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international economics theory

Questions and Answers of International Economics Theory

10.6 In a fixed exchange rate system, how do countries address the problem of currency market pressures that threaten to lower or raise the value of their currency?
10.5 If European investors can buy more American than European assets when they convert their euros to dollars, is the dollar undervalued or overvalued? Explain.
10.4 Which of the three motives for holding foreign exchange are applicable to each of the following?a. A touristb. A bond traderc. A portfolio managerd. A manufacturer
10.3 Suppose the U.S. dollar–pound sterling exchange rate is 1.2497 dollars per pound. Since the base year, inflation has been 5 percent in the United States and 7 percent in the United Kingdom.
10.2 Suppose the U.S. dollar–Japanese yen exchange rate is 0.9349 dollars per yen and the U.S. dollar–Swiss franc rate is 1.6723 dollars per franc. What is the franc–yen rate?
10.1 Draw a graph of the supply and demand for the U.S. dollar by the Australian market. Diagram the effect of each of the following on the exchange rate; state in words whether the effect is long,
10.6 State the necessary conditions for two or more countries to form a successful single currency area.
10.5 Explain in words and with an equation the relationship between price changes and the real exchange rates.
10.4 Calculate a currency’s forward premium or discount based on interest rate differentials.
10.3 Differentiate short-run, medium-run, and long-run forces that help determine the value of a currency.
10.2 Diagram the effects on the home currency of a change in supply or demand for foreign currency.
10.1 List the reasons for holding foreign exchange and the main institutions in the foreign exchange market.
9.6 Why is a current account surplus equivalent to foreign investment?
9.5 Compare and contrast portfolio capital flows with direct investment capital flows.
9.4 Is the government budget deficit of a country linked to its current account balance? How so? Explain how it is possible for the United States’ current account deficit to grow while the budget
9.3 Weigh the pros and cons of a large trade deficit.
9.2 Look at each of the following cases from the point of view of the balance of payments for the United States. Determine the subcategory of the current account or financial account that each
9.1 Use the following information to answer the questions below. Assume that the capital account is equal to 1,000.Exports of goods and services 2,000 Primary income received 500 Secondary income
9.6 Show the relationship between a country’s balance of payments and its international investment position.
9.5 Discuss the pros and cons of current account deficits.
9.3 Describe three types of international capital flows.
9.2 Explain the importance of the three main components of the current account.
9.1 Define the current, capital, and financial accounts of a country’s balance of payments.
8.8 Assume that a company based in Sweden is planning to set up a plant in Pakistan to expand operations. The law requires the company to maintain the same labor standards in its plant in Pakistan as
8.6 Explain why child labor is debatable, outlining the complications arising from the socio-economic factors impacting it. Include the difference between child labor and child work in your answer.
8.4 Why do standards vary across countries? Illustrate your answer with examples in the area of labor standards.
8.3 Many multinational companies are adopting standardization in various processes, contributing to the increasing homogenization of the global market.For example, companies can now market their
8.2 What are the advantages and disadvantages for countries that adopt the same standards?
8.6 Explain three alternatives to trade measures for enforcing labor and environmental standards.
8.5 Compare and contrast transboundary and nontransboundary environmental problems.
8.4 State four potential problems with using trade sanctions to enforce labor standards.
8.3 Define labor standards.
8.2 Give examples of the relationship between income levels and environmental and labor problems.
8.1 Compare and contrast the three options for setting standards in trade rules.
7.6 Are tariffs justified as a retaliatory measure against other nations? Justify your answer.
7.5 Evaluate the labor and infant industry arguments for protection.
7.4 What four main groups of arguments do nations use to justify protection for particular industries? Which are economic, and which are noneconomic?
7.3 Many economists argue that trade openings are not beneficial if the gains are not high. Explain why some economists are still in favor of trade openings.
7.2 What new areas of trade and investment received coverage under the agreement signed after the Uruguay Round of the General Agreement on Tariffs and Trade?
7.1 Agricultural products are more heavily protected than nonagricultural products in the European Union. At the same time, dairy products are more heavily protected in Japan than in the European
7.5 Define each form of legal protection granted by the U.S. government.
7.4 Analyze the economic validity of common justifications for protectionism.
7.3 Explain why costs to consumers of a tariff or quota are greater than the net welfare costs to a nation.
7.2 Cite at least three reasons why economists favor trade openings.
7.1 Describe the differences in tariffs across economic sectors and over time.
6.7 Suppose that in China computers are built from a combination of domestic and foreign parts.a. If a computer sells for $1,000 and the domestic value added is $600, what is the value of imported
6.4 In addition to deadweight loss, what are some other potential costs of a tariff? Explain the economic rationale behind your answer.
6.3 Under what conditions may a tariff actually make a country better off?
6.2 Suppose that the world price for a good is 60 and the domestic demandand-supply curves are given by the following equations:Demand: P = 100 - 4Q Supply: P = 10 + 5Qa. How much is consumed?b. How
6.1 Graph the supply and demand of a good that is produced domestically and imported. Assume that the country is not large enough to affect the world price. Illustrate the effects that a tariff on
