国际经济学作业答案
国际经济学课后练习题答案
增加所导致的，对该国贸易品需求的增加会使该国贸 易品价格上涨，导致实际价格总水平上升，实际汇率 升值。另外，贸易品部门劳动生产率的提高会导致实 际汇率升值，而这个实际汇率的升值对出口部门是有 利的。
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课后练习题第3题
·当非贸易品的价格相对于贸易品价格上升时，非
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·E. 没有发生市场交易，无需记入经常项目或金融
项目。
· F. 这种离岸交易不会记入美国的国际收支账户。
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课后练习题第4题
·电话录音机的购买对于纽约州应记入经常项目的
借方（进口了产品），对于新泽西州而言，要记 入经常项目的贷方（出口了产品）。
·那当么新记泽入西纽公约司州将金所融得项的目支的票贷存方入（纽资约本州流的入银）行，时，
另一部分是收益，则是伦敦银行对这笔存款支付的10% 的利息。
因此，在伦敦银行存款的年收益率是-8%+10%=2%
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第5题
· a. 实际收益率=25%-10%=15% · b. 实际收益率=20%-10%=10% · c. 实际收益率=2%-10%=-8%
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第6题
际货币需求量的减少，价格水平同比例上升，导 致实际货币供应量减少，从M/P1到M/P2，利率恢 复到实际货币需求量减少到以前的水平。同时， 持续的货币需求减少会使外汇市场有本币贬值的 预期，导致了外国资产的本币收益率提高。汇率 从E1到E2，到E4.
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Chapter 14 第2题
贸易品支出的增加会导致实际汇率升值。
·外国转向对本国出口产品的需求，会导致对本国
国际经济学习题答案（国际金融）共18页word资料
国际经济学习题答案（国际金融）共18页word资料国际经济学习题答案国际金融部分1.不同意，至少从一般意义上来讲是如此。
经常项目盈余的含义之一是，国家的商品与服务出口大于进口。
人们可能会认为这是不好的——国家正在为出口而生产商品和提供服务，与此同时，国家却没有得到使其能够进行更多消费和国内投资的进口商品和服务。
从这一角度讲，拥有经常项目赤字却会是一件好事情——更多的进口可以使国家的国内消费和投资量超过其当前生产量。
经常项目盈余的另一个含义是，国家在进行外国金融投资——它正在建立对外国人的债权，这会增加国家的财富。
这听起来很好，但正如前面所指出的，它是以放弃当前国内消费为代价的。
经常项目赤字意味着国家对外国人债权的减少或对外国人债务的增加。
这听起来很不好，但它意味着更高水平的当前国内支出这一福利。
不同的国家在不同的时期，对这些代价和收益会有不同的重视程度。
因此，我们不能简单地认为经常项目盈余是否优于经常项目赤字。
2.交易c会导致经常项目的盈余，因为这是商品出口，该出口得到的支（交易a不会使经常项目账户发生变动，付体现于资本账户的某个项目。
因为它既是出口又是进口。
交易b导致经常项目的赤字，因为它属于进口。
交易d也会导致经常项目的赤字，因为它属于单方转移形式的流出。
交易e不对经常项目账户中的任何项目发生影响。
）3. a.商品贸易余额：330-198=132（美元）商品和服务余额：330-198+196-204=124（美元）经常项目余额：330-198+196-204+3-8=119（美元）官方结算余额：330-198+196-204+3-8+102-202+4=23（美元）b.官方储备资产变化（净值）=-官方结算余额=-23（美元）。
该国在增加其官方储备资产的净持有量。
4. a.国际投资头寸（10亿）：30＋20＋15—40—25=0（美元）。
该国既不是国际债权国，也不是国际债务国。
它持有的国外资产等于它对外国人的负债。
《国际经济学》练习题参考答案
《国际经济学》练习题参考答案一、名词解释一价定律：一价定律是绝对购买力平价理论成立的前提条件，指的是任何一种商品在不同国家以同种货币表示时价格都相等。
购买力平价：指两种货币之间的汇率决定于它们单位货币购买力之间的比例。
国际收支：在一定时期内，一国居民与非本国居民间全部经济交易的的系统记录。
产品生命周期：产品生命周期是指新产品经历发明、应用、推广到市场饱和、产品衰落，进而被其他产品所替代四个阶段。
绝对优势原理：由英国古典经济学家亚当·斯密提出，是指在某种商品的生产上，一个经济在劳动生产率上占有绝对优势，或其生产所耗费的劳动成本绝对低于另一个经济。
若各个经济都从事自己占绝对优势的产品的生产，继而进行交换，那么双方都可以通过交换得到绝对的利益，从而整个世界也可以获得分工的好处。
里昂惕夫之谜：里昂惕夫之谜是由美国经济学家里昂惕夫在用其所提出的投入——产出分析方法检验美国进出口是否符合H—O理论所提出的，按照H—O理论，美国应该专业化生产并出口资本密集型的产品，进口劳动密集型的产品，但是，里昂惕夫经过检验计算得出，美国出口的是劳动密集型的产品，进口的是资本密集型的产品，刚好与H—O相反。
因此，人们把这个理论称之为里昂惕夫之谜。
围绕里昂惕夫之谜，经济学家对国际贸易理论进行了更深入的研究。
比较优势原理：即使一国在两种产品的生产上都较另一国没有效率，仍然可以进行双赢的贸易。
第一国应该专业化生产并出口其绝对劣势较小的产品，而进口其绝对劣势较大的产品。
另一个国家则进行相反的贸易。
有效关税率：也叫有效关税率，是指对某个工业每单位产品“增值”部分的从价税率，其税率代表着关税对本国同类产品的真正有效的保护程度。
贸易乘数：指对外贸易对经济增长的巨大作用，通过对外贸易的发展，从而带动国内要素的优化配置，可以对国民经济带来乘数倍的效应。
马歇尔－勒纳条件：是勒纳在马歇尔的国际收支调节乘数论的基础上进一步研究的结果，指的是在供给弹性无穷大的情况下，如果进出口需求弹性的绝对值大于1，货币贬值就能使一国国际收支得到改善，由逆差变为顺差。
国际经济学作业答案
第一章练习与答案1．为什么说在决定生产和消费时，相对价格比绝对价格更重要？答案提示：当生产处于生产边界线上，资源则得到了充分利用，这时，要想增加某一产品的生产，必须降低另一产品的生产，也就是说，增加某一产品的生产是有机会机本（或社会成本）的。
生产可能性边界上任何一点都表示生产效率和充分就业得以实现，但究竟选择哪一点，则还要看两个商品的相对价格，即它们在市场上的交换比率。
相对价格等于机会成本时，生产点在生产可能性边界上的位置也就确定了。
所以，在决定生产和消费时，相对价格比绝对价格更重要。
2．仿效图1—6和图1—7，试推导出Y商品的国民供给曲线和国民需求曲线。
答案提示：3．在只有两种商品的情况下，当一个商品达到均衡时，另外一个商品是否也同时达到均衡？试解释原因。
答案提示：4．如果生产可能性边界是一条直线，试确定过剩供给（或需求）曲线。
答案提示：5．如果改用Y商品的过剩供给曲线（B国）和过剩需求曲线（A国）来确定国际均衡价格，那么所得出的结果与图1—13中的结果是否一致？答案提示：国际均衡价格将依旧处于贸易前两国相对价格的中间某点。
6．说明贸易条件变化如何影响国际贸易利益在两国间的分配。
答案提示：一国出口产品价格的相对上升意味着此国可以用较少的出口换得较多的进口产品，有利于此国贸易利益的获得，不过，出口价格上升将不利于出口数量的增加，有损于出口国的贸易利益；与此类似，出口商品价格的下降有利于出口商品数量的增加，但是这意味着此国用较多的出口换得较少的进口产品。
对于进口国来讲，贸易条件变化对国际贸易利益的影响是相反的。
7．如果国际贸易发生在一个大国和一个小国之间，那么贸易后，国际相对价格更接近于哪一个国家在封闭下的相对价格水平？答案提示：贸易后，国际相对价格将更接近于大国在封闭下的相对价格水平。
8．根据上一题的答案，你认为哪个国家在国际贸易中福利改善程度更为明显些？答案提示：小国。
9*．为什么说两个部门要素使用比例的不同会导致生产可能性边界曲线向外凸？答案提示：第二章答案1．根据下面两个表中的数据，确定（1）贸易前的相对价格；（2）比较优势型态。
国际经济学在线作业
国际经济学在线作业1．第1题比较优势理论认为国际贸易的驱动力是（）。
A.劳动生产率的差异B.技术水平的差异C.产品品质的差异D.价格的差异您的答案：A题目分数：2此题得分：2.02．第2题如果一个大国对进口商品征收关税（）。
A.对贸易条件不产生影响B.提高所有国家的贸易条件C.提高本国的贸易条件D.导致本国贸易条件恶化您的答案：C题目分数：2此题得分：2.03．第3题通常所说的“纸黄金”是（）。
A.黄金B.外汇C.普通提款权D.特别提款权您的答案：D题目分数：2此题得分：2.04．第4题甲乙两国货币的实际汇率由名义汇率以及（）共同决定。
A.甲国货币购买力B.乙国货币购买力C.两国利率水平D.两国相对物价水平您的答案：D题目分数：2此题得分：2.05．第5题根据蒙代尔的“政策配合说”，用来实现外部均衡的政策手段是（）。
A.财政政策B.货币政策C.汇率政策D.直接管制您的答案：B题目分数：2此题得分：2.06．第6题不能解释产业内贸易现象的理论有( )。
A.重叠需求理论B.要素比例理论C.规模经济理论D.垄断竞争理论您的答案：B题目分数：2此题得分：2.07．第7题属于非关税壁垒的措施是( )。
A.反倾销税B.反补贴税C.进口附加税D.国内最低限价您的答案：D题目分数：2此题得分：2.08．第8题下述哪一种不属于投机性外汇交易( )。
A.双边套汇B.多边套汇C.套利D.套期保值您的答案：D题目分数：2此题得分：2.09．第17题IS-LM模型是宏观经济分析的一个重要工具，是描述____市场和____市场之间相互联系的理论结构。
（）A.货币资本B.资本劳动力C.资本商品D.货币产品您的答案：D题目分数：2此题得分：2.010．第18题国际经济一体化的形式不包括（）。
A.关税同盟B.自由贸易区C.共同市场D.自由市场您的答案：D题目分数：2此题得分：2.011．第19题一国拥有的劳动要素充裕，就应专门生产劳动密集型产品对外进行交换，这种说法来自（）。
国际经济学练习题及答案
国际经济学练习题及答案国际经济学练习题⼀、判断题1、当开放贸易时，所有消费者的境况都会得到改善。
2、根据简单贸易模型，在贸易发⽣之前，如果各国的某种商品价格相同，这些国家之间就不会有交换该种商品的动机。
3、如果⼀国中某⽣产者通过贸易能使⾃⼰的境况得到改善，那么，该国中所有的⽣产者都会通过贸易来改善⾃⼰的境况。
4、在两国间均衡贸易价格条件下，⼀国对某种商品的过度供给必然与另⼀国对该商品的过度需求相等。
5、不存在free lunch，但却存在free trade。
6、⼀国即便在某种商品的⽣产上具有绝对劣势，它也可以在该商品的⽣产上具有相对优势。
7、根据H—O理论，⼀国如果⽐他国拥有更多英亩的⼟地，该国便是“⼟地丰富”的国家。
8、在成本递增的条件下，各国并不⼀定要完全专业化于⼀种商品的⽣产。
9、H—O理论假设各国拥有相同的商品偏好。
10、我们或许可以通过更为细分化的⽣产要素定义⽽解决Leontief Paradox。
11、Stolper-Samuelson定理认为，贸易将使丰富要素的所有者得到更低的实际收⼊，同时使稀缺要素的所有者得到更⾼的实际收⼊。
12、如果各国的⽣产技术相同，贸易便不会使⽣产要素价格均等化。
13、⼀国的⾮技术性⼯⼈会⽐技术性⼯⼈更加反对贸易⾃由化。
14、⼤国可投资发展进⼝替代产业⽽不是出⼝产业，进⽽改善本国的贸易条件。
15、按照定义，⼩国的经济增长将不会使贸易条件发⽣变化。
16、青春期是⼀个贫困化增长的好例⼦。
17、⼀国⽣产要素的增长总会使该国更加⾃给⾃⾜，进⽽减少对国际贸易的依赖。
18、⼀个与外界隔绝的国家⼀定会降低其公民的⽣活⽔平。
19、产业内贸易在充分竞争性产业中更为盛⾏。
20、根据H—0理论，各国应进⾏⼤量的产业内贸易。
