国际经济学第九版英文课后答案 第18单元

国际经济学第九版英⽂课后答案第20单元CHAPTER 20FLEXIBLE VERSUS FIXED EXCHANGE RATES, THE EUROPEAN MONETARY SYSTEM, AND MACROECONOMIC POLICY COORDINATION OUTLINE20.1 Introduction20.2 The Case for Flexible Exchange Rates20.2a Market Efficiency20.2b Policy Advantages20.3 The Case for Fixed Exchange Rates20.3a Less Uncertainty20.3b Stabilizing Speculation20.3c Price DisciplineCase Study 20-1: Macroeconomic Performance Under Fixed and Flexible Rates Regimes20.4 Optimum Currency Areas and the European Monetary System20.4a Optimum Currency Areas20.4b European Monetary SystemCase Study 20-2: The 1992-3 Currency Crisis in the European Monetary System20.4c Transition to Monetary UnionCase Study 20-3: Maastricht Convergence Indicators20.4d Creation of the EuroCase Study 20-4: Benefits and Costs of the Euro20.4e European Central Bank and Common Monetary Policy20.5 Exchange Rate Bands, Adjustable Pegs, Crawling Pegs, and Managed Floating20.5a Exchange Rate Bands20.5b Adjustable Peg Systems20.5c Crawling Pegs20.5d Managed FloatingCase Study 20-5: Exchange Rate Arrangements of IMF Members20.6International Macroeconomic Policy CoordinationAppendix: Exchange Rate ArrangementsKey TermsFreely floating exchange rate system European Monetary Union Optimum currency area or block EuroEuropean Monetary System (EMS) European Central Bank (ECB)European Currency Unit (ECU) Adjustable peg systemEuropean Monetary Cooperation Fund (EMCF) Crawling peg systemExchange Rate Mechanism (ERM) European Monetary Institute (EMI) Leaning against the wind Dirty floatingManaged floating exchange rate system Maastricht TreatyInternational macro policy coordination Growth and Stability Pact (GSP) Lecture Guide:1. This chapter (not a core chapter) brings together for the most part materialscattered throughout previous chapters on the question of fixed versus flexibleexchange rates. But it also examines the European Monetary System andinternational macroeconomic cooperation. It is an important chapter butbecause of the time constraint, I would omit it in a one-semester undergraduatecourse in international economics, except for section 20.4 on the European Union and the short section on international macroeconomic policy coordination.2. If I were to cover this chapter, I would cover sections 1 to 3 in the first lecture,section 4 in the second lecture, and sections 5 and 6 in the third lecture andassigning the end of chapter problems.Answers to Problems:1. a. The U.S. will export the commodity because at R=2, P=$7 in the U.S. and P=$8in the U.K.b. The U.S. has a comparative disadvantage in this commodity at the equilibriumexchange rate.2. Under a fixed exchange rate system and perfectly elastic international capitalflows, the attempt on the part of the nation to reduce its money supply (tightmonetary policy) tends to increase interest rates in the nation and attract capitalinflows. This frustrates the attempt on the part of the nation's monetary authorities to reduce the nation's money supply. On the other hand, the attempt of the nation's monetary authorities to increase the money supply of the nation will be frustrated by the tendency of the nation's interest rate to fall, resulting in a capital outflowthat would leave the nation's money supply unchanged (see section 17.4c).3. See Figure 1.Figure 1 shows that for a shift in the supply of pounds from S to S' and S*, theexchange rate fluctuate more when the demand curve for pounds is more inelastic (D*) then when it is more elastic (D).4. See Figure 2.Curve A shows the fluctuation in the exchange rate over the business cyclewithout speculation; curve B shows the fluctuation in the exchange over thebusiness cycle with stabilizing speculation, while curve C shows the fluctuation in the exchange rate over the business cycle with destabilizing speculation.5. See Figure 3 on the previous page.6. An optimum currency area involves permanently fixed exchange rates as well ascommon monetary and fiscal policies among its members. Thus, an optimumcurrency area resemble a single economic entity and monetary union. There areno such implications for countries which are connected only by fixed exchangerates.7. (a) With a single central bank and currency the member nations of the EuropeanUnion can no longer print money and thus each member no longer has thewherewithal to conduct monetary policy. The original central bank of eachmember nation now assumes functions similar to that of the federal reserve banks in the Federal Reserve System in the United States. That is, they affect thecommunity-wide monetary policy only through their participation in central bank deliberations and decisions.(b) With a single currency, of course, there are no such things and exchange ratesamong the member nations' currencies, just as there are no exchange rates for the dollar among the states of the United States. Or better, the exchange rate ispermanently fixed at 1:1.8. The benefits that the EU would get from establishing a single currency are:eliminating the costs involved in exchanging currencies, eliminating the risk ofexchange fluctuations and currency crises, inducing nations to adopt moreappropriate economic policies and being able, as a community, to withstand better external shocks. The costs results from the inability of nations to change theirexchange rate and to tailor monetary and fiscal policies to their specific nationalneeds.9. See Figure 4.10. See the dashed curve in Figure 5.11. It is true that flexible exchange rates tend to insulate the economy frominternational disturbances. For example, the tendency of a nation to followinflationary policies will result in a depreciation of its currency. This means thatthe trade partner's currency will appreciate, making its imports cheaper and thuspreventing the importation of inflation from abroad.In an integrated world capital market, however, inflationary policies by one nation will lower its interest rates in the nation and will lead to capital outflows. Unless the trade partner is able to continuously sterilize these capital inflows, inflationary pressures will spread to it also. These inflationary pressures can be avoided byinternational policy coordination. Thus, international policy coordination is useful also under a flexible exchange rate system because in a world of unrestrictedinternational capital flows flexible exchange rate do not insulate nations completely from their partner's policies.12. Game theory is a method for examining the effect of a given policy or course ofaction on a nation or other economic unit for each possible response by anothernation or other economic unit. Game theory can thus be used to show that acooperative equilibrium can be better for (i.e., can increase the welfare of) eachnation or economic unit than if each tries to maximize its welfare independently.13. In a noncooperative equilibrium, each nation is likely to follow a loose fiscalpolicy but a tight monetary policy in order to keep its interest rates up and thereby attract foreign capital and keep the international value of its currency high, so asto keep import prices low. However, when all nations do this their efforts will be self-defeating and interest rates will be higher than with a cooperativeequilibrium. High interest rates will reduce long-term growth for all nations. Witha cooperative equilibrium, on the other hand, nations will use restrictive fiscal andeasy monetary policies. This will keep interest rates low and thus stimulate long-run growth.14. (a) There have been four episodes of significant international macroeconomic policycoordination among the leading industrial nations during the past three decades.The first occurred in 1978 when Germany was induced to stimulate its economyand play as "locomotive" and stimulate growth in other leading industrialcountries also. The effort ended when Germany, fearing inflation, stoopedstimulating its economy. The second was the Plaza Agreement in September of1985 when the United States, Japan, Germany, France, and the United Kingdommet at the Plaza Hotel in New York to engineer a "soft landing" for theovervalued dollar. This effort was regarded as successful but the markets werealready lowering the value of the dollar. The third case is represented by theLouvre Accord in February 1987, when the leading industrial nations agreed onimplicit target zones for the exchange rates among the leading currencies. Thisagreement, however, became inoperative soon after it was reached. The fourthcase is evidenced by the coordinated quick monetary response on the part of theUnited States, Germany, and Japan to October 1987 worldwide equity-marketcrash.(b) International macroeconomic policy coordination to date has been episodic andlimited in scope and it is unlikely that it will be very different in the future. App. On Janaury 1, 1999, 11 of the 15 members of the European Union adopted the euro as their common currency. Britain, Sweden, and Denmark decided not tojoin from the start, but retained the option to join later. Greece was not admittedbecause of its inability to meet most of the Maastricht criteria. The likelyhood,however, is that all four will join the euro by July 2002, when the euro is tocompletely replace the currencies of the participating nations. In the meantime, a new exchange rate mechanism, the ERM II, was installed to keep the currenciesof these four countries from fluctuating to widely, inanticipation of their joining the euro.Multiple-choice Questions:1. An alleged advantage of flexible over fixed exchange rates is:*a. market efficiencyb. stabilizing speculationc. price disciplined. all of the above2. Flexible exchange rates:a. enhance the effectiveness of fiscal policyb. reduce the effectiveness of fiscal policy*c. enhance the effectiveness of monetary policyd. reduce the effectiveness of monetary policy3. Under a flexible as compared to a fixed exchange rate system:*a. a nation can more easily achieve its desired inflation-unemployment tradeoffb. it is more difficult for a nation to achieve its desired inflation-unemployment tradeoffc. it is more difficult for a nation to achieve internal balanced. it is more difficult for a nation to achieve external balance4. Everything else being the same, the volume of trade is likely to be:a. larger under a flexible than under a fixed exchange rate system*b. larger under a fixed than under a flexible exchange rate systemc. equal under a flexible and fixed exchange rate systemd. any of the above5. Most economists believe that under "normal conditions" speculation:*a. is stabilizingb. is destabilizingc. is neither stabilizing nor destabilizingd. seldom occurs6. Price discipline is:*a. greater under a fixed than under a flexible exchange rate systemb. greater under a flexible than under a fixed exchange rate systemc. about the same under a fixed as under a flexible exchange rate systemd. is unrelated to the type of exchange rate system7. Which of the following statements is correct with respect to flexible exchange rates?a. they insulate the domestic economy from external shocks much more than fixed exchange ratesb. they are particularly attractive to nations subject to large external shocksc. they provide less stability to an open economy subject to large internal shocks*d. all of the above8. The formation of an optimum currency area is more likely to be beneficial:a. the smaller is the mobility of resource among the various nations of the optimum currency areab. the smaller are the structural similarities of member nations*c. the more willing are member nations to closely coordinate their fiscal, monetary, and other policiesd. all of the above9. The European Monetary System is or resembles a:*a. fixed exchange rate systemb. a managed exchange rate systemc. a crawling peg systemd. a freely flexible exchange rate system10. The European Monetary Union:a. has a common currencyb. has a single central bankc. conducts a common monetary policy*d. all of the above11. If the band of allowed fluctuation under a fixed exchange rate system is made very wide, the system will resemble:*a. a flexible exchange rate systemb. the gold standardc. an adjustable pegd. a crawling peg12. A fixed exchange rate system without a band of allowed fluctuation would require the nation's monetary authorities to intervene in the foreign exchange market:a. neverb. seldom*c. constantlyd. we cannot say13. The policy of changing par values by small preannounced amounts at frequent intervals until the equilibrium exchange rate is reached is called:*a. crawling pegb. adjustable pegc. managed floatd. dirty float14. The policy of intervention in the foreign exchange market to smooth out short-run fluctuations in exchange rates is called:a. crawling pegb. adjustable peg*c. leaning against the windd. managed float15. International macroeconomic policy coordination has become more useful and essential in recent decades because:a. the interdependence among countries has increasedb. the volume of trade has grown more rapidly than GNPc. of the large increase in international capital flows*d. all of the above。

