国际经济学课后答案英文版.docx
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国际经济学课后答案英文版.docx
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国际经济学课后答案英文版
Chapter2
1⏹ AnswerstoTextbookProblems
1.WesawthatnotonlyisGDPimportantinexplaininghowmuchtwocountriestrade,butalso,distanceiscrucial.Givenitsremoteness,Australiafacesrelativelyhighcostsoftransportingimportsandexports,therebyreducingtheattractivenessoftrade.SinceCanadahasaborderwithalargeeconomy(theU.S.)andAustraliaisnotnearanyothermajoreconomy,itmakessensethatCanadawouldbemoreopenandAustraliamoreself-reliant.
2.MexicoisquiteclosetotheU.S.,butitisfarfromtheEuropeanUnion(EU).SoitmakessensethatittradeslargelywiththeU.S.Brazilisfarfromboth,soitstradeissplitbetweenthetwo.MexicotradesmorethanBrazilinpartbecauseitissoclosetoamajoreconomy(theU.S.)andinpartbecauseitisamemberofafreetradeagreementwithalargeeconomy(NAFTA).Brazilisfartherawayfromanylargeeconomyandisinafreetradeagreementwithrelativelysmallcountries.
3.No,ifeverycountry’sGDPweretodouble,worldtradewouldnotquadruple.OnewaytoseethisusingtheexamplefromTable2-2wouldsimplybetoquadrupleallthetradeflowsin2-2andalsodoubletheGDPin2-1.WewouldseethatthefirstlineofTable2-2wouldbe—,,,.Ifthatweretrue,CountryAwouldhaveexported$8trillionwhichisequaltoitsentireGDP.Likewise,itwouldhaveimported$8trillion,meaningithadzerospendingonitsowngoods(highlyunlikely).IfinsteadwefilledinTable2-2asbefore,bymultiplyingtheappropriatesharesoftheworldeconomytimesacountry’sGDP,wewouldseethefirstlineofTable2-2reads—,,,.Inthiscase,60%ofCountryA’sGDPisexported,thesameasbefore.ThelogicisthatwhiletheworldGDPhasdoubled,increasingthelikelihoodofinternationaltrade,thelocaleconomyhasdoubled,increasingthelikelihoodofdomestictrade.Thegravityequationstillholds.Ifyoufillintheentiretable,youwillseethatwherebeforetheequationwas⨯GDPi⨯GDPj,itnowis⨯GDPi⨯GDPj.ThecoefficientoneachGDPisstillone,buttheoverallconstanthaschanged.
4.AstheshareofworldGDPwhichbelongstoEastAsianeconomiesgrows,thenineverytraderelationshipwhichinvolvesanEastAsianeconomy,thesizeoftheEastAsianeconomyhasgrown.ThismakesthetraderelationshipswithEastAsiancountrieslargerovertime.Thelogicissimilarforwhythecountriestrademorewithoneanother.Previously,theywerequitesmalleconomies,meaningthattheirmarketsweretoosmalltoimportasubstantialamount.Astheybecamemorewealthyandtheconsumptiondemandsoftheirpopulacerose,theywereeachabletoimportmore.Thus,whiletheypreviouslyhadfocusedtheirexportstootherrichnations,overtime,theybecamepartoftherichnationclubandthusweretargetsforoneanother’sexports.Again,usingthegravitymodel,whenSouthKoreaandTaiwanwerebothsmall,theproductoftheirGDPswasquitesmall,meaningdespitetheirproximity,therewaslittletradebetweenthem.Nowthattheyhavebothgrownconsiderably,theirGDPspredictaconsiderableamountoftrade.
5.Asthechapterdiscusses,acenturyago,muchofworldtradewasincommoditiesthatinmanywayswereclimateorgeographydetermined.Thus,theUKimportedgoodsthatitcouldnotmakeitself.ThismeantimportingthingslikecottonorrubberfromcountriesintheWesternHemisphereorAsia.AstheUK’sclimateandnaturalresourceendowmentswerefairlysimilartothoseintherestofEurope,ithadlessofaneedtoimportfromotherEuropeancountries.IntheaftermathoftheIndustrialRevolution,wheremanufacturingtradeacceleratedandhascontinuedtoexpandwithimprovementsintransportationandcommunications,itisnotsurprisingthattheUKwouldturnmoretothenearbyandlargeeconomiesinEuropeformuchofitstrade.Thisisadirectpredictionofthegravitymodel.
Chapter3
2⏹ AnswerstoTextbookProblems
1.a.Theproductionpossibilitycurveisastraightlinethatinterceptstheappleaxisat400(1200/3)andthebananaaxisat600(1200/2).
b.Theopportunitycostofapplesintermsofbananasis3/2.Ittakesthreeunitsoflabortoharvestanapplebutonlytwounitsoflabortoharvestabanana.Ifoneforegoesharvestinganapple,thisfreesupthreeunitsoflabor.These3unitsoflaborcouldthenbeusedtoharvestbananas.
c.Labormobilityensuresacommonwageineachsectorandcompetitionensuresthepriceofgoodsequalstheircostofproduction.Thus,therelativepriceequalstherelativecosts,whichequalsthewagetimestheunitlaborrequirementforapplesdividedbythewagetimestheunitlaborrequirementforbananas.Sincewagesareequalacrosssectors,thepriceratioequalstheratiooftheunitlaborrequirement,whichis3applesper2bananas.