21、规模经济是指资源的平衡增长导致平均成本上升。
22、产业内贸易发⽣的原因包括产品差异化、规模经济以及收⼊分配效应。
23、如果瑞⼠旅⾏鞋的进⼝增加，英国⽪鞋制造商就会受到损失。
国际经济学课后答案
(1),本国共有1200单位的劳动，能生产两种产品：苹果和香蕉。
苹果的单位产品 劳动投入是3,香蕉的单位劳动产品投入时 2。
a. 画出本国的生产可能性边界。
b. 用香蕉衡量的苹果的机会成本是多少c. 贸易前，苹果对香蕉的相对价格是多少为什么答：a.本国的生产可能性边界曲线是直线，在400( 1200/3)处与苹果轴相截，(1200/2 )处与香蕉轴相截，如图 2-7所b.用香蕉衡量苹果的机会成本是 3/2。
单位苹果需要3单位的劳动，生产1单位单位的劳动可以被用来生产 3/2单位的香蕉c.劳动的流动性可以使得各个部门的工资趋同，竞争可以使得商品的价格等于它们的生产成本。
这样，相对价格等于相对成本，而相对成本等于工资乘以苹果的单位劳动产品投入。
因为各个部门工资相等，所以价格比率等于单位产品劳动投入的比率，即生产苹果所需的3单位劳动与生产香蕉所需的 2单位劳动比率。
(2)假设本国的情况和习题 1相同。
外国拥有800单位的劳动，外国苹果的 单位劳动投入是5,香蕉的单位产品劳动投入是 1。
a. 画出外国的生产可能性边界。
需要2单位的劳动 如果放弃1单位苹果的生产, 这将释放国生产可能勺劳动。
一条 在600 示。
生产1香蕉b. 画出世界相对供给曲线。
答：a.外国的生产可能性边界曲线是一条直线，在160 (800/5 )处与苹果轴相截，在800（800/1）处与香蕉轴相截。
如图2-8所示b.世界相对供给曲线可以由苹果和香蕉的相对价格和相对供给量绘出。
如图2-9。
从图2-9可以看出，苹果对香蕉的最低相对价格是3/2图在这个价格相对供给曲的世界相对供给曲线是水平曲在3/2的木酣价格上世界相国对苹果的最大供给量是400,外国对香蕉的供给量是800,这时，相对供给量为1/2。
只要相对价格保持在3/2和5之间，产量相对供给量就不变。
如果相对价格成为5,两个国家都会生产苹果，香蕉的产量为零。
这时，相对供给曲线是水平的。
国际经济学作业答案-第一章
Chapter 1 IntroductionMultiple Choice QuestionsHistorians of economic thought often describe ___________ written by _______ and published in __________ as the first real exposition of an economic model.“Of the Balance of Trade,” David Hume, 1776“Wealth of Nations,” David Hume, 1758“Wealth of Nations,” Adam Smith, 1758“Wealth of Nations,” Adam Smith, 1776“Of the Balance of Trade,” David Hume, 1758Answer: EFrom 1959 to 2000,the U.S. economy roughly tripled in size.U.S. imports roughly tripled in size.the share of US Trade in the economy roughly tripled in size.U.S. Imports roughly tripled as compared to U.S. exports.U.S. exports roughly tripled in size.Answer: CThe United States is less dependent on trade than most other countries because the United States is a relatively large country.the United States is a “Superpower.”the military power of the United States makes it less dependent on anything.the United States invests in many other countries.many countries invest in the United States.Answer: AAncient theories of international economics from the 18th and 19th Centuries are: not relevant to current policy analysis.are only of moderate relevance in today’s modern international economy.are highly relevant in today’s modern internationa l economy.are the only theories that actually relevant to modern international economy.are not well understood by modern mathematically oriented theorists.Answer: CAn important insight of international trade theory is that when countries exchange goods and services one with the other itis always beneficial to both countries.is usually beneficial to both countries.is typically beneficial only to the low wage trade partner country.is typically harmful to the technologically lagging country.tends to create unemployment in both countries.Answer: BIf there are large disparities in wage levels between countries, thentrade is likely to be harmful to both countries.trade is likely to be harmful to the country with the high wages.trade is likely to be harmful to the country with the low wages.trade is likely to be harmful to neither country.trade is likely to have no effect on either country.Answer: DBenefits of international trade are limited totangible goods.intangible goods.all goods but not services.services.None of the above.Answer: EAttempts to explain the pattern of international tradehave been a major focus of international economists.have proven to be hopeless.have proven to be a trivial exercise.have been the preoccupation of economic development theorists.None of the above.Answer: AWhich of the following does not belong?NAFTAUruguay RoundWorld Trade OrganizationNone Tariff BarriersNone of the above.Answer: DCost-benefit analysis of international tradeis basically useless.is empirically intractable.focuses attention on conflicts of interest within countries.focuses attention on conflicts of interests between countries.None of the above.Answer: CAn 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 payments is good.is usually good.is probably good.may be considered bad.is always bad.Answer: DThe study of exchange rate determination is relativelydifficult.new and mathematical.old.obtuse.None of the above.Answer: BThe GATT wasan international treaty.an international U.N. agency.an international IMF agency.a U.S. government agency.a collection of tariffs.Answer: AThe international debt crisis of early 1982 was precipitated when _____ could not pay its international debts.RussiaMexicoBrazilMalaysiaChinaAnswer: BInternational economics can be divided into two broad sub-fields:macro and micro.developed and less developed.monetary and barter.international trade and international money.static and dynamic.Answer: CA primary reason why nations conduct international trade is because of differences inhistorical perspective.location.resource availabilities.tastes.incomes.Answer: CInternational trade is sometimes used as a substitute for all of the following except international movements of capital.international movements of labor.domestic production of the same goods or services.domestic production of different goods and services.None of the above.Answer: DInternational trade forces domestic firms to become more competitive in terms ofthe introduction of new products.product design and