国际经济学复习范围

《国际经济学》复习范围题型：一、名词解释（共5小题，每小题3分，共15分）二、判断题（共15小题，每小题1分，共15分）三、简答题（共5小题，每小题8分，共40分）四、论述题（共2题，每题15分，共30分）范围：I. Explain the following terms.1. Interindustry trade2. Intraindustry trade3. Intraproduct trade4. The Balance of PaymentA country’s balance o f payments accounts keep track of both its payments to and its receipts from foreigners.Every international transaction automatically enters the balance of payments twice: once as a credit (+) and once as a debit (-).5. Comparative AdvantageA country has a comparative advantage in producing a goods if the opportunity cost of producing that goods in terms of other goods is lower in that country than it is in other countries.6. Stolper-Samuelson Theorem (effect)If the relative price of a good increases, holding factor supplies constant, then the nominal and real return (in terms of both goods) to the factor used intensively in the production of that good increases, while the nominal and real return (in terms of both goods) to the other factor decreases.The reverse is also true.7. Heckscher-Ohlin TheoremA country will export that commodity which uses intensively its abundant factor and import that commodity which uses intensively its scarce factor.8. Factor-Price Equalization TheoremInternational trade leads to complete equalization in the relative and absolute returns to homogeneous factors across countries.It implies that international trade is a substitute for the international mobility of factors.9. Optimum tariffThe tariff rate that maximizes national welfareIt is always positive but less than the prohibitive rate that would eliminate all imports.It is zero for a small country because it cannot affect its terms of trade.10. Exchange Rate Overshooting11. purchasing power parity (PPP)The exchange rate between two counties’ currencies equals the ratio of the counties’ price levels.It compares average prices across countries.12. Law of one priceIdentical goods sold in different countries must sell for the same price when their prices are expressed in terms of the same currency.13. The Fisher EffectIt is a hypothesis in international finance that suggests differences in nominal interest rates reflect expected changes in the spot exchange rate between countries.he hypothesis specifically states that a spot exchange rate is expected to change equally in the opposite direction of the interest rate differential.14.The J-CurveIf imports and exports adjust gradually to real exchange rate changes, the CA may follow a J-curve pattern after a real currency depreciation, first worsening and then improving.It describes the time lag with whicha real currency depreciation improves the CA.15. managed floating exchange ratesA system in which governments attempt to moderate exchange rate movements without keeping exchange rates rigidly fixed.16. sterilized interventionCentral banks sometimes carry out equal foreign and domestic asset transactions in opposite directions to nullify the impact of their foreign exchange operations on the domestic money supply.17. Capital flightThe reserve loss accompanying a devaluation scareThe associated debit in the balance of payments accounts is a private capital outflow.18.vehicle currencyA currency that is widely used to denominate international contractsmade by parties who do not reside in the country that issues the vehicle currency.19.interest parityInterest Parity: The Basic Equilibrium ConditionThe foreign exchange market is in equilibrium when deposits of all currencies offer the same expected rate of return.The expected returns on deposits of any two currencies are equal when measured in the same currency.20.inflation biasHigh inflation with no average gain in output that results from governments’ policies to prevent recessionII. Give a T(True) or a F(False) for each of the following sayings.涉及每章重要的知识点。

III. Answer the following questions.1．How about the basic reasons for which countries engage in international trade?Countries engage in international trade for two basic reasons:They are different from each other in terms of climate, land, capital, labor, and technology.They try to achieve scale economies in production.2.What about the basic viewpoints of the Heckscher-Ohlin theory?In the real world, while trade is partly explained by differences in labor productivity, it also reflects differences in countries’ resources.The Heckscher-Ohlin theory:Emphasizes resource differences as the only source of tradeShows that comparative advantage is influenced by:Relative factor abundance (refers to countries)Relative factor intensity (refers to goods)Is also referred to as the factor-proportions theory3.How about the International effects of export-biased and import-biased growth?Export-biased growth in the rest of the world improves our terms of trade, while import-biased growth abroad worsens our terms of trade.Export-biased growth in our country worsens our terms of trade,reducing the direct benefits of growth, while import-biased growth leads to an improvement of our terms of trade.pare the effects of a tariff and of an export subsidy on the terms of trade.Import tariffs and export subsidies affect both relative supply and relative demand.Relative Demand and Supply Effects of a TariffTariffs drive a wedge between the prices at which goods are traded internationally (external prices) and the prices at which they are traded within a country (internal prices).The terms of trade correspond to external, not internal, prices.Effects of an Export SubsidyTariffs and export subsidies are often treated as similar policies but they have opposite effects on the terms of trade.Example: Suppose that Home offers 20% subsidy on the value of cloth exported:This will raise Home’s internal price of cloth relative to food by 20%.This will lead Home producers to produce more cloth and less food.A Home export subsidy worsens Home’s terms of trade and improves Foreign’s.5.How to explain that economies of scale can be either external and internal?Economies of scale can be either:ExternalThe cost per unit depends on the size of the industry but not necessarily on the size of any one firm.An industry will typically consist of many small firms and be perfectly competitive.InternalThe cost per unit depends on the