克鲁格曼国际经济学理论与政策 第六版 课后习题答案.docx
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克鲁格曼国际经济学理论与政策 第六版 课后习题答案.docx
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克鲁格曼国际经济学理论与政策第六版课后习题答案
CHAPTER1
Introduction
ChapterOrganization
WhatisInternationalEconomicsAbout?
TheGainsfromTrade
ThePatternofTrade
Protectionism
TheBalanceofPayments
Exchange-RateDetermination
InternationalPolicyCoordination
TheInternationalCapitalMarket
InternationalEconomics:
TradeandMoney
ChapterOverview
Theintentofthischapteristoprovidebothanoverviewofthesubjectmatterofinternationaleconomicsandtoprovideaguidetotheorganizationofthetext.Itisrelativelyeasyforaninstructortomotivatethestudyofinternationaltradeandfinance.Thefrontpagesofnewspapers,thecoversofmagazines,andtheleadreportsoftelevisionnewsbroadcastsheraldtheinterdependenceoftheU.S.economywiththerestoftheworld.Thisinterdependencemayalsoberecognizedbystudentsthroughtheirpurchasesofimportsofallsortsofgoods,theirpersonalobservationsoftheeffectsofdislocationsduetointernationalcompetition,andtheirexperiencethroughtravelabroad.
Thestudyofthetheoryofinternationaleconomicsgeneratesanunderstandingofmanykeyeventsthatshapeourdomesticandinternationalenvironment.Inrecenthistory,theseeventsincludethecausesandconsequencesofthelargecurrentaccountdeficitsoftheUnitedStates;thedramaticappreciationofthedollarduringthefirsthalfofthe1980sfollowedbyitsrapiddepreciationinthesecondhalfofthe1980s;theLatinAmericandebtcrisisofthe1980sandtheMexicocrisisinlate1994;andtheincreasedpressuresforindustryprotectionagainstforeigncompetitionbroadlyvoicedinthelate1980sandmorevocallyespousedinthefirsthalfofthe1990s.Mostrecently,thefinancialcrisisthatbeganinEastAsiain1997andspreadtomanycountriesaroundtheglobeandtheEconomicandMonetaryUnioninEuropehavehighlightedthewayinwhichvariousnationaleconomiesarelinkedandhowimportantitisforustounderstandtheseconnections.Atthesametime,protestsatglobaleconomicmeetingshavehighlightedoppositiontoglobalization.Thetextmaterialwillenablestudentstounderstandtheeconomiccontextinwhichsucheventsoccur.
Chapter1ofthetextpresentsdatademonstratingthegrowthintradeandincreasingimportanceofinternationaleconomics.Thischapteralsohighlightsandbrieflydiscussesseventhemeswhicharisethroughoutthebook.Thesethemesinclude:
1)thegainsfromtrade;2)thepatternoftrade;3)protectionism;4),thebalanceofpayments;5)exchangeratedetermination;6)internationalpolicycoordination;and7)theinternationalcapitalmarket.Studentswillrecognizethatmanyofthecentralpolicydebatesoccurringtodaycomeundertherubricofoneofthesethemes.Indeed,itisoftenafruitfulheuristictousecurrenteventstoillustratetheforceofthekeythemesandargumentswhicharepresentedthroughoutthetext.
CHAPTER2
LaborProductivityandComparativeAdvantage:
TheRicardianModel
ChapterOrganization
TheConceptofComparativeAdvantage
AOne-FactorEconomy
ProductionPossibilities
RelativePricesandSupply
TradeinaOne-FactorWorld
Box:
ComparativeAdvantageinPractice:
TheCaseofBabeRuth
DeterminingtheRelativePriceAfterTrade
TheGainsfromTrade
ANumericalExample
Box:
TheLossesfromNon-Trade
RelativeWages
MisconceptionsAboutComparativeAdvantage
ProductivityandCompetitiveness
ThePauperLaborArgument
Exploitation
Box:
DoWagesReflectProductivity?
ComparativeAdvantagewithManyGoods
SettingUptheModel
RelativeWagesandSpecialization
DeterminingtheRelativeWagewithaMultigoodModel
AddingTransportCostsandNon-TradedGoods
EmpiricalEvidenceontheRicardianModel
Summary
ChapterOverview
TheRicardianmodelprovidesanintroductiontointernationaltradetheory.Thismostbasicmodeloftradeinvolvestwocountries,twogoods,andonefactorofproduction,labor.Differencesinrelativelaborproductivityacrosscountriesgiverisetointernationaltrade.ThisRicardianmodel,simpleasitis,generatesimportantinsightsconcerningcomparativeadvantageandthegainsfromtrade.Theseinsightsarenecessaryfoundationsforthemorecomplexmodelspresentedinlaterchapters.
Thetextexpositionbeginswiththeexaminationoftheproductionpossibilityfrontierandtherelativepricesofgoodsforonecountry.Theproductionpossibilityfrontierislinearbecauseoftheassumptionofconstantreturnstoscaleforlabor,thesolefactorofproduction.Theopportunitycostofonegoodintermsoftheotherequalsthepriceratiosincepricesequalcosts,costsequalunitlaborrequirementstimeswages,andwagesareequalineachindustry.
Afterdefiningtheseconceptsforasinglecountry,asecondcountryisintroducedwhichhasdifferentrelativeunitlaborrequirements.Generalequilibriumrelativesupplyanddemandcurvesaredeveloped.Thisanalysisdemonstratesthatatleastonecountrywillspecializeinproduction.Thegainsfromtradearethendemonstratedwithagraphandanumericalexample.Theintuitionofindirectproduction,thatis"producing"agoodbyproducingthegoodforwhichacountryenjoysacomparativeadvantageandthentradingfortheothergood,isanappealingconcepttoemphasizewhenpresentingthegainsfromtradeargument.StudentsareabletoapplytheRicardiantheoryofcomparativeadvantagetoanalyzethreemisconceptionsabouttheadvantagesoffreetrade.Eachofthethree"myths"representsacommonargumentagainstfreetradeandtheflawsofeachcanbedemonstratedinthecontextofexamplesalreadydevelopedinthechapter.
Whiletheinitialintuitionsaredevelopedinthecontextofatwogoodmodel,itisstraightforwardtoextendthemodeltodescribetradepatternswhenthereareNgoods.Thisanalysiscanbeusedtoexplainwhyasmallcountryspecializesintheproductionofafewgoodswhilealargecountryspecializesintheproductionofmanygoods.Thechapterendsbydiscussingtherolethattransportcostsplayinmakingsomegoodsnon-traded.
TheappendixpresentsaRicardianmodelwithacontinuumofgoods.Theeffectofproductivitygrowthinaforeigncountryonhomecountrywelfarecanbeinvestigatedwiththismodel.Thecommonargumentthatforeignproductivityadvancesworsenthewelfareofthedomesticeconomyisshowntobefallaciousinthecontextofthismