a loss. D) the demand curve must shift to the l eft.E) None of the above.14) The effective rate of protection measuresA)the ʺtrueʺ ad valorum value of a tariff.B) the quota equivalent value of a tariff.C) the efficiency with which the tariff is collected at the customhouse.D) the protection given by the tariff to domestic value added.E) None of the above.15) As globalization tends to increase the proportion of imported inputs relative t o domestically supplied components,A) the nominal tariff automatically increases.B) the rate of (effective) protection automatically decreases.C) the nominal tariff automatically decreases.D) the rate of (effective) protection automatically increases. E) None of the above. PART B Short Question 1.It has been argued that even if intra-European Union labor mobility were to be c ompletely removed, one should not expect to observe massive, or even large reall ocations of populations with the E.U. Discuss.T heoretically, just as completely free trade consistent with Heckscher-Ohlin model (with no complete specialization) is associated with factor price equalizatio n; so does completely free labor mobility. It therefore follows that if intra E.U. tra de flourishes, as any restraints on trade there are abolished, the economic incenti ve for labor mobility will be removed. Since language and cultural differences re main, we would expect populations to tend to stay where they are.2. The two deadweight triangles are the Consumption distortion and Production distortion losses. It is easy to understand why the Consumption distortion constit utes a loss for society. After all it raises the prices of goods to consumers, and eve n causes some consumers to drop out of the market altogether. It seems paradoxi cal that the Production distortion is considered an equivalent burden on society. After all, in this case, profits increase, and additional production (with its associa ted employment) comes on line. This would seem to be an offset rather than an addition to the burden or loss borne by society. Explain why the Production distor tion is indeed a loss to society, and what is wrong with the logic that leads to the a pparent paradox.T he Production Distortion represents an inefficient shift of societyʺs resources to produce a good, which it could not sell profitably at world prices. S ince (with full employment assumed) these resources were formerly used to prod uce export goods, which could compete profitably, the net result is a loss in real i ncome to the country.练习题五：A E C A D C D D E D A D 1．Which of the following statements is the most accurate? The law of one price states:A) in competitive markets free of transportation costs and official barrier to trade, iden tical goods sold in different countries must sell for the same price when their prices ar e expressed in terms of the same currency.B) in competitive markets free of transportation costs and official barrier to trade, iden tical goods sold in the same country must sell for the same price when their prices are expressed in terms of the same currency.C) in competitive markets free of transportation costs and official barrier to trade, iden tical goods sold in different countries must sell for the same price.D) identical goods sold in different countries must sell for the same price when their p rices are expressed in terms of the same currency.E) None of the above.2. In order for the condition E$/HK$ = Pus/PHK to hold, what assumptions does the principle of purchasing power parity make?A) No transportation costs and restrictions on trade; commodity baskets that are a reli able indication of price level.B) Markets are perfectly competitive, i.e., P = MC.C) The factors of production are identical between countries.D) No arbitrage exists. E) A and B.3. Under Purchasing Power Parity,A) E$/E = PiUS/PiE.B) E$/E = PiE/PiUS.C) E$/E = PUS/PE.D) E$/E = PE/PES.E) None of the above.4. In the short run,A) the interest rate can rise when the domestic money supply falls.B) the interest rate can decrease when the domestic money supply falls.C) the interest rate stays constant when the domestic money supply falls.D) the interest rate rises in the same proportion as the domestic money supply falls.E) None of the above.5. The PPP theory fails in reality becauseA) transport costs and restrictions on trade.B) monopolistic or oligopolistic practices in goods markets.C) the inflation data reported in different countries are based on different commodity baskets.D) A, B, and C.E) A and B only.6. The PPP theory fails in reality becauseA) transport costs and restrictions on trade.B) monopolistic or oligopolistic practices in goods markets.C) the inflation data reported in different countries are based on different commodity baskets.D) A, B, and C.E) A and B only.7. A countryʹs domestic currencyʹs real exchange rate, q, is defined asA) E.B) E times P.C) E times P.D) (E times P)/P.E) P/(E times P).8. In the short-run, any fall in EP/P, regardless of its causes, will causeA) an upward shift in the aggregate demand function and an expansion of outputB) an upward shift in the aggregate demand function and a reduction in outputC) a downward shift in the aggregate demand function and an expansion of outputD) an downward shift in the aggregate demand function and a reduction in outputE) an upward shift in the aggregate demand function but leaves output intact9. In the short-run, a temporary increase in money supplyA) shifts the DD curve to the right, increases output and appreciates the currency.B) shifts the AA curve to the left, increases output and depreciates the currency.C) shifts the AA curve to the left, decreases output and depreciates the currency.D) shifts the AA curve to the left, increases output and appreciates the currency.E) shifts the AA curve to the right, increases output and depreciates the currency.10. Temporary tax cuts would cause:A) the AA-curve to shift left.B) the AA-curve to shift right.C) the DD-curve to shift left.D) the DD-curve to shift right.E) a shift in the AA-curve, although the direction is ambiguous.11. In the short-run, a temporary increase in the money supplyA) shifts the AA curve to the right, increases output and depreciates the currency.B) shifts the AA curve to the left, increases output and depreciates the currency.C) shifts the AA curve to the left, decreases output and depreciates the currency.D) shifts the AA curve to the left, increases output and appreciates the currency.E) shifts the AA curve to the right, increases output and appreciates the currency.12. Assume the asset market is always in equilibrium. Therefore a fall in Y would result in:A) higher inflation abroad.B) a decreased demand for domestic products.C) a contraction of the money supply.D) a depreciation of the home currency.E) an appreciation of the home currency.13. What can explain the failure of relative PPP to hold in reality?Government measures of the price level differ from country to country. One reason f or these differences is that people living in different countries spend their income in di fferent ways. Because of this inherent difference among countries, certain baskets will be affected more by price changes given their consumptions basket. For example, con sumers in country, X, eats more fish relative to another country. More than likely, the government, upon determining a commodity basket to reflect preference, will have an overwhelming representation of fish in their basket. Any price level change in the fish market will be felt particularly by country X, and their overall price level will reflect t his. Thus, changes in the relative prices of basket components can cause relative PPP t o become distorted.14. Using a figure show that under full employment, a temporary fiscal expansion wo uld increase output (overemployment) but cannot increase output in the long run.A temporarily fiscal expansion will move the economy from DD1 to DD2, and outp ut increases. A permanent fiscal expansion will also shift the AA curve to the left and down. The nominal exchange rate appreciates, i.e. E decreases.15. Using the DD model, explain what happens to out put when Government demands increase. Use a figure to explain when it is taking place.T he figure below shows the G1 to G2 raises output at every level of the exchange rate . The change shifts the DD to the right. Which in turns increases output to Y2.[文档可能无法思考全面，请浏览后下载，另外祝您生活愉快，工作顺利，万事如意!]。
国际经济学：理论与政策(第十一版)英文版课件C06_Krugman_11e
Production Possibilities and Relative Supply (2 of 2)
• Relative prices and relative supply:
International Economics: Theory and Policy
Eleventh Edition
Chapter 6 The Standard Trade Model
Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
Preview
• Relative supply and relative demand • The terms of trade and welfare • Effects of economic growth, import tariffs, and export
subsidies • International borrowing and lending
Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
Relative Prices and Demand (1 of 6)
• The value of the economy’s consumption must equal the value of the economy’s production. PCDC PFDF PCQC PFQF V
–
国际经济学名词解释 英文版
1 The opportunity cost of producing something measures the cost of not being able to produce something else because resources have already been used.2 A country with a comparative advantage in producing a good uses its resources most efficiently when it produces that good compared to producing other goods.3 Labor productivity: the number of units of output that a worker can produce in one hour.4 The production possibility frontier (PPF) of an economy shows the maximum amount of a goods that can be produced for a fixed amount of resources.5 Relative wages are the wages of the domestic country relative to the wages in the foreign country.6 Define an isovalue line as a line representing a constant value of production,7 Stolper-Samuelson theorem: if the relative price of a good increases, then the real wage or real lending/ renting rate of the factor used intensively in the production of that good increases, while the real wage or real lending/renting rate of the other factor decreases.8 the Rybczynski theorem：If we hold output prices constant as the amount of a factor of production increases, then the supply of the good that uses this factor intensively increases and the supply of the other good decreases.9 Leontief found that U.S. exports were less capital-intensive than U.S. imports, even though the U.S. is the most capital-abundant country in the world: Leontief paradox.10 Consumer preferences are represented by indifference curves: combinations of goods that make consumers equally satisfied (indifferent).11 The change in welfare (income) when the price of one good changes relative to the price of another is called the income effect.12 The substitution of one good for another when the price of the good changes relative to the other is called the substitution effect.13 The terms of trade refers to the price of exports relative to the price of imports Growth is usually biased: it occurs in one sector more than others, causing relative supply to change.14 Export-biased growth is growth tha t expands a country’s production possibilities disproportionally that country’s export sector.15 Import-biased growth is growth that expands a country’s production possibilities disproportionally in that country’s import sector16Immiserizing growth：export-biased growth by poor nations would worsen their terms of trade so much that they would be worse off than if they had not grown at all.16 Import tariffs are taxes levied on imports17 Export subsidies are payments given to domestic producers that export.18 External economies of scale occur when cost per unit of output depends on thesize of the industry19 Internal economies of scale occur when the cost per unit of output depends on the size of a firm.20 A monopoly is an industry with only one firm.21 An oligopoly is an industry with only a few firms.22 Average cost is the cost of production (C) divided by the total quantity ofproduction (Q). AC = C/Q23 Marginal cost is the cost of producing an additional unit of output.24 Monopolistic competition is a model of an imperfectly competitive industrywhich assumes thatA：Each firm can differentiate its product from the product of competitors.B：Each firm ignores the impact that changes in its price will have on the prices that competitors set: even though each firm faces competition it behaves as if it were a monopolist.25 Suppose now that the global cloth industry is described by the monopolisticcompetition model.Because of product differentiation, suppose that each country produces different types of cloth.Because of economies of scale, large markets are desirable: the foreign country exports some cloth and the domestic country exports some cloth.Trade occurs within the cloth industry: intra-industry trade26 According to the Heckscher-Ohlin model or Ricardian model, countries specializein production.Trade occurs only between industries: inter-industry tradeIn a Heckscher-Ohlin model suppose that:The capital abundant domestic economy specializes in the production of capitalintensive cloth, which is imported by the foreign economy.The labor abundant foreign economy specializes in the production of labor intensive food, which is imported by the domestic economy.27 Dumping is the practice of charging a lower price for exported goods than forgoods sold domestically28 Dumping is an example of price discrimination: the practice of charging different customers different prices29 Specialized equipment or services may be needed for the industry, but are only supplied by other firms if the industry is large and concentrated30 Labor pooling: a large and concentrated industry may attract a pool of workers,reducing employee search and hiring costs for each firm.31 Knowledge spillovers: workers from different firms may more easily share ideasthat benefit each firm when a large and concentrated industry exists32 Dynamic increasing returns to scale exist if average costs fall as cumulativeoutput over time rises.33 economic geography refers to the study of international trade, interregional tradeand the organization of economic activity in metropolitan and rural areas34 A specific tariff is levied as a fixed charge for each unit of imported goods35 An ad valorem tariff is levied as a fraction of the value of imported goods36 The effective rate of protection measures how much protection a tariff or othertrade policy provides domestic producers37 Consumer surplus measures the amount that consumers gain from purchases bythe difference in the price that each pays from the maximum price each would be willing to pay38 Producer surplus measures the amount that producers gain from a sale by thedifference in the price each receives from the minimum price each would be willing to sell at39 An export subsidy can also be specific or ad valorem：A specific subsidy is a payment per unit exported. An ad valorem subsidy is a payment as a proportion of the value exported.40 An import quota is a restriction on the quantity of a good that may be imported. 41A voluntary export restraint works like an import quota, except that the quota is imposed by the exporting country rather than the importing country.42 A local content requirement is a regulation that requires a specified fraction of a final good to be produced domestically43Gross national product(GNP) is the value of all final goods and services produced by a nation’s factors of production in a giventime period44 Gross domestic product measures the final value of all goods and services that are produced within a country in a given time period45National income is often defined to be the income earned by a nation’s factors of production.46 Depreciation of physical capital results in a loss of income to capital owners, so the amount of depreciation is subtracted from GNP47 Unilateral transfers to and from other countries can change national income: payments of expatriate workers sent to their home countries, foreign aid and pension payments sent to expatriate retirees48current account: accounts for flows of goods and services (imports and exports). financial account: accounts for flows of financial assets (financial capital). capital account: flows of special categories of assets (capital): typicallynon-market, non-produced, or intangible assets like debtforgiveness, copyrights and trademarks49 Appreciation is an increase in the value of a currency relative to another currency. Depreciation is a decrease in the value of a currency relative to another currency 50 Arbitrage: buying at a low price and selling at a high price for a profit.51Spot rates are exchange rates for currency exchanges “on the spot”, or when trading is executed in the present52Forward rates are exchange rates for currency exchanges that will occur at a future (“forward”) date.53 Money demand represents the amount of monetary assets that people are willing to hold (instead of illiquid assets).54The central bank substantially controls the quantity of money that circulates in an economy, the money supply55Interest rates/expected rates of return on monetary assets relative to the expected rates of returns on non-monetary assets.56 Risk: the risk of holding monetary assets principally comes from unexpectedinflation, which reduces the purchasing power of money.57 Liquidity: A need for greater liquidity occurs when the price of transactionsincreases or the quantity of goods bought in transactions increases.58 Prices: the prices of goods and services bought in transactions will influence the willingness to hold money to conduct those transactions59 Income: greater income implies more goods and services can be bought, so thatmore money is needed to conduct transactions60 (DF –QF) = (PC /PF)(QC –DC)❖This equation is the budget constraint for an economy, and it has a slope of –(PC /PF)(DF –QF)–(PC /PF)(QC –DC) = 0❖Note that the budget constraint touches the PPF: a country can always afford to consume what it produces.❖However, a country need not consumeonly the goods and services that it produceswith trade.Exports and imports can be greater than zero.❖Furthermore, a country can afford to consume more of both goods with trade.。