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。

CHAPTER 1*(Core Chapter)INTRODUCTIONOUTLINE1.1 Importance of International EconomicsCase Study 1-1: The Dell and Other PCs Sold in the United States Are All ButAmericanCase Study 1-2: What Is an "American" Car?1.2 International Trade and The Nation's Standard of LivingCase Study 1-3: Rising Importance of International Trade to the United States 1.3 The Major U.S. Trade Partners: The Gravity Model1.4 The Subject Matter of International Economics1.5 Purpose of International Economic Theories and Policies1.6 Current International Economic Challenges1.7 The Globalization Challenge1.8 Organization and Methodology of the BookAppendix: A1.1 Basic International Trade DataA1.2 Sources of Additional International Data and InformationKey TermsInterdependence Adjustment in the balance of payments Gravity model MicroeconomicsInternational trade theory MacroeconomicsInternational trade policy Open economy macroeconomicsNew protectionism International financeForeign exchange markets GlobalizationBalance of payments Anti-globalization movementLecture Guide1. As the first chapter of the book, the general aim here is simply to define the fieldof study of international economics and its importance in today's interdependent world.The material in this chapter can be covered in two classes. I would utilize oneclass to cover Sections 1 to 4 and the second class to cover Sections 5 to 8. Iwould spend most of the second class on Section 6 on the major currentinternational economic challenges facing the United States and the world todayand to show how international economics can suggest ways to solve them. Thisshould greatly enhance students' motivation.Answer to Problems1. a) International economic problems reported in our daily newspapers are likely toinclude:•trade controversies between the United States, Europe, Japan, and China;•great volatility of exchange rates;•Increasing international competition from China and fear of job losses in the United States and other advanced countries.•structural unemployment and slow growth in Europe, and stagnation in Japan;•financial crises in emerging market economies;•restructuring problems of transition economies;•deep poverty in many developing nations in the world.b) Can result in trade restrictions or even a trade war, which reduce the volumeand the gains from trade;•discourage foreign trade and investments, and thus reduce the benefits from trade;•Can result in trade restrictions or even a trade war, which reduce the volume and the gains from trade;•reduces European and Japanese imports and the volume and the benefits from trade;•financial crises in emerging market economies could spread to the United States;•can lead to political instability, which will adversely affect the United States;•can lead to political instability in these countries - which also adversely affect the United States.c) Can result in your paying higher prices for imported products;•lead to great fluctuations in the price of imported products and cost of foreign travel;•Can lead higher prices for imported products and increases the chances that you will have to change jobs;•can lead you to support demands for trade protection in the United States;•can reduce the value of your investments (such as a stocks) in the United States;•can lead to your paying higher taxes for the United States to respond to these threats;•can result in your paying higher taxes to help these nations.2. a) Five industrial nations not mentioned are: Italy, France, Canada, Austria, andIreland.b) See Table 1A.c) Smaller nations, such as Ireland and Austria, are more interdependent than thelarger ones. Note that interdependence was measured by the percentage of thevalue of imports and exports (line 98c and 90c, respectively in IFS) to GDP (line99b).Table 1AEconomic Interdependence asMeasured by Imports and Exports*Source: International Financial Statistics(Washington, D.C., IMF, March 2006).3. a) Five developing nations not mentioned in the text are: Brazil, Pakistan,Colombia, Nepal, and Tunisia.b) See Table 1B.c) In general, the smaller the nation, the greater is its economic interdependence.Note that interdependence was measured by the percentage of the value ofimports and exports (line 98c and 90c, respectively in IFS) to GDP (line 99b).Table 1BEconomic Interdependence asMeasured by Imports and Exports*Source: International Financial Statistics(Washington, D.C., IMF, March 2006).4. Trade between the United States and Brazil is much larger than trade between theUnited States and Argentina. Since Brazil is larger and closer than Argentina, this trade does follow the predictions of the gravity model.5. a) Mankiw’s Economics (4th., 2007) includes the following microeconomicstopics:•The market forces of demand and supply;•elasticity and its application;•the theory of consumer choice;•consumers, producers, and the efficiency of markets;•the costs of production;•firms in competitive markets;•monopoly;•oligopoly;•monopolistic competition;•markets for the factors of production;•the demand for resources;b) Just as the microeconomics parts of your principles text deal with individualconsumers and firms, and with the price of individual commodities and factors of production, so do Parts One and Two of this text deal with production andconsumption of individual nations with nations with and without trade, and withthe relative price of individual commodities and factors of production.c) Mankiw’s Economi cs (4th., 2007) includes the following microeconomics topics:measuring a nation’s income and the cost of living;•production and growth;•savings investment and the financial system;•unemployment and its natural rate;•the monetary system, growth and inflation;•money growth and inflation;•open-economy macroeconomics: basic concepts;• a macroeconomic theory of the open economy;•aggregate demand and aggregate supply;•the influence of monetary and fiscal policy on aggregate demand;•the short-run trade off between inflation and unemployment•five debates over macroeconomic policy.d) Just as the macroeconomics parts of your principles text deal with the aggregatelevel of savings, consumption, investment, and national income, the general price level, and monetary and fiscal policies, so do Parts Three and Four of this textdeal with the aggregate amount of imports, exports, the total international flow of resources, and the policies to affect these broad aggregates.6. a) Consumer demand theory predicts than when the price of a commodity rises(cet. par.), the quantity demanded of the commodity declines.When the price of imports rises to domestic consumers, the quantity demanded of exports can be expected to decline (if everything else remains constant).7. a) A government can reduce a budget deficit by reducing governmentexpenditures and/or increasing taxes.b) A nation can reduce or eliminate a balance of payments deficit by taxingimports and/or subsidizing exports, by