quality.product reliability.product price.All of the above.Answer: EThe movement to free international trade is most likely to generate short-term unemployment in which industries?Industries producing non-tradable goodsImport-competing industriesExport industriesImport sectorsNone of the above.Answer: BInternational trade is logically associated with which assumption?Resources are less mobile internationally than domestically.Resources are more mobile internationally than are goods.Imports should exceed exports.Exports should exceed imports.None of the above.Answer: AArguments for free trade are sometimes disregarded by the political process because economists tend to favor highly protected domestic markets.economists have a universally accepted decisive power over the political decision mechanism.maximizing consumer welfare may not be a chief priority for politicians.the gains of trade are of paramount concern to typical consumers.None of the above.Answer: CIncreased foreign competition tends toincrease profits of domestic import-competing industries.place constraints on the wages of domestic workers.induce falling output per worker for domestic workers.intensity inflationary pressures at homeNone of the above.Answer: B____________ is the ability of a firm to design, produce, and market goods and services that are better and/or cheaper than those of other firms.CompetitivenessProtectionismComparative advantageInterventionismNone of the above.Answer: AFor a country to maximize its productivity in a global economy, it requiresonly imports.only exports.both exports and imports.neither exports nor imports.foreign direct investment.Answer: CProponents of free trade claim all of the following as advantages exceptrelatively high wage levels for all domestic workers.a wider selection of products for consumers.increased competition for world producers.the utilization of the most efficient production processes.None of the above.Answer: AA firm’s ____, relative to that of other firms, is generally regarded as the most important determinant o f competitiveness.income leveltastespreferencesproductivityenvironmental regulationAnswer: DOne likely effect of moving to free international trade is thata monopoly in the home market becomes an oligopoly in the world market.an oligopoly in the home market becomes a monopoly in the world market.a purely competitive firm becomes an oligopolist.a purely competitive firm becomes a monopolist.None of the above.Answer: AInternational trade in goods and services tends toincrease all domestic costs and prices.keep all domestic costs and prices at the same level.lessen the amount of competition facing home manufactures.increase the amount of competition facing home manufacturers.None of the above.Answer: DThe real income of domestic producers and consumers may be increased bytechnological progress, but not international trade.international trade, but not technological progress.neither technological progress nor international trade.both technological progress and international trade.None of the above.Answer: DA sudden shift from import tariffs to free trade may cause short-term unemployment inimport competing industries.exporting industries.industries that neither import nor export.service industriesNone of the above.Answer: AEmpirical studies indicate that productivity performance isdirectly related to globalization of industries.inversely related to globalization of industries.not related to globalization of industries.Any of the above.None of the above.Answer: AA closed economy is one in whichimports exactly equal exports.domestic firms invest in foreign countries.the home economy is isolated from foreign trade or investment.All of the above.None of the above.Answer: CThe dominant trading nation in the world market since World War II wasthe United Kingdom.the United States.Japan.Germany.China.Answer: BEmpirical studies indicate that _______________ best enhances productivity growth for local industries local competitioncut-throat competitiondestabilizing competitionglobal competitionNone of the above.Answer: DHigh levels of openness are most likely associated with a country’spolitical orientation.size.resource availability.historical association with foreign entangling alliances.None of the above.Answer: BEssay QuestionsIt is argued that small countries tend have more open economies than large ones. Is this empirically verified? What are the logical underpinnings of this argument?Answer: Yes. They do not have sufficient resources to satisfy consumption needs; and also do not have a sufficiently large market to enable their industries to avail themselves of scaleeconomy possibilities.Another answer would rely on a location argument. Assume that the “natural” marketfor any given plant is a circle with a radius of n miles with the plant at its center.Assuming that the production plants are located randomly throughout the country, thenthe probability that the typical circular market will encompass some foreign country isgreater the smaller is the country.It is argued that if a rich high wage country such as the United States were to expand trade with a relatively poor and low wage country such as Mexico, then U.S. industry would