6.5 Compare and contrast quotas and tariffs.
6.4 Use tariff data on inputs and outputs to compare effective and nominal rates of protection.
6.3 Differentiate and explain the resource allocation and income distribution effects of tariffs and quotas.
6.2 Graphically demonstrate the effects of tariffs and quotas on prices, output, and consumption for small and large countries.
6.1 Use supply and demand analysis to explain and illustrate consumer and producer surplus.
5.9 Figure 5.3 illustrates the case of an industry that generates external social benefits with its production. Draw a supply and demand graph for an industry that creates external costs with its
5.8 What are the rules that govern the analysis of cases of market failure?Explain with examples.
5.7 What are the theoretical justifications for targeting the development of specific industries?
5.6 When the United States signed a free-trade agreement with Canada (1989), no one thought twice about it. When the agreement with Mexico was signed(1994), there was significant opposition. Use the
5.5 Why is geographical concentration said to be self-reinforcing? Explain with an example.
5.4 What are three key incentives for firms in a particular industry to cluster together in a geographical region?
5.3 What are the differences between external and internal economies of scale with respect to the size of firms, market structure, and gains from trade?
5.2 Monopolistic competition is often caused by internal economies of scale.Is this relatively common market structure in favor of consumers? Explain your answer.
5.1 What is intraindustry trade, how is it measured, and how does it differ from interindustry trade? Are the gains from trade similar?
5.6 Present the pros and cons of industrial policies.
5.5 Explain how transportation costs and internal economies of scale help determine firm location decisions.
5.4 Describe the gains from intraindustry trade.
5.3 Analyze the effects of international trade in a monopolistically competitive market.
5.2 Compare and contrast internal and external economies of scale.
5.1 Give examples of interindustry and intraindustry trade.
4.10 Suppose Spain were to open its borders to the large number of unskilled Africans seeking to immigrate. In general, what effects would you expect to see in Spain’s trade patterns and its
4.7 Does intrafirm trade contradict the theory of comparative advantage?Why or why not?
4.6 Describe the changes in production requirements and location of production that take place over the three phases of the product cycle.
4.5 Suppose that there are three factors: capital, labor, and land. Bread requires inputs of land and labor, and steel requires capital and labor.a. Which factors are variable, and which are
4.4 Given the information in Study Questions 4.1 and 4.2, explain what happens to the relative prices of goods after trade begins. What about the gains from trade?
4.3 Suppose that before trade takes place, Japan is at a point on its PPC where it produces 15 laptop computers and 10 units of cloth. Once trade becomes possible, the price of a laptop computer is 5
4.2 Suppose that Japan and Indonesia have the factor endowments in the preceding table. Suppose further that the production requirements for a laptop computer are 5 machines and 10 workers, and the
4.1 According to the following table, which country is relatively more labor-abundant? Explain your answer. Which country is relatively more capital-abundant? Japan Capital Labor 10 machines 20
4.6 Describe the controversies surrounding the impact of international trade on wages and jobs.
4.5 Give examples of the determinants of international migration and its impact on comparative advantage.
4.4 Explain the trade-offs for firms between trading and investing internationally.
4.3 Discuss the limits of the HO model.
4.2 Predict the impacts on different factors of production of trade-opening.
4.1 Use the Heckscher-Ohlin Trade Model to analyze trade patterns between two countries with two inputs and two outputs.
3.6 Suppose that Germany decides to become self-sufficient in bananas and even to export them. In order to accomplish these goals, large tax incentives are granted to companies that will invest in
3.4 Some economists argue that nations should pursue commercial advantages for their firms even if it means a misallocation of resources. They believe that by not following this policy, a country
3.3 Explain how a nation can gain from trade even though as a result not everyone is better off. Is this a contradiction?
3.2 Suppose the table in Study Question 3.1 looks as follows. Use the information to answer questionsa. through f.a. Is there an absolute advantage for each country in wine or wool? Why?b. Which
3.1 Use the information in the following table on labor productivities in Italy and the United Kingdom to answer questionsa. through f.a. Is there an absolute advantage for each country in wine or
3.6 Discuss the economic and ethical considerations of economic restructuring caused by international trade.
3.5 Contrast the concepts of comparative advantage and competitiveness.
3.4 Explain how a country with no absolute advantage can still gain from trade.
3.3 Numerically compare and contrast absolute and comparative advantage.
3.2 Draw a diagram showing gains from trade.
3.1 Analyze numerical examples of absolute and comparative advantage.
2.9 Critics of global institutions have a variety of complaints about the WTO, the IMF, and the World Bank. Explain the main categories of complaints.
2.8 What are the five main types of regional trade agreements and what are their primary characteristics?
2.7 Kindleberger’s study of the Great Depression of the 1930s led him to believe that market economies are sometimes unstable and that nations can get locked into prolonged downturns. Other
2.6 The Doha Round of trade negotiations aimed to make the multilateral trading system work for the benefit of all member nations of the WTO.Why has the Doha Round collapsed and why might there be an
2.5 Describe the main tasks or functions of each of the following:■■ The IMF■■ The World Bank■■ The GATT■■ The WTO

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