borrowing more abroad or lending less toother nations, as well as by reducing the level of its national income.8. a) Nations usually impose restrictions on the free international flow of goods,services, and factors. Differences in language, customs, and laws also hamperthese international flows. In addition, international flows may involve receipts and payments in different currencies, which may change in value in relation to oneanother through time. This is to be contrasted with the interregional flow ofgoods, services, and factors, which face no such restrictions as tariffs and areconducted in terms of the same currency, usually in the same language, and under basically the same set of customs and laws.b) Both international and interregional economic relations involve the overcomingof space or distance. Indeed, they both arise from the problems created bydistance. This distinguishes them from the rest of economics, which abstractsfrom space and treats the economy as a single point in space, in which production, exchange, and consumption take place.9. We can deduce that nations benefit from voluntarily engaging in internationaltrade because if they did not gain or if they lost they could avoid those losses bysimply refusing to trade. Disagreement usually arises regarding the relativedistribution of the gains from specialization in production and trade, but this does not mean that each nation does not gain from trade.10. International trade results in lower prices for consumers but harms domesticproducers of products, which compete with imports. Often those domesticproducers that stand to lose a great deal from imports band together to pressurethe government to restrict imports. Since consumers are many and unorganizedand each individually stands to lose only very little from the import restrictions,governments often give in to the demands of producers and impose some importrestrictions. These topics are discussed in detail in Chapter 9.11. A nation can subsidize exports of the commodity to other nations until it drivesthe competing nation's industry out of business, after which it can raise its priceand benefit from its newly acquired monopoly power.Some economists and politicians in the United States have accused Japan of doing just that (i.e., of engaging in strategic trade and industrial policy at the expense of U.S. industries), but this is a very complex and controversial aspect of tradepolicy and will be examined in detail in Chapter 9.12. a) When the value of the U.S. dollar falls in relation to the currencies of othernations, imports become more expensive for Americans and so they wouldpurchase a smaller quantity of imports.b) When the value of the U.S. dollar falls in relation to the currencies of othernations, U.S. exports become chapter for foreigners and so they would purchase a greater quantity of U.S. exports.Multiple-Choice Questions1. Which of the following products are not produced at all in the United States?*a. Coffee, tea, cocoab. steel, copper, aluminumc. petroleum, coal, natural gasd. typewriters, computers, airplanes2. International trade is most important to the standard of living of:a. the United States*b. Switzerlandc. Germanyd. England3. Over time, the economic interdependence of nations has:*a. grownb. diminishedc. remained unchangedd. cannot say4. A rough measure of the degree of economic interdependence of a nation is given by:a. the size of the nations' populationb. the percentage of its population to its GDP*c. the percentage of a nation's imports and exports to its GDPd. all of the above5. Economic interdependence is greater for:*a. small nationsb. large nationsc. developed nationsd. developing nations6. The gravity model of international trade predicts that trade between two nations is largera. the larger the two nationsb. the closer the nationsc. the more open are the two nations*d. all of the above7. International economics deals with:a. the flow of goods, services, and payments among nationsb. policies directed at regulating the flow of goods, services, and paymentsc. the effects of policies on the welfare of the nation*d. all of the above8. International trade theory refers to:*a. the microeconomic aspects of international tradeb. the macroeconomic aspects of international tradec. open economy macroeconomics or international financed. all of the above9. Which of the following is not the subject matter of international finance?a. foreign exchange marketsb. the balance of payments*c. the basis and the gains from traded. policies to adjust balance of payments disequilibria10. Economic theory:a. seeks to explain economic eventsb. seeks to predict economic eventsc. abstracts from the many detail that surrounds an economic event*d. all of the above11. Which of the following is not an assumption generally made in the study of international economics?a. two nationsb. two commodities*c. perfect international mobility of factorsd. two factors of production12. In the study of international economics:a. international trade policies are examined before the bases for tradeb. adjustment policies are discussed before the balance of paymentsc. the case of many nations is discussed before the two-nations case*d. none of the above13. International trade is similar to interregional trade in that both must overcome: *a. distance and spaceb. trade restrictionsc. differences in currenciesd. differences in monetary systems14. The opening or expansion of international trade usually affects all members of society:a. positivelyb. negatively*c. most positively but some negativelyd. most negatively but some positively15. An increase in the dollar price of a foreign currency usually:a. benefit U.S. importers*b. benefits U.S. exportersc. benefit both U.S. importers and U.S. exportersd. harms both U.S. importers and U.S. exporters16. Which of the following statements with regard to international economics is true?a. It is a relatively new field*b. it is a relatively old fieldc. most of its contributors were not economistsd. none of the above。

国际经济学课后习题答案解析集团标准化小组：[VVOPPT-JOPP28-JPPTL98-LOPPNN]第18章第十八章浮动汇率制下的内外平衡1. 浮动汇率下的政策环境和目标与固定汇率下有什么区别？答案提示：不同于固定汇率下的情况，浮动汇率可自动调节国际收支，使一国经济达到对外平衡，这样汇率调节就完成了固定汇率下政府必须考虑的内外均衡两个任务中的一个。

现在，只剩对内平衡一个目标需要考虑。

在浮动汇率制度下，政府的政策LI标将只有一个，即通过宏观经济政策的实施达到充分就业和物价稳定。

2. 比较固定汇率和浮动汇率下的各种宏观经济政策的效果，并对之加以解释。

答案提示：在资本具有完全流动性的情况下，如果实行固定汇率制度，财政政策有效，而货币政策完全无效；如果实行浮动汇率制度，财政政策完全无效，而货币政策是有效的，即一国货币当局在浮动汇率下可以实行独立的货币政策。

3. 试解释浮动汇率下的财政政策的“挤出效用”。

答案提示：参考本章第二节。

4. 假设A国和B国经济联系紧密，均实行浮动汇率制度，A国遭遇严重失业问题，遂采取放松银根政策，B国是否会受到影响？答案提示：B国会受到影响。

A国实行宽松的货币政策，将导致物价上升和货币贬值，随着A国出口的增加，B国国内市场将相对减小，不利于B国的就业和生产的增加。

□.试分析在资本完全不流动的情况下，财政政策和货币政策的作用。

答案提示：通过画图进行分析，此时BP曲线为垂直的。

6*.试讨论资本不完全流动下的财政政策和货币政策的作用，与资本完全流动下的作用效果有何差异？答案提示：在这种情况下，汇率的变化会引起BP曲线的移动。

7. 在资本完全流动情况下，试分析在下列两种情形下，固定汇率与浮动汇率对国内经济的稳定作用。

（1）国内货币供给突然自发增加;（2）外国资本突然大量流入。

答案提示：（1）固定汇率下，国内货币供给突然自发增加，本国货币的利率下降，本国货币利率下降导致资本大量外流、存在国际收支逆差，这样对国内货币产生贬值压力，中央银行必须干预市场，抛出外汇，收回本币，使汇率保持固定，与此同时国内货币供给减少，直到重新达到原来的均衡点为止。