migrate south, and U.S. wages would fall to the level of Mexico’s. W hat do you think about this argument?Answer: The student may think anything. The purpose of the question is to set up adiscussion, which will lead to the models in the following chapters.Some patterns of international trade are easier to explain than others. Give several examples and explain.Answer: Historical circumstance can explain some patterns such as the relatively largetrade flows from West Africa to France. The relatively sparse trade between countries withinSouth America seems curious.International trade tends to prove that international trade is beneficial to all trading countries. However, casual observation notes that official obstruction of international trade flows is widespread. How might you reconcile these two facts?Answer: Like question 2, this is meant to allow students to offer preliminary discussions of issues, which will be explored in depth later in the book.It is argued that small countries tend have more open economies than large ones. Is this empirically verified? What are the logical underpinnings of this argument?Answer: Yes. They do not have sufficient resources to satisfy consumption needs; and also do not have a sufficiently large market to enable their industries to avail themselves of scaleeconomy possibilities.Anot her answer would rely on a location argument. Assume that the “natural” marketfor any given plant is a circle with a radius of n miles with the plant at its center.Assuming that the production plants are located randomly throughout the country, thenthe probability that the typical circular market will encompass some foreign country isgreater the smaller is the country.It is argued that if a rich high wage country such as the United States were to expand trade with a relatively poor and low wage country such as Mexico, then U.S. industry would migrate south, and U.S. wages would fall to the level of Mexico’s. What do you think about this argument?Answer: The student may think anything. The purpose of the question is to set up adiscussion, which will lead to the models in the following chapters.Some patterns of international trade are easier to explain than others. Give several examples and explain.Answer: Historical circumstance can explain some patterns such as the relatively largetrade flows from West Africa to France. The relatively sparse trade between countries withinSouth America seems curious.International trade tends to prove that international trade is beneficial to all trading countries. However, casual observation notes that official obstruction of international trade flows is widespread. How might you reconcile these two facts?Answer: Like question 2, this is meant to allow students to offer preliminary discussions of issues, which will be explored in depth later in the book.International Trade theory is one of the oldest areas of applied economic policy analysis. It is also an area for which data was relatively widely available very early on. Why do you suppose this is the case?Answer: In ancient times, public finance was not well developed. Most of the populationwas not producing and consuming within well-developed market economies, so that income and sales taxes were not efficient. One of the most convenient ways for governments to obtainresources was to set up custom posts at borders and tax. Hence international trade was of greatpolicy interest to princes and kings, as was precise data of their main tax base.Quantitative/Graphing ProblemsThe figure above is the Production Possibility Frontier (PPF) of Baccalia, where only two products are produced, clothing and wine. In fact Baccalia is producing on its PPF at point A. By and large the people of Baccalia are content, as both their external and internal needs for warmth are satisfied in the most economically efficient manner possible, given their available productive resources (and known technology). How much wine is being produced? How much cloth? If a person in this country wanted to purchase a liter of wine, what would be the price he or she would have to pay?Judging from what you learned in the previous paragraph, can you indicate at which point (if atall) the Community Indifference Curve is tangent to the Production Possibility Frontier? Explain your reasoning.Answer: 6 million liters of wine are being produced.3 million square yards of cloth are being produced.The price of 1 liter of wine is one half of a square yard of cloth.The tangency is at point A. We know this because otherwise the country would not beproducing at the point of maximum economic efficiency.One day, Baccalia joined the WTO and joined the Global Village. They discovered that in the LWE (London Wine Exchange), 1 liter of wine is worth 1 square yard of cloth. What is the logical production point they should strive for?Answer: 10 million liters of wine.They wish to enjoy to the fullest from the gains from trade, but are not willing to give up imbibing even one drop of wine from the 6 million liters they consumed in their original autarkic state. If their new consumption point is a point we shall designate as point b, describe where this point would be found.Answer: Vertically above point aWhere is the Community Indifference Curve family of curves tangent to their new Consumption Possibility Frontier?Answer: At point b.How can you prove that Baccalia has in fact gained from the availability of trade, and that their new situation is superior to the pre-trade situation (with which they were quite content)?Answer: The country was consuming at point a before trade. It is now consuming at point b with trade. Point b represents a superior welfare combination of goods as compared to point a,since at b the country has more of each of the goods.。