size of an individual firm but not necessarily on that of the industry.The market structure will be imperfectly competitive with large firms having a cost advantage over small.Both types of scale economies are important causes of international trade.6. How about the basic reasons why a cluster of firms may be more efficient than an individual firm in isolation?There are three main reasons why a cluster of firms may be more efficient than an individual firm in isolation:Specialized suppliersIn many industries, the production of goods and services and the development of new products requires the use of specialized equipment or support services.An individual company does not provide a large enough market for these services to keep the suppliers in business.A localized industrial cluster can solve this problem by bringing together many firms that provide a large enough market to support specialized suppliers.Labor market poolingA cluster of firms can create a pooled market for workers with highly specialized skills.It is an advantage for:ProducersThey are less likely to suffer from labor shortages.WorkersThey are less likely to become unemployed.Knowledge spilloversKnowledge is one of the important input factors in highly innovative industries.The specialized knowledge that is crucial to success in innovative industries comes from:Research and development effortsReverse engineeringInformal exchange of information and ideas7.How about the effects of an export subsidy?Export subsidyA payment by the government to a firm or individual that ships a good abroadIt can be either specific or ad valorem.An export subsidy raises prices in the exporting country while lowering them in the importing country.In addition, and in contrast to a tariff, the export subsidy worsens the terms of trade.An export subsidy unambiguously leads to costs that exceed its benefits.8.Try to compare the options of import-substituting industrialization and export-oriented industrialization.A tariff that reduces imports also necessarily reduces exports.Until the 1970s many developing countries were skeptical about the possibility of exporting manufactured goods.In many cases, import-substituting industrialization policies dovetailed naturally with existing political biases.9.What are the volume effect and value effect of a real exchange rate?10.How does disposable income changes affect the Current Account?An increase in disposable income (Yd) worsens the CA.A rise in Yd causes domestic consumers to increase their spending onall goods.11.How about the interest parity conditions?The expected returns on deposits of any two currencies are equal when measured in the same currency.It implies that potential holders of foreign currency deposits view them all as equally desirable assets.The expected rates of return are equal when:R$ = R€ + (Ee$/€ - E$/€)/E$/€12.How do changes in the current exchange rate affect expected returns?Depreciation of a country’s currency today lowers the expected domestic currency return on foreign currency deposits.Appreciation of the domestic currency today raises the domestic currency return expected of foreign currency deposits.13. How about the effect of changing expectations on the current exchange rate?The Effect of Changing Expectations on the Current Exchange RateA rise in the expected future exchange rate causes a rise in the current exchange rate.A fall in the expected future exchange rate causes a fall in the current exchange rate.14. How about the factors influencing money demand?Three factors influence money demand:Expected returnRiskLiquidity15. How about the long-run effects of money supply changes?IV. Analyze the following problems comprehensively.1.Please analyze the theory of multinational enterprise.The Theory of Multinational EnterpriseTwo elements explain the existence of a multinational:Location motiveA good is produced in two (or more) different countries rather than one because of:ResourcesTransport costsBarriers of tradeInternalization motiveA good is produced in different locations by the same firm rather than by separate firms because it is more profitable to carry transactions on technology and management.Technology transferVertical integration2.Try to analyze the effect, cost and benefit of importing tariff.3.Try to compare temporary changes in monetary and fiscal policy and permanent shifts in monetary and fiscal policy(relative to China ).Monetary PolicyAn increase in money supply (i.e., expansionary monetary policy) raises the economy’s output.The increase in money supply creates an excess supply of money, which lowers the home interest rate.As a result, the domestic currency must depreciate (i.e., home products become cheaper relative to foreign products) and aggregate demand increases.Fiscal PolicyAn increase in government spending, a cut in taxes, or some combination of the two (i.e, expansionary fiscal policy) raises output.The increase in output raises the transactions demand for real money holdings, which in turn increases the home interest rate.As a result, the domestic currency must appreciate.4. How to understand external balance-the optimal level of the Current Account on China.5. How about the results of monetary expansion and f iscal expansionpolicies under a fixed exchange rate respectively(relative to China )?Under a fixed exchange rate, central bank monetary policy tools are powerless to affect the economy’s money supply or its output.Figure 17-2 shows the economy’s short-run equilibrium as point 1 when the central bank fixes the exchange rate at the level E0.The rise in output due to expansionary fiscal policy raises money demand.To prevent an increase in the home interest rate and an appreciation of the currency, the central bank must buy foreign assets with money (i.e., increasing the money supply).The effects of expansionary fiscal policy when the economy’s initial equilibrium is at point 1 are illustrated in Figure 17-3.6. How about the p roblems with excessive Current Account surpluses (relative to China )?Problems with Excessive Current Account Surpluses:They imply lower investment in domestic plant and equipment.They can create potential problems for creditors to collect their money.They may be inconvenient for political reasons.。