克鲁格曼《国际经济学》中文版·第九版课后习题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。

CHAPTER 19PRICES AND OUTPUT IN AN OPEN ECONOMY:AGGREGATE DEMAND AND AGGREGATE SUPPLY OUTLINE19.1 Introduction19.2 Aggregate Demand, Aggregate Supply, and Equilibrium in a Closed Economy19.2a Aggregate Demand in a Closed Economy19.2b Aggregate Supply in the Long Run and in the Short Run19.2c Short-Run and Long-Run Equilibrium in a Closed EconomyCase Study 19-1: Deviations of Short-Run Outputs from the Natural Level in the U.S.19.3 Aggregate Demand in an Open Economy Under Fixed and Flexible Exchange Rates19.3a Aggregate Demand in an Open Economy Under Fixed Exchange Rates19.3b Aggregate demand in an Open Economy Under Flexible Exchange Rates19.4 Effect of Economic Shocks and Macroeconomic Policies on Aggregate Demandin Open Economies with Flexible Prices19.4a Real-Sector Shocks and Aggregate Demand19.4b Monetary Shocks and Aggregate Demand19.4c Fiscal and Monetary Policies and Aggregate Demand in Open Economies19.5 Effect of Fiscal and Monetary Policies in Open Economies with Flexible PricesCase Study 19.2: Central Bank Independence and Inflation in Industrial Countries19.6 Macroeconomic Policies to Stimulate Growth and to Adjust to Supply Shocks19.6a Economic Policies for Growth19.6b Economic Policies to Adjust to Supply ShocksCase Study 19.3: Petroleum Shocks and Stagflation in the United StatesCase Study 19.4: Actual and Natural Unemployment Rate, and Inflation in United StatesCase Study 19.5: Actual and Natural Unemployment Rate, and Inflation in United StatesCase Study 19.6: Has the U.S. Economy Become Recession Proof? Key TermsAggregate demand curve (AD)Aggregate supply curve (AS)Long-run aggregate supply curve (LRAS)Natural level of output (YN)Short-run aggregate supply curve (SRAS)Expected pricesStagflationLecture Guide1. This is not a core chapter and I would omit it in a one-semester undergraduate course in international economics.2. If I were to cover this chapter, I would cover two sections in each of three lectures and assign the end-of-chapter problems.Answer to Problems1. See Figure 1.2. See Figure 2.3. See Figure 3.4. See Figure 4.5. An unexpected increase in prices in the face of sticky wages means that real wages temporarily fall. This leads firms to hire more workers and thus increase output in the short run. In the long-run, however, money wages fully adjust to (i.e., increase in the same proportion as) the increasein prices. As a result, real wages return to their previous higher level, firms reduce employment to their original lower level, and the nation's output returns to its lower long-runnatural level, but at the new higher price level.6. Starting from point C in Figure 19-3, an unexpected decrease in aggregate demand from AD' to AD causes prices to fall and firms to temporarily reduce their output, giving the new short-run equilibrium point where the AD' curve intersects the SRAS' curve. In the long run, however, as expected prices fall to match actual prices, the short-run aggregate supply curve shifts down by the amount of the price reduction (i.e., from SRAS' to SRAS) and defines new long- run equilibrium point E at the natural level of output YN, but lower price level of PE.Another way of saying this is that at point to the left of the LRAS curve, actual prices are lower than expected prices. Expected prices then fall and this shifts the SRAS curve downward until expected prices are equal to the lower actual prices, and the economy returns to its long-run natural level of output equilibrium.7. An unexpected decrease in aggregate demand causes prices to fall. If wages are sticky and do not immediately fall in the same proportion as the fall in prices, real wages will temporarily increase. This leads firms to hire fewer workers and thus reduce output in the short run. In the long-run, however, money wages fully adjust to (i.e., fall in the same proportion as) the fall in prices. As a result, real wages return to their previous lower level, firms increase employment to their original higher level, and the nation's output returns to its higher long-run or naturallevel, but at the new higher lower level.8. If the LM' curve intersected the IS' curve at a point below the BP' curve in the left panel of Figure 19-5, the interest rate in the nation would be lower than required for balance of payments equilibrium. The nation would then have a deficit in its balance of payments. Under a fixed exchange rate system, the deficit in the nation's balance of payments would result in an outflow of international reserves and thus a reduction in the nation's money supply, which would shift up the LM' curve sufficiently to intersect the IS' curve on the BP' curve, so that the nationwould be simultaneously in equilibrium in the goods and money markets and in the balance of payments, as at point E".9. See Figure 5.10. Starting from equilibrium in the goods and services sector, in the monetary sector, and in the balance of payments, an autonomous worsening of the nation's trade balance at unchanged domestic prices, causes the IS and BP curves to shift to the left and opens a deficit in the nation's balance of payments under fixed exchange rates. This leads to a leftward shift of the LM curve and a reduction in national income. Thus, the nation's aggregate demand curve shifts to the left.11. With flexible exchange rates, the autonomous worsening of the nation's trade balance at unchanged domestic prices, causes the IS and BP curves to shift to the left (just as in the case of fixed rates). Now, however, the tendency of the nation's balance of payments to go into deficit leads to a depreciation of the nation's currency and a deterioration in the nation's trade balance, so that the BP and IS curves shift to the left, back to their original position along the unchanged LM curve. Thus, the nation returns to the original equilibrium position and point on its original aggregate demand curve.12. Expansionary fiscal policy under fixed exchange rates or easy monetary policy under flexible rates can correct a recession but only the expense of higher prices or inflation. If prices are flexible downward in the nation, however, the recession can be corrected automatically and in a relatively short time by falling domestic prices, which would stimulate the domestic and foreign demand for the nation's goods and services. If domestic prices are sticky or not too flexible downward, however, relying on market force (i.e., falling prices in the nation) to automatically correct the recession may take too long, and this may justify the use of expansionary fiscal or monetary policies.13. The nation would reach the long-run equilibrium point where the AD' curve crosses the unchanged LRAS curve. The SRAS curve would also shift and cross the LRAS curve at the same point. The nation's natural level of output and employment would then be the same as before the supply (petroleum) shock, but prices would be higher.14. The concept of the natural rate of unemployment is useful as long as no structural changes take place in the economy. When structural changes do occur (and globalization may just be such a structural change), then the rate of natural unemployment will change. With globalization the natural rate of unemployment may well be 5 percent or lower in the United States today.Multiple-Choice Questions1. In general, as the economy expends or contracts over the business cycle *a. prices changeb. prices remain unchanged except in a recessionc. prices remain unchanged until the economy reaches full employmentd. all of the above2. The aggregate demand curve (AD) for closed economy is derived from thea. IS curveb. LM curvec. FE curve*d. IS and LM curves3. A reduction in the general price level with a constant money supply is shown by aa. leftward shift in the LM curve*b. movement down along a given aggregate demand curvec. rightward shift in the aggregate supply curved. a rightward shift in the IS curve4. An increase in the money supply with constant prices leads to aa. leftward shift in the LM curveb. movement along a given aggregate demand curve*c. rightward shift in the aggregate demand curved. rightward shift in the IS curve5. An increase in government expenditures leads toa. a rightward shift in the IS curveb. a rightward shift in the AD curvec. an increase in the level of national income*d. all of the above6. A nation's output in the short-run cana. exceed its natural levelb. fall short of its natural levelc. equal to its natural level*d. any of the above7. Which of the following statements is false?a. a nations' natural level of output can increase as a result of growthb. imperfection in product markets can lead to temporary deviations in a nation's output from its long-run natural level*c. sticky wages cannot lead to temporary deviations in a nation's outputfrom its long-run natural leveld. none of the above.8. Output in the short run exceeds the natural level of output if expected prices*a. exceed actual pricesb. are lower than actual pricesc. are equal to actual pricesd. any of the above9. The aggregate demand curve (AD) for an open economy is derived from thea. IS curveb. LM curvec. BP curve*d. all of the above10. The aggregate demand curve for an open economy under fixed exchange rates isa. less elastic than if the economy were closed*b. more elastic than in the economy were closedc. more elastic than in the economy operated with flexible exchange ratesd. all of the above11. An autonomous improvement in the nation's trade balance under fixed exchange rates will cause the nation's aggregate demand curve to*a. shift to the rightb. shift to the leftc. remain unchangedd. any of the above12. An autonomous short-term capital outflow under flexible exchange rates causes the nation's aggregate demand curve to*a. shift to the rightb. shift to the leftc. remain unchangedd. any of the above13. With high short-term international capital flows, fixed exchange rates, and flexible pricesa. monetary policy is effective*b. fiscal policy is effectivec. both fiscal and monetary policies are effectived. neither fiscal policy nor monetary policies are effective14. Which of the following statements is false?a. expansionary fiscal or monetary policy can increase the nation's outputtemporarily above its natural levelb. expansionary fiscal or monetary policy can used to correct a recession but only at the expense of higher prices in the nation*c. a recession cannot be eliminated automatically even if domestic prices are flexible downwardd. when prices are not flexible downward inflation may be less costly that recession15. Which of the following statements is false with regard to the effect of macroeconomic policies?a. they generally cause shifts in the aggregate demand curveb. they can possibly increase long-run growthc. they can help correct supply shocks that increases production costs but only at the expense of even higher inflation*d. they always cause shifts in the long-run aggregate supply curve。