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C h a p t e r7I n t e r n a t i o n a l F a c t o r M o v e m e n t sMultiple Choice Questions1. Which of the following differs in its essential analytical framework?(a) International trade in goods(b) International conflict resolution(c) International trade in services(d) International trade in factors of production(e) International borrowing and lendingAnswer: B2. The slope of the production function measures(a) the physical increase in output as country grows.(b) the dollar-value increase in output as a country grows.(c) the increase in number of workers as immigration proceeds.(d) the marginal product of labor.(e) the marginal product of capital.Answer: D3. International free labor mobility will under all circumstances(a) 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.Answer: E4. If the world attained a perfect Heckscher-Ohlin model equilibrium with trade, then(a) workers in the labor abundant country would migrate to the capital abundant country.(b) workers in the labor abundant country would wish to migrate to the capital abundant country.(c) workers in the labor abundant country would have no desire to migrate to the capitalabundant country.(d) workers in the capital abundant country would wish to migrate to the labor abundant country.(e) workers in the capital abundant country would migrate to the labor abundant country.Answer: C5. During the mass migration period of late 19th-early 20th centuries,(a) wages rose in the origin countries and fell in the destination countries.(b) wages fell in the origin countries and rose in the destination countries.(c) wages generally rose faster in the origin countries.(d) wages generally rose faster in the destination countries.(e) wages generally fell faster in the origin countries.Answer: C6. International borrowing and lending may be interpreted as one form of(a) intermediate trade.(b) inter-temporal trade.(c) trade in services.(d) unrequited international transfers.(e) None of the above.Answer: B7. The relative price of future consumption is(a) the interest rate.(b) unknown at any given time.(c) the real interest rate.(d) the relative interest rate.(e) None of the above.Answer: C8. A country that has a comparative advantage in future production of consumption goods(a) 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.Answer: A9. A U.S. multinational corporation(a) has a controlling share in a foreign subsidiary and is not itself foreign controlled.(b) is foreign controlled and has no controlling share in a foreign company.(c) has a controlling share in a foreign subsidiary and may itself be foreign controlled by aforeign company.(d) is a U.S. company whose major markets are outside the United States.(e) None of the above.Answer: C10. Why a good is produced in two different countries is known as the question of(a) internalization.(b) vertical integration.(c) exploitation.(d) location.(e) None of the above.Answer: D11. Internalization deals with the question(a) why workers prefer to work indoors(b) internationalization(c) why components are produced by one firm rather than by many.(d) Why a good is produced in two different countries(e) None of the aboveAnswer: C12. The home locatio n of most of the world’s large multinational companies is(a) North America and Europe.(b) North America and Asia.(c) Europe and South America.(d) Europe and Asia.(e) None of the above.Answer: A13. Which of the following best refers to the outright construction or purchase abroad of productivefacilities by domestic residents?(a) Foreign direct investment(b) Portfolio Investment(c) Short-term capital investment.(d) Long-term capital investment(e) None of the above.Answer: A14. Most direct investment in the United States has come from(a) Japan.(b) Canada.(c) Western Europe.(d) South America.(e) Asia.Answer: C15. Most U.S. direct foreign investment occurs in(a) communications.(b) agriculture.(c) petroleum.(d) manufacturing.(e) None of the above.Answer: D16. Most foreign direct investment in the United States occurs in(a) communications.(b) agriculture.(c) petroleum.(d) manufacturing.(e) None of the above.Answer: D17. Multinational corporations may provide benefits to their home countries for the following reasonsexcept which one?(a) Secure raw materials for the source country(b) Allow for exports of products, which involve company-specific trade secrets(c) Allow domestic firms to secure timely deliveries of commodities or products, which do notenjoy a stable or deep market internationally(d) Shift home country technology overseas via licensing(e) None of the above.Answer: D18. Trade analysis involving multinational corporations differs from our conventional trade analysisbecause multinational corporation analysis involves(a) absolute cost differentials rather than comparative cost differentials.