2.a.Theproductionpossibilitycurveislinear,withtheinterceptontheappleaxisequalto160(800/5)andtheinterceptonthebananaaxisequalto800(800/1).
b.Theworldrelativesupplycurveisconstructedbydeterminingthesupplyofapplesrelativetothesupplyofbananasateachrelativeprice.Thelowestrelativepriceatwhichapplesareharvestedis3applesper2bananas.Therelativesupplycurveisflatatthisprice.Themaximumnumberofapplessuppliedatthepriceof3/2is400suppliedbyHomewhile,atthisprice,Foreignharvests800bananasandnoapples,givingamaximumrelativesupplyatthispriceof1/2.Thisrelativesupplyholdsforanypricebetween3/2and5.Atthepriceof5,bothcountrieswouldharvestapples.Therelativesupplycurveisagainflatat5.Thus,therelativesupplycurveisstepshaped,flatattheprice3/2fromtherelativesupplyof0to1/2,verticalattherelativequantity1/2risingfrom3/2to5,andthenflatagainfrom1/2toinfinity.
3.a.TherelativedemandcurveincludesthePoints(1/5,5),(1/2,2),(1,1),(2,1/2).
b.Theequilibriumrelativepriceofapplesisfoundattheintersectionoftherelativedemandandrelativesupplycurves.ThisisthePoint(1/2,2),wheretherelativedemandcurveintersectstheverticalsectionoftherelativesupplycurve.Thustheequilibriumrelativepriceis2.
c.Homeproducesonlyapples,Foreignproducesonlybananas,andeachcountrytradessomeofitsproductfortheproductoftheothercountry.
d.Intheabsenceoftrade,Homecouldgainthreebananasbyforegoingtwoapples,andForeigncouldgainbyoneappleforegoingfivebananas.Tradeallowseachcountrytotradetwobananasforoneapple.HomecouldthengainfourbananasbyforegoingtwoappleswhileForeigncouldgainoneapplebyforegoingonlytwobananas.Eachcountryisbetteroffwithtrade.
4.TheincreaseinthenumberofworkersatHomeshiftsouttherelativesupplyschedulesuchthatthecornerPointsareat(1,3/2)and(1,5),insteadof(1/2,3/2)and(1/2,5).Theintersectionoftherelativedemandandrelativesupplycurvesisnowinthelowerhorizontalsection,atthePoint(2/3,3/2).Inthiscase,ForeignstillgainsfromtradebuttheopportunitycostofbananasintermsofapplesforHomeisthesamewhetherornotthereistrade,soHomeneithergainsnorlosesfromtrade.
5.Thisanswerisidenticaltothatin3.Theamountof“effectivelabor”hasnotchangedsincethedoublingofthelaborforceisaccompaniedbyahalvingoftheproductivityoflabor.
6.Thisstatementisjustanexampleofthepauperlaborargumentdiscussedinthechapter.Thepointisthatrelativewageratesdonotcomeoutofthinair;theyaredeterminedbycomparativeproductivityandtherelativedemandforgoods.Theboxinthechapterprovidesdatawhichshowsthestrongconnectionbetweenwagesandproductivity.China’slowwagepresumablyreflectsthefactthatChinaislessproductivethantheUnitedStatesinmostindustries.Asthetestexampleillustrated,ahighlyproductivecountrythattradeswithalessproductive,low-wagecountrywillraise,notlower,itsstandardofliving.
7.Theproblemwiththisargumentisthatitdoesnotusealltheinformationneededfordeterminingcomparativeadvantageinproduction:
thiscalculationinvolvesthefourunitlaborrequirements(forboththeindustryandservicesectors,notjustthetwofortheservicesector).Itisnotenoughtocompareonlyservice’sunitlaborrequirements.If
HomelaborismoreefficientthanForeignlaborinservices.WhilethisdemonstratesthattheUnitedStateshasanabsoluteadvantageinservices,thisisneitheranecessarynorasufficientconditionfordeterminingcomparativeadvantage.Forthisdetermination,theindustryratiosarealsorequired.Thecompetitiveadvantageofanyindustrydependsonboththerelativeproductivitiesoftheindustriesandtherelativewagesacrossindustries.
8.WhileJapaneseworkersmayearntheequivalentwagesofU.S.workers,thepurchasingpoweroftheirincomeisone-thirdless.Thisimpliesthatalthoughw=w*(moreorless),p
9.Gainsfromtradestillexistinthepresenceofnon-tradedgoods.Thegainsfromtradedeclineastheshareofnon-tradedgoodsincreases.Inotherwords,thehighertheporti
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