CHAPTER 7ECONOMIC GROWTH AND INTERNATIONAL TRADEOUTLINE7.1 Introduction7.2 Growth of Factors of Production7.2a Labor Growth and Capital Accumulation Over Time7.2b The Rybczynski Theorem7.3 Technical Progress7.3a Neutral, Labor-Saving, and Capital-Saving Technical Progress7.3b Technical Progress and the Nation's Production FrontierCase Study 7-1: Changes in Relative Resource Endowments of Various Countries and Regions Case Study 7-2: Change in Capital-Labor Rations in Selected Countries7.4 Growth and Trade: The Small Country Case7.4a The Effects of Growth on Trade7.4b Illustration of Factor Growth, Trade, and Welfare7.4c Technical Progress, Trade, and WelfareCase Study 7-3: Growth of Output per Worker from Capital Deepening, TechnologicalChange, and Improvements in Efficiency7.5 Growth and Trade: The Large-Country Case7.5a Growth and the Nation's Terms of Trade and Welfare7.5b Immiserizing Growth7.5c Illustration of Beneficial Growth and TradeCase Study 7-4: Growth, Trade, and the Giants of the Future7.6 Growth, Change in Tastes, and Trade in Both Nations7.6a Growth and Trade in Both Nations7.6b Change in Tastes and Trade in Both NationsCase Study 7-5: Change in the Revealed Comparative Advantage of Various Countries or RegionsCase Study 7-6: Growth, Trade, and Welfare in the Leading Industrial NationsAppendix: A7.1 Formal Proof of Rybczynski TheoremA7.2 Growth with Factor ImmobilityA7.3 Graphical Analysis of Hicksian Technical ProgressKey TermsComparative statics Antitrade production and consumptionDynamic analysis Neutral production and consumptionBalanced growth Normal goodsRybczynski theorem Inferior goodsLabor-saving technical progress Terms-of-trade effectCapital-saving technical progress Wealth effectProtrade production and consumption Immiserizing growthLecture Guide1.This is not a core chapter and it is one of the most challenging chapters in international tradetheory. It is included for more advanced students and for completeness.2.If I were to cover this chapter, I would present two sections in each of three lectures.Time permitting, I would, otherwise cover Sections 1 and 2, paying special attention to the Rybczynski theorem.Answer to Problems1. a) See Figure 1.b) See Figure 2c) See Figure 3.2. See Figure 4.3. a) See Figure 5.b) See Figure 6.c) See Figure 7.4. Compare Figure 5 to Figure 1.Compare Figure 6 to Figure 3. Note that the two production frontiers have the same vertical or Y intercept in Figure 6 but a different vertical or Y intercept in Figure 3.Compare Figure 7 to Figure 2. Note that the two production frontiers have the samehorizontal or X intercept in Figure 7 but a different horizontal or X intercept in Figure 2.5. See Figure 8 on page 66.6. See Figure 9.7. See Figure 10.8. See Figure 11.9. See Figure 12.10. See Figure 13 on page 67.11. See Figure 14.12. See Figure 15.13.The United States has become the most competitive economy in the world since the early1990’s while the data in Table 7.3 refers to the 1965-1990 period.14.The data in Table 7.4 seem to indicate that China had a comparative advantage incapital-intensive commodities and a comparative disadvantage in unskilled-labor intensive commodities in 1973. This was very likely due to the many trade restrictions and subsidies, which distorted the comparative advantage of China.Its true comparative advantage became evident by 1993 after China had started to liberalize its economy.App. 1a. See Figure 16.1b. For production and consumption to actually occur at the newequilibrium point after the doubling of K in Nation 2, we mustassume either than commodity X is inferior or that Nation 2 is toosmall to affect the relative commodity prices at which it trades.1c. Px/Py must rise (i.e., Py/Px must fall) as a result of growth only.Px/Py will fall even more with trade.1. If the supply of capital increases in Nation 1 in the production of commodity Yonly, the VMPLy curve shifts up, and w rises in both industries. Some labor shifts to the production of Y, the output of Y rises and the output of X falls, r falls, and Px/Py is likely to rise.2. Capital investments tend to increase real wages because they raise the K/L ratioand the productivity of labor. Technical progress tends to increase K/L and realwages if it is L-saving and to reduce K/L and real wages if it is K-saving. Multiple-Choice Questions1. Dynamic factors in trade theory refer to changes in:a. factor endowmentsb. technologyc. tastes*d. 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 unchanged*d. 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 commodity*b. 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 commodity*b. 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 commodity*c. reduces the relative price of the L-intensive commodityd. any of the above6.Technical progress that increases the productivity of L proportionately more than the productivity 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 only*d. 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. reduces the volume of trade*d. all of the above10.If, at unchanged terms of trade, a nation wants to trade more after growth, then the nation'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 likely to result in a deterioration in the nation's terms of trade if the nation exports:a. the K-intensive commodity*b. 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 trade*d. all of the above14. An increase in tastes for the import commodity in both nations:a. reduces the volume of trade*b. 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 and export in B:*a. will reduce the terms of trade of Nation Ab. will increase the terms of trade of Nation Ac. will reduce the terms of trade of Nation Bd. any of the aboveADDITIONAL ESSAYS AND PROBLEMS FOR PART ONE1.Assume that both the United States and Germany produce beef and computer chipswith the following costs:United States Germany(dollars) (marks)Unit cost of beef (B) 2 8Unit cost of computer chips (C) 1 2a) What is the opportunity cost of beef (B) and computer chips (C) in each country?b)In which commodity does the United States have a comparative cost advantage?What about Germany?c)What is the range for mutually beneficial trade between the United States andGermany for each computer chip traded?d)How much would the United States and Germany gain if 1 unit of beef isexchanged for 3 chips?Ans. a) In the United States:the opportunity cost of one unit of beef is 2 chips;the opportunity cost of one chip is 1/2 unit of beef.In Germany:the opportunity cost of one unit of beef is 4 chips;the opportunity cost of one chip is 1/4 unit of beef.b) The United States has a comparative cost advantage in beef with respect toGermany, while Germany has a comparative cost advantage in computer chips.c)The range for mutually beneficial trade between the United States and Germanyfor each unit of beef that the United States exports is2C < 1B < 4Cd) Both the United States and Germany would gain 1 chip for each unit of beeftraded.2.Given: (1) two nations (1 and 2) which have the same technology but differentfactor endowments and tastes, (2) two commodities (X and Y) produced under increasing costs conditions, and (3) no transportation costs, tariffs, or other obstructions to trade. Prove geometrically that mutually advantageous trade between the two nations is possible.Note: Your answer should show the autarky (no-trade) and free-trade points of production and consumption for each nation, the gains from trade of each nation,and express the equilibrium condition that should prevail when trade stops expanding.)Ans.: See Figure 1 on page 74.Nations 1 and 2 have different production possibilities curves and different community indifference maps. With these, they will usually end up with different relative commodity prices in autarky, thus making mutually beneficial trade possible.In the figure, Nation 1 produces and consumes at point A and Px/Py=P A in autarky, while Nation 2 produces and consumes at point A' and Px/Py=P A'. Since P A < P A',Nation 1 has a comparative advantage in X and Nation 2 in Y. Specialization inproduction proceeds until point B in Nation 1 and point B' in Nation 2, at