(b) the international movement of factor inputs as well as that of finished goods.(c) purely competitive markets rather than imperfectly competitive markets.(d) portfolio investments rather than direct foreign investment.(e) None of the above.Answer: B19. Direct foreign investment may take any of the following forms except(a) 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.Answer: A20. Which of the following could logically explain why foreign direct investment might be attractedto the United States?(a) U.S. wage rates exceeding the productivity of U.S. labor(b) U.S. price ceilings that hold down the price of energy(c) Especially high price/earning ratios associated with the stock of U.S. firms(d) Anticipations of future reductions in U.S. non-tariff barriers(e) None of the above.Answer: B21. Multinational corporations(a) 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 operate.(d) require governmental subsidies in order to conduct worldwide operations.(e) None of the above.Answer: A22. American labor unions have recently maintained that U.S. multinational corporations have been(a) exporting American jobs by investing overseas.(b) exporting American jobs by keeping investment in the United States.(c) importing cheap foreign labor by shifting U.S. investment overseas.(d) importing cheap foreign workers by keeping U.S. investment at home.(e) None of the above.Answer: A23. Multinational corporations(a) always produce primary goods.(b) always produce manufactured goods.(c) always produce services.(d) may produce primary or manufactured goods.(e) None of the above.Answer: D24. ___________ refers to highly educated and skilled people who migrate from poor developingcountries to wealthy industrial countries.(a) Direct investment(b) Portfolio investment(c) Transfer pricing(d) Brain drain(e) None of the above.Answer: D25. International labor mobility(a) leads to wage convergence by raising wages in destination country and lowering in sourcecountry.(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 destinationcountry.(e) is in accordance with scale economy model.Answer: D26. In theory, labor mobility is(a) a complete complement to trade flows.(b) a partial complement to trade flows.(c) a complete substitute for trade flows.(d) a partial substitute for trade flows.(e) None of the above.Answer: C27. In practice, international labor mobility is(a) a complete complement to trade flows.(b) a partial complement to trade flows.(c) a complete substitute for trade flows.(d) a partial substitute for trade flows.(e) None of the above.Answer: D28. If one observes that Japan was traditionally a net foreign lender, one could conclude that relativeto its international trade and financial partners(a) Japan’s inter-temporal production possibilities are biased toward future consumption.(b) Japan’s inter-temporal production possibilities are larger than that of the other countries.(c) Japan’s inter-temporal production possibilities are biased toward present consumption.(d) Japan’s inter-temporal production possibilities are not biased.(e) None of the above.Answer: C29. Rapidly growing developing countries tend to be borrowers on the international capital markets.From this information we may surmise that they have a comparative advantage in(a) capital goods.(b) future income.(c) disposable income.(d) consumer goods.(e) present income.Answer: B30. It may be argued that theoretically, international capital movements(a) tend to hurt the donor countries.(b) tend to hurt the recipient countries.(c) tend to hurt labor in donor countries.(d) tend to hurt labor in recipient countries.(e) None of the above.Answer: C31. Transactions between branches of the same multinational corporations account for ________ ofU.S. imports.(a) one quarter(b) one third(c) one half(d) three quarters(e) allAnswer: C32. The shift of labor-intensive assembly operations from the United States to Mexican maqiladoramay be best explained in terms of a theory of(a) location.(b) vertical integration.(c) horizontal integration.(d) internalization.(e) None of the above.Answer: A33. When comparing the United States to the United Kingdom, between 1985 and 1990, the relativegrowth of foreign-owned firms in manufacturing(a) grew faster in the U.K., whose proportion of foreign-owned firms is larger.(b) grew faster in the U.S., whose proportion of foreign-owned firms is larger.(c) grew faster in the U.S., whose proportion of foreign-owned firms is smaller.(d) grew faster in the U.K., whose proportion of foreign-owned firms is smaller.(e) None of the above.Answer: C34. The inflow of foreign direct investment into the United States has always been perceived(a) with trepidation.(b) with resentment.(c) with equanimity.(d) with satisfaction.(e) None of the above.Answer: E35. The purchase by Germany’s Daimler-Benz of America’s Chrysler corporation is genera llyviewed as(a) direct foreign investment typical of trends in the 1980s.(b) a capital outflow from the United States, since Daimler-Benz “milked” the assets of Chrysler.