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Chapter 13 Balance of Payment13.1 IntroductionInternational finance: examination of the monetary aspects of international economicsBalance of Payment: a summary statement in which all the transactions of the nation’s residents with the foreigners are recorded during a certain period.Main purpose of BOP: inform the government of the international position of the nation; to help it in its monetary, fiscal and trade policies.BOP traits: The BOP aggregates all the trades into a few categoriesOnly the net balance of each type of international capital flow is includedInternational transaction: Exchange of a good, service or assets between the residents of two nations. Gifts and certain transfers + International TransactionsPeople Concerning BOP: Diplomats, soldiers, tourists and workers belong to motherlandCorporation: motherland/ foreign branches: localInternational institutions: nowhere13.2 BOP Accounting PrinciplesCredit transactions: involve the receipt of payments from foreigners +Exports, unilateral transfers and goods received, capital inflowCapital inflow:an increase in foreign assets in the nation/本国持有外国资产上升a reduction in the nation’s assets abroad/本国在外资产减少Debit transactions: involve the making of payments to the foreigners -Imports, unilateral transfers or gifts paid, capital outflowCapital Outflow:an increase in the nation’s assets abroada reduction in foreign assets in the nationDouble-Entry Bookkeeping: each international transaction is recorded twice, once as a credit and onceas a debit of an equal amount.5 Examples in Textbooks13.3 The International Transactions of the USArounding.The official reserve assets:✓Gold holdings of monetary authorities黄金储备✓Special Drawing Rights特别提款权(paper gold)International reserves created on the books of the IMF and distributed to member nations according toimportance in international trade✓The reserve position in the IMF在IMF的头寸The reserves paid in by the nation on joining the IMF, which the nation can then borrow automatically andwithout questions asked in case of need✓The official foreign currency holdings of monetary authorities外汇储备Statistical Discrepancy: This is required to make the total credits equal to the total debits, as required bydouble-entry bookkeeping.13.4 Accounting Balances and Disequilibrium in International TransactionsAutonomous transactions: transactions in current account + capital accountTake place for business or profit motives and independently of BOPconsiderationsItems above the lineCurrent account:All sales and purchases of currency produced goods and services, investment incomes, and unilateral transfersLink between the nation’s international transactions and its national incomeCurrent account surplus stimulates domestic production and income. Current account deficitdampens domestic production and income.Capital account:The changes in US-owned assets abroad and foreign-owned assets in the US other than official reserve assetsChange in reserves reflects government policy rather than the market force.Accommodating transactions: Transactions in official reserve assetsItems below the lineThe accommodating items form the Official Reserve Account.The balance on the official reserve account is called the Official Settlements Balance.Deficit in the BOP:The excess of debits over credits in the current and capital accountsThe excess of credits over debits in official reserve accountSurplus in the BOP:The excess of debits over credits in official reserve accountThe excess of credits over debits in the current and capital accountsChapter 14 Foreign Exchange Markets and Exchange rates 14.1 IntroductionForeign exchange market : The market in which individuals, firms and banks buy and sell foreigncurrencies or foreign exchange.14.2 Functions of the Foreign Exchange Markets The principle function :The transfer of funds or purchasing power from one nation and currency to anotherThis is usually accomplished by an electronic transfer and increasingly through the Internet .Through the internet, a domestic bank instructs its correspondent bank in a foreign monetary center to pay a special amount of the local currency to a person, firm or an account.外汇供给：外国游客来访 出口 接受外国投资 外汇需求：本国人外出游 进口 对外投资4 levels of transactors or participants :Traditional users The immediate users and suppliers of foreign currencies Commercial bank A cleaning houses between the users and earners of foreign exchange Foreign exchange broker interbank or wholesale marketAs Clearinghouses for surpluses and shortages between the commercial banks Central bank Act as the seller or buyer of last resort when the nation ’s total foreignexchange earnings and expenditures are unequalInternational currency / Vehicle currencySome nations ’ currencies are globally accepted and used as vehicle currencies.The US receives a seignorage benefit when the dollar is used as a vehicle currency.铸币税：国家发行货币吸纳黄金之后，货币贬值，使得持币方财富减少，发行方财富增加。