which P B=P B' and the quantity supplied for export of each commodity exactly equals the quantity demanded for import. Thus, Nation 1 starts at point A in production and consumption in autarky, moves to point B in production, and by exchanging BC of X for CE of Y reaches point E in consumption. E > A since it involves more of both X and Y and lies on a higher community indifference curve. Nation 2 starts at A' in production and consumption in autarky, moves to point B' in production, and by exchanging B'C' of Y for C'E' of X reaches point E'in consumption (which exceeds A').At Px/Py=P B=P B', Nation 1 wants to export BC of X for CE of Y, while Nation 2 wants to export B'C' (=CE) of Y for C'E' (=BC) of X. Thus, P B=P B'is the equilibrium relative commodity price because it clears both (the X and Y) markets.3.Draw a figure showing: (1) in Panel A a nation's demand and supply curve for Atraded commodity and the nation's excess supply of the commodity, (2) in Panel C the trade partner's demand and supply curve for the same traded commodity and its excess demand for the commodity, and (3) in Panel B the supply and demand for the quantity traded of the commodity, its equilibrium price, and why a price above or below the equilibrium price will not persist. At any other price, QD QS, and P will change to P2.Ans. See Figure 2 on page 74.The equilibrium relative commodity price for commodity X (the traded commodityexported by Nation 1 and imported by Nation 2) is P2 and the equilibrium quantityof commodity X traded is Q2.4.a) Identify the conditions that may give rise to trade between two nations.b) What are some of the assumptions on which the Heckscher-Ohlin theory isbased?c) What does this theory say about the pattern of trade and effect of trade on factorprices?Ans. a) Trade can be based on a difference in factor endowments, technology, or tastes between two nations. A difference either in factor endowments or technology results in a different production possibilities frontier for each nation, which, unless neutralized by a difference in tastes, leads to a difference in relative commodity price and mutually beneficial trade. If two nations face increasing costs and have identical production possibilities frontiers but different tastes, there will also be a difference in relative commodity prices and the basis for mutually beneficial trade between the two nations. The difference in relative commodity prices is then translated into a difference in absolute commodity prices between the two nations, which is the immediate cause of trade.b) The Heckscher-Ohlin theory (sometimes referred to as the modern theory – asopposed to the classical theory - of international trade) assumes that nations have the same tastes, use the same technology, face constant returns to scale (i.e., a given percentage increase in all inputs increases output by the same percentage) but differ widely in factor endowments. It also says that in the face of identical tastes or demand conditions, this difference in factor endowments will result in a difference in relative factor prices between nations, which in turn leads to a difference in relative commodity prices and trade. Thus, in the Heckscher-Ohlin theory, the international difference in supply conditions alone determines the pattern of trade. To be noted is that the two nations need not be identical in other respects in order for international trade to be based primarily on the difference in their factor endowments.c) The Heckscher-Ohlin theorem postulates that each nation will export thecommodity intensive in its relatively abundant and cheap factor and import the commodity intensive in its relatively scarce and expensive factor. As an important corollary, it adds that under highly restrictive assumptions, trade will completely eliminate the pretrade relative and absolute differences in the price of homogeneous factors among nations. Under less restrictive and more usual conditions, however, trade will reduce, but not eliminate, the pretrade differences in relative and absolute factor prices among nations. In any event, the Heckscher-Ohlin theory does say something very useful on how trade affects factor prices and the distribution of income in each nation. Classical economists were practically silent on this point.5. consumers demand more of commodity X (the L-intensive commodity) and less ofcommodity Y (the K- intensive commodity). Suppose that Nation 1 is India, commodity X is textiles, and commodity Y is food. Starting from the no-trade equilibrium position and using the Heckscher-Ohlin model, trace the effect of this change in tastes on India's(a) relative commodity prices and demand for food and textiles,(b) production of both commodities and factor prices, and(c) comparative advantage and volume of trade.(d) Do you expect international trade to lead to the complete equalization ofrelative commodity and factor prices between India and the United States?Why?Ans. a. The change in tastes can be visualized by a shift toward the textile axis in India's indifference map in such a way that an indifference curve is tangentto the steeper segment of India's production frontier (because of increasingopportunity costs) after the increase in demand for textiles. This will causethe pretrade relative commodity price of textiles to rise in India.b. The increase in the relative price of textiles will lead domesticproducers in India to shift labor and capital from the production of food tothe production of textiles. Since textiles are L-intensive in relation to food,the demand for labor and therefore the wage rate will rise in India. At thesame time, as the demand for food falls, the demand for and thus the priceof capital will fall. With labor becoming relative more expensive,producers in India will substitute capital for labor in the production of bothtextiles and food.Even with the rise in relative wages and in the relative price of textiles,India still remains the L-abundant and low-wage nation with respect to anation such as the United States. However, the pretrade difference in therelative price of textiles between India and the United States is nowsomewhat smaller than before the change in tastes in India. As a result thevolume of trade required to equalize relative commodity prices and hencefactor prices is smaller than before. That is, India need now export asmaller quantity of textiles and import less food than before for therelative price of textiles in India and the United States to be equalized.Similarly, the gap between real wages and between India and the UnitedStates is now smaller and can be more quickly and easily closed (i.e., witha smaller volume of trade).c. Since many of the assumptions required for the complete equalization ofrelative commodity and factor prices do not hold in the real world, greatdifferences can be expected and do in fact remain between real wages inIndia and the United States. Nevertheless, trade would tend to reduce thesedifferences, and the H-O model does identify the forces that must beconsidered to analyze the effect of trade on the differences in the relative andabsolute commodity and factor prices between India and the United States.5.(a) Explain why the Heckscher-Ohlin trade model needs to be extended.(b) Indicate in what important ways the Heckscher-Ohlin trade model can beextended.(c) Explain what is meant by differentiated products and intra-industry trade.Ans. (a) The Heckscher-Ohlin trade model needs to be extended because, while generally correct, it fails to explain a significant portion of international trade, particularly the trade in manufactured products among industrial nations.(b)The international trade left unexplained by the basic Heckscher-Ohlin trade modecan be explained by(1) economies of scale,(2) intra-industry trade, and(3) trade based on imitation gaps and product differentiation.(c)Differentiated products refer to similar, but not identical, products (such as cars,typewriters, cigarettes, soaps, and so on) produced by the same industry or broad product group. Intra-industry trade refers to the international trade in differentiated products.。