(c) a major success story of globalization.(d) an example of international vertical integration.(e) None of the above.Answer: E36. In a typical short-run production function, as labor increases(a) the marginal product of capital decreases.(b) the overall product of labor decreases.(c) the average product of labor decreases.(d) the marginal product of labor decreases.(e) None of the above.Answer: D37. American labor unions accuse U.S. multinational corporations of all except which?(a) They enjoy unfair advantages in taxation.(b) They export jobs by shifting technology overseas.(c) They export jobs by shifting investment overseas.(d) They operate at output levels where scale economies occur.(e) None of the above.Answer: DEssay Questions1. The Heckscher-Ohlin model is famous for being elegant and mathematically sophisticated, yetfailing to describe reality. One manifestation of this fact is Trefler’s Case of Missing Trade.Explain what exactly is missing. In what sense is it missing? How would you explain why it is missing? How can a relaxation of the identical production functions explain the case of themissing trade?Answer: Trefler demonstrated that the actual volume of world trade is significantly less than that which would be predicted by the Heckscher-Ohlin model. One explanation is that North-South trade is especially less than would be predicted by a factor proportions model. If technologies differ in the poorer countries, then it is possible that the cost of producinga product, which uses relatively much of their abundant factor may still be higher thanthe cost of producing it in the other country.2.Factor-intensity reversals describe a situation in which the production of a product may be land-intensive in one country, and relatively labor intensive in another (at given relative wage levels).For example, cotton may be land intensive in the U.S., and labor intensive in Egypt where land is relatively scarce and expensive. Suppose factor-intensity reversals were common. How would that affect the conclusion that a country in which land is relatively scarce will not be the country witha comparative advantage in the land-intensive product?Answer: The answer here is straightforward (though it has various interesting implications). In this case we cannot define or identify a product in terms of its relative factor intensity(at all or any relative wage level). Therefore, the Heckscher-Ohlin Theorem is ipso-facto inapplicable.3. Why is it that North-South trade in manufactures seems to be consistent with the results orexpectations generated by the factor-proportions theory of international trade, whereas North-North trade is not?Answer: There is a clear difference in relative factor availabilities between North and South countries, no matter how we define and measure the factors of production. Hence, thefactor-proportions theory of trade may be sensibly expected to explain the pattern(though not the volume) of trade between these two groups of countries. However, theNorth North trade partners do not vary significantly in their relative factor availabilities,so that other forces, such as scale economies play a relatively large role in determiningtrade patterns.4. One of the commonly used assumptions in deriving the Heckscher-Ohlin model is that tastes arehomothetic, or that if the per capita incomes were the same in two countries, the proportions of their expenditures allocated to each product would be the same as it is in the other country.Imagine that this assumption is false, and that in fact, the tastes in each country are stronglybiased in favor of the product in which it has a comparative advantage. How would this affect the relationship between relative factor abundance between the two countries, and the nature (factor-intensity) of the product each exports? What if the taste bias favored the imported good?Answer: If in fact national tastes were strongly biased in favor of the product in which the country enjoyed a comparative advantage, then we would expect a bias in favor ofrejecting the Heckscher-Ohlin Theorem in actual trade data. The engine driving the H-O model is that a country should be expected to have a relatively low cost of producingthe good in which it has a comparative advantage. However, the respective demandforces would tend to raise the price of this good, so that the expected pattern would notgenerally be observed. However, if the tastes were biased in favor of the imported good,then the predictions of the Heckscher-Ohlin Theorem would be expected to begenerally observed.5. Why do you suppose that South-South trade does not conform in volume, but does conform inpattern with expectations generated by the Heckscher-Ohlin model?Answer: The pattern of trade is generally observed to conform to the Heckscher-Ohlin models expectations. That is, the developing countries tend to export labor-intensive goods,such as textiles, and import capital-intensive goods such as machinery. The volumehowever is quite lower than what would be expected from the Neoclassical model.There are many possible reasons, such as financial crises necessitating premia in thefinancing of this trade.6. It has been argued that even if intra-European Union labor mobility were to be completelyremoved, one should not expect to observe massive, or even large reallocations of populationswith the E.U. DiscussAnswer: Theoretically, just as completely free trade consistent with Heckscher-Ohlin model (with no complete specialization) is associated with factor price equalization; so doescompletely free labor mobility. It therefore follows that if intra E.U. trade flourishes, asany restraints on trade there are abolished, the economic incentive for labor mobilitywill be removed. Since language and cultural differences remain, we would expectpopulations to tend to stay where they are.Quantitative/Graphing Problems1. In Home and Foreign there are two factors of production, land and labor, used to produce onlyone good. The land supply in each country and the technology of production are exactly the same.The marginal product of labor in each country depends on employment as follows:Number of Workers Employed Marginal Product of Last Worker1 302 293 284 275 266 257 248 239 2210 2111 20Initially there are 11 workers employed in Home but only 3 workers in Foreign. Find the effect of free movement of labor from the high wage to the low wage country. When such economicmigration ceases, what will be the levels of production, real wages and the income of landowners in each country?Answer: The total production in the world will increase, since the addition to production (the marginal product of labor) in the target country is larger for each worker than the lossof production (also the marginal product of workers) in the emigration country. Thereal wages will rise in the emigration country and fall in the immigration country.Landlord incomes will rise in the immigration country and fall in the emigrationcountry.2. Suppose Australia, a land (K)-abundant country and Sri-Lanka, a labor(L)-abundant country bothproduce labor and land intensive goods with the same technology. Following the logic of theHeckscher-Ohlin model from Chapter 4, what will be the incentive for migration once trade is established between these two countries? Now, suppose that a tariff by one country creates an incentive for labor migration. From which country to which country will be the migration?Explain how you arrived at your answer.Answer: Once trade is established, there is no longer any incentive for (economic-based) immigration, since the real wages will be equalized in both. If a tariff is established inAustralia, then the price of the labor intensive good will be higher in Australia, as willbe the marginal product of labor and hence the real wage of workers there. Hence,workers will immigrate from Sri-Lanka to Australia until the two domestic prices areequalized.3. Use the diagram below derived from Figure 4-4 to identify the pre-trade situation for Australiaand Sri-Lanka, as discussed in question 2 above. Where on the K/L axis will you find each of the two countries? Which of the two countries has a higher relative wage, w/r? Which product is the labor intensive, and which is the land intensive one? Show where the relative price of cloth to food will be found once trade opens between these two countries. Show where the relative wages of each will appear.Answer: You will find Sri-Lanka to the left of Australia on the K/L axis.Australia has a higher relative wage.Food is the land intensive product.The relative price P C/P F is found between the two autarkic prices.The post trade relative wage is between the two autarkic ones on the vertical axis.4. Using the figure above from question 3, demonstrate what happens to the composition ofproduction (that is quantity of cloth per 1 unit of food) in Australia once trade is establishedbetween the two countries. Which country will export cloth? What happens to the relative income of workers in Australia as a result of trade? Does it increase or decrease? Would land owners in Australia lobby for or against free trade? Would land owners in Australia lobby for or against free admittance of immigrant workers?Answer: The proportion of food to cloth will increase in the production of Australia Sri Lanka will export cloth. The relative (and real) incomes of workers will fall in Australia as aresult of trade. Land Owners in Australia should lobby in favor of trade. They wouldalso lobby for free labor mobility (of workers into Australia), since the marginalproduct of labor is high, the owners of land have much (Ricardian) rents to gain froman inflow of workers.5. Imagine that the relative capital abundance of Australia was so much greater than that of Sri-Lanka, that we would have to locate Australia far to the right on the K/L axis. If this were so far to the right that there was no area of overlap on the w/r axis, then what product would Australia export? Is this answer different from that in question 4 above? Will the relative wages ascalculated now be the same or different from those calculated in question 4?Answer: Australia would still export food, which is the same as in question 4. As a result of trade, wages will fall in Australia and will rise in Sri-Lanka. However, in this case, thewages in Australia will remain higher than in Sri-Lanka, creating an incentive formigration from the latter to the former country.。