第2章现代贸易理论的基础2011年12月18日15:141,现代贸易理论主要关注贸易基础，贸易方向和贸易收益的决定因素.2,当前对世界贸易模式的解释是基于经济思想史的丰富遗产。

重商主义以及亚当斯密和李嘉图是现代贸易理论的先驱。

3，在重商主义学派看来，贵金属储备代表了一国的财富。

重商主义学派主张政府应该实行贸易管制，以限制进口和促进出口。

一国只有牺牲贸易伙伴的利益才能获得贸易收益，因为在给定时间点上，世界财富的存量是固定的，而且不能所有国家同时出现贸易顺差。

4，斯密对重商主义的贸易观点提出了挑战。

他认为通过自由贸易，投入要素的国际专业化分工能够增加世界的产出，这些产出可由各贸易国共同分享，所有国家能够同时享有贸易收益。

斯密认为每个国家都将发现专门生产本国具有绝对优势的商品是有利的。

5，李嘉图认为，即使一国同他国相比在两种商品的生产上处于绝对劣势地位，互利贸易也是可能的。

生产率低的国家应当专门生产并出口具有比较优势的商品。

6，现代贸易理论认为：如果在无贸易条件下，两个国家生产两种商品的比较成本（价格）不同，两国就都能从国际贸易中获利。

贸易收益来自于国际劳动分工及专业化带来的生产和消费水平的提高。

7，比较成本可以用生产可能性曲线解释。

这条曲线表明，假定所有资源都以最有效的方式得到利用，一个经济所能产生的两种产品的最大产量组合。

生产可能性曲线的斜率提供了一种测算边际转换率的方法，边际转换率是指每增加一单位的一种产品必须牺牲的另一种产品的数量。

8，在成本不变的情况下，生产可能性曲线是一条直线。

国内的相对价格只由本国的供给条件决定。

在成本不变的情况下可能发生一个国家完全专业生产一种商品的情况。

9，在现实世界中，各国往往处于成本递增的情况。

因此，生产可能性曲线凹向坐标原点。

每个国家的产品的相对价格由供给和需求因素共同决定。

在成本递增的情况下生产完全专业化就不太可能了。

10，当生产率的增长落后于国外竞争对手时，一国的制造商在一种特定产品的比较优势将随时间的推移而最终消失。

精选全文完整版（可编辑修改）《国际经济学》选择题汇总版（附答案）Ch1-Ch31.The United States is less dependent on trade than most other countries becauseA) the United States is a relatively large country with diverse resources.B) the United States is a “Superpower.”C)the military power of the United States makes it less dependent on anything.D) the United States invests in many other countries.E) many countries invest in the United States.2. Because the Constitution forbids restraints on interstate trade,A) the U.S. may not impose tariffs on imports from NAFTA countries.B) the U.S. may not affect the international value of the $ U.S.C) the U.S. may not put restraints on foreign investments in California if it involves a financial intermediary in New York State.D) the U.S. may not impose export duties.E) the U.S. may not disrupt commerce between Florida and Hawaii.3. 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.4. International monetary analysis focuses onA) the real side of the international economy.B) the international trade side of the international economy.C) the international investment side of the international economy.D) the issues of international cooperation between Central Banks.E) the monetary side of the international economy, such as currency exchange.5. 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 by the European Union.E) the U.S. trades more with Western Europe than it does with Canada.6. The gravity model explains whyA)trade between Sweden and Germany exceeds that between Sweden and Spain.B)countries with oil reserves tend to export oil.C)capital rich countries export capital intensive products.D) intra-industry trade is relatively more important than other forms of trade between neighboring countries.E) European countries rely most often on natural resources.7. 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) Large economies tend to avoid trading with small economies.8. We see that the Netherlands, Belgium, and Ireland trade considerably more with the United States than with many other countries.A) This is explained by the gravity model, since these are all large countries.B) This is explained by the gravity model, since these are all small countries.C) This fails to be consistent with the gravity model, since these are small countries.D)This fails to be consistent with the gravity model, since these are large countries.E)This is explained by the gravity model, since they do not share borders.9. In the present, most of the exports from China areA) manufactured goods.B) services.C)primary products including agricultural.D) technology intensive products.E) overpriced by world market standards.10. 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) is producing exports while outsourcing services.11. The Ricardian model attributes the gains from trade associated with the principle of comparative advantage result toA) differences in technology.B) differences in preferences.C)differences in labor productivity.D) differences in resources.E) gravity relationships among countries.12. 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.13. 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. labor productivity equaled 30 units per hour and Japan's 20 units per hour.C) U.S. labor productivity equaled 20 units per hour and Japan's 30 units per hour.D) U.S. labor productivity equaled 15 units per hour and Japan's 25 units per hour.E) U.S. labor productivity equaled 15 units per hour and Japan's 40 units per hour.14. In a two-country, two-product world, the statement “Germany enjoys a comparative advantage over 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) France should produce autos.15. If the United States' production possibility frontier was flatter to the widget axis, whereas Germany's was flatter to the butter axis, we know thatA) the United States has no comparative advantageB) Germany has a comparative advantage in butter.C) the U.S. has a comparative advantage in butter.D) Germany has comparative advantages in both products.E) the U.S. has a comparative disadvantage in widgets.Ch4-Ch51.The Ricardian model of international trade demonstrates that trade can be mutually beneficial. Why, then, do governments restrict imports of some goods?A)Trade can have substantial effects on a country's distribution of income.B) The Ricardian model is often incorrect in its prediction that trade can be mutually beneficial.C) Import restrictions are the result of trade wars between hostile countries.D) Imports are only restricted when foreign-made goods do not meet domestic standards of quality.E) Restrictions on imports are intended to benefit domestic consumers.2. Japan's trade policies with regard to rice reflect the fact thatA) japanese rice farmers have significant political power.B) Japan has a comparative advantage in rice production and therefore exports most of its rice crop.C) there would be no gains from trade available to Japan if it engaged in free trade in rice.D) there are gains from trade that Japan captures by engaging in free trade in rice.E) Japan imports most of the rice consumed in the country.3. In the specific factors model, which of the following is treated as a specific factor?A)LaborB) LandC) ClothD) FoodE) Technology4. The specific factors model assumes that there are ________ goods and ________ factor(s) of production.A) two; threeB) two; twoC) two; oneD) three; twoE) four; three5. The slope of a country's production possibility frontier with cloth measured on the horizontal and food measured on the vertical axis in the specific factors model is equal to________ and it ________ as more cloth is produced.A) -MPLF/MPLC; becomes steeperB) -MPLF/MPLC; becomes flatterC) -MPLF/MPLC; is constantD) -MPLC/MPLF; becomes steeperE) -MPLC/MPLF; is constant6. Under perfect competition, the equilibrium price of labor used to produce cloth will be equal toA)the slope of the production possibility frontier.B) the average product of labor in the production of cloth times the price of cloth.C) the ratio of the marginal product of labor in the production of cloth to the marginal product of labor in the production of food times the ratio of the price of cloth. to the price of food.D) the marginal product of labor in the production of cloth times the price of cloth.E) the price of cloth divided by the marginal product of labor in the production of cloth.7. In the specific factors model, which of the following will increase the quantity of labor used in cloth production?A)an increase in the price of cloth relative to that of foodB) an increase in the price of food relative to that of clothC) a decrease in the price of laborD) an equal percentage decrease in the price of food and clothE) an equal percentage increase in the price of food and cloth8. A country that does not engage in trade can benefit from trade only ifA)it has an absolute advantage in at least one good.B) it employs a unique technology.C) pre-trade and free-trade relative prices are not identical.D) its wage rate is below the world average.E) pre-trade and free-trade relative prices are identical.9. In the specific factors model, the effects of trade on welfare are ________ for mobile factors, ________ for fixed factors used to produce the exported good, and ________ for fixed factors used to produce the imported good.A)ambiguous; positive; negativeB) ambiguous; negative; positiveC) positive; ambiguous; ambiguousD) negative; ambiguous; ambiguousE) positive; positive; positive10.The effect of trade on specialized employees of import-competing industries will be ________ jobs and ________ pay because they are relatively ________.A)fewer; lower; mobileB) fewer; lower; immobileC) more; lower; immobileD) more; higher; mobileE) more; higher; immobile11. There is a bias in the political process against free trade becauseA)there is a high correlation between the volume of imports and the unemployment rate.B) the gains from free trade cannot be measured.C) those who gain from free trade can't compensate those who lose.D) foreign governments make large donations to U.S. political campaigns.E) those who lose from free trade are better organized than those who gain.12.In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differ inA)tastes and preferences.B) military capabilities.C) the size of their economies.D) relative abundance of factors of production.E) labor productivities.13. If a country produces good Y (measured on the vertical axis) and good X (measured on the horizontal axis), then the absolute value of the slope of its production possibility frontier is equal toA)the opportunity cost of good X.B) the price of good X divided by the price of good Y.C) the price of good X divided by the price of good Y.D) the opportunity cost of good Y.E) the cost of capital (assuming that good Y is capital intensive) divided by the cost of labor.14. In the 2-factor, 2 good Heckscher-Ohlin model, trade will ________ the owners of a country's ________ factor and will ________ the good that uses that factor intensively.A)benefit; abundant; exportB)harm; abundant; importC) benefit; scarce; exportD) benefit; scarce; importE) harm; scarce; export15. The assumption of diminishing returns in the Heckscher-Ohlin model means that, unlike in the Ricardian model, it is likely thatA) countries will consume outside their production possibility frontier.B) countries will benefit from free international trade.C) countries will not be fully specialized in one product.D) comparative advantage will not determine the direction of trade.E) global production will decrease under trade.16.If Japan is relatively capital rich and the United States is relatively land rich, and if food is relatively land intensive then trade between these two, formerly autarkic countries will result inA)an increase in the relative price of food in the U.S.B) an increase in the relative price of food in Japan.C) a global increase in the relative price of food.D) a decrease in the relative price of food in both countries.E) an increase in the relative price of food in both countries.17. Starting from an autarky (no-trade) situation with Heckscher-Ohlin model, if Country H is relatively labor abundant, then once trade beginsA) rent will be unchanged but wages will rise in H.B) wages and rents should rise in H.C) wages and rents should fall in H.D) wages should fall and rents should rise in H.E) wages should rise and rents should fall in H.18.The Leontieff ParadoxA) failed to support the validity of the Heckscher-Ohlin model.B) supported the validity of the Ricardian theory of comparative advantage.C) supported the validity of the Heckscher-Ohlin model.D) failed to support the validity of the Ricardian theory.E) proved that the U.S. economy is different from all others.19. Which of the following is an assertion of the Heckscher-Ohlin model?A) Factor price equalization will occur only if there is costless mobility of all factors across borders.B) An increase in a country's labor supply will increase production of both the capital-intensive and the labor-intensive good.C) In the long-run, labor is mobile and capital is not.D) The wage-rental ratio determines the capital-labor ratio in a country's industries.E) Factor endowments determine the technology that is available to a country, which determines the good in which the country will have a comparative advantage.20. Which of the following is an assertion of the Heckscher-Ohlin model?A) An increase in a country's labor supply will increase production of the labor-intensive good and decrease production of the capital-intensive good.B) An increase in a country's labor supply will increase production of both the capital-intensive and the labor-intensive good.C) In the long-run, labor is mobile and capital is not.D) Factor price equalization will occur only if there is costless mobility of all factors across borders.E) Factor endowments determine the technology that is available to a country, which determines the good in which the country will have a comparative advantage.Ch6-Ch101.If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, thenA) the terms of trade of cloth exporters will improve.B) all countries would be better off.C) the terms of trade of food exporters will improve.D) the terms of trade of all countries will improve.E) the terms of trade of cloth exporters will worsen.2.If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, thenA) world relative quantity of cloth supplied will increase.B) world relative quantity of cloth supplied and demanded will increase.C) world relative quantity of cloth supplied and demanded will decrease.D) world relative quantity of cloth demanded will decrease.E) world relative quantity of food will increase.3.If the U.S. (a large country) imposes a tariff on its imported good, this will tend toA) have no effect on terms of trade.B) improve the terms of trade of the United States.C) improve the terms of trade of all countries.D) because a deterioration of U.S. terms of trade.E) raise the world price of the good imported by the United States.4.If Slovenia were a large country in world trade, then if it instituted a large set of subsidies for its exports, this mustA) decrease its marginal propensity to consume.B) have no effect on its terms of trade.C) improve its terms of trade.D) harm its terms of trade.E) harm world terms of trade.5.Internal economies of scale arise when the cost per unitA) falls as the average firm grows larger.B) rises as the industry grows larger.C) falls as the industry grows larger.D) rises as the average firm grows larger.E) remains constant over a broad range of output.6. External economies of scale will ________ average cost when output is ________ by________.A) reduce; increased; the industryB) reduce; increased; a firmC) increase; increased; a firmD) increase; increased; the industryE) reduce; reduce; the industry7. If some industries exhibit internal increasing returns to scale in each country, we should not expect to seeA) perfect competition in these industries.B) intra-industry trade between countries.C) inter-industry trade between countries.D) high levels of specialization in both countries.E) increased productivity in both countries.8. A learning curve relates ________ to ________ and is a case of ________ returns.A) unit cost; cumulative production; dynamic decreasing returnsB) output per time period; long-run marginal cost; dynamic increasing returnsC) unit cost; cumulative production; dynamic increasing returnsD) output per time period; long-run marginal cost; dynamic decreasing returnsE) labor productivity; education; increasing marginal returns9.Patterns of interregional trade are primarily determined by ________ rather than ________ because factors of production are generally ________.A) external economies; natural resources; mobileB) internal economies; external economies; mobileC) external economies; population; immobileD) internal economies; population; immobileE) population; external economies; immobile10. Monopolistic competition is associated withA) product differentiation.B) price-taking behavior.C) explicit consideration at the firm level of the strategic impact of other firms' pricing decisions.D) high profit margins in the long run.E) increasing returns to scale.11. A firm in long-run equilibrium under monopolistic competition will earnA) positive monopoly profits because each sells a differentiated product.B) zero economic profits because of free entryC) positive oligopoly profits because each firm sells a differentiated product.D) negative economic profits because it has economies of scale.E) positive economic profit if it engages in international trade.12. The most common form of price discrimination in international trade isA) dumping.B) non-tariff barriers.C) Voluntary Export Restraints.D) preferential trade arrangements.E) product boycotts.13.Consider the following two cases. In the first, a U.S. firm purchases 18% of a foreign firm. In the second, a U.S. firm builds a new production facility in a foreign country. Both are________, with the first referred to as ________ and the second as ________.A) foreign direct investment (FDI) outflows; brownfield; greenfieldB) foreign direct investment (FDI) inflows; greenfield; brownfieldC) foreign direct investment (FDI) outflows; greenfield; brownfieldD) foreign direct investment (FDI) inflows; brownfield; greenfieldE) foreign direct investment (FDI); inflows; outflows14. Specific tariffs areA) import taxes stated in specific legal statutes.B) import taxes calculated as a fixed charge for each unit of imported goods.C) import taxes calculated as a fraction of the value of the imported goods.D) the same as import quotas.E) import taxes calculated based solely on the origin country.15. A problem encountered when implementing an "infant industry" tariff is thatA) domestic consumers will purchase the foreign good regardless of the tariff.B) the industry may never "mature."C) most industries require tariff protection when they are mature.D) the tariff may hurt the industry's domestic sales.E) the tariffs fail to protect the domestic producers.16. 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) decrease consumer surplus but leave producers surplus unchanged.17. If the tariff on computers is not changed, but domestic computer producers shift 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 "Supercomputers."E) no longer apply.18. When a government allows raw materials and other intermediate products to enter a country duty free, this generally results in a(an)A) effective tariff rate less than the nominal tariff rate.B) nominal tariff rate less than the effective tariff rate.C) rise in both nominal and effective tariff rates.D) fall in both nominal and effective tariff rates.E) rise in only the effective tariff rate.19. Should the home country be "large" relative to its trade partners, its imposition of a tariff on imports would lead to an increase in domestic welfare if the terms of the trade rectangle exceed the sum of theA) revenue effect plus redistribution effect.B) protective effect plus revenue effect.C) consumption effect plus redistribution effect.D) production distortion effect plus consumption distortion effect.E) terms of trade gain.20. The efficiency case made for free trade is that as trade distortions such as tariffs are dismantled and removed,A) government tariff revenue will decrease, and therefore national economic welfare will decrease.B) government tariff revenue will decrease, and therefore national economic welfare will increase.C) deadweight losses for producers and consumers will decrease, hence increasing national economic welfare.D) deadweight losses for producers and consumers will decrease, hence decreasing national economic welfare.E) government tariff revenue will increase, hence increasing national economic welfare.21. Which organization determines procedures for the settlement of international trade disputes?A) World BankB) World Trade OrganizationC) International Monetary OrganizationD) International Bank for Reconstruction and DevelopmentE) The League of Nations22. Today U.S. protectionism is concentrated inA) high-tech industries.B) labor-intensive industries.C) industries in which Japan has a comparative advantage.D) computer intensive industries.E) capital-intensive industries.23. The quantitative importance of U.S. protection of the domestic clothing industry is best explained by the fact thatA) this industry is an important employer of highly skilled labor.B) this industry is an important employer of low skilled labor.C) most of the exporters of clothing into the U.S. are poor countries.D) this industry is a politically well organized sector in the U.S.E) the technology involved is very advanced.24. The optimum tariff is most likely to apply toA) a small tariff imposed by a small country.B) a small tariff imposed by a large country.C) a large tariff imposed by a small country.D) a large tariff imposed by a large country.E) an ad valorem tariff on a small country.25. The median voter modelA) works well in the area of trade policy.B) is not intuitively reasonable.C) tends to result in biased tariff rates.D) does not work well in the area of trade policy.E) is not widely practiced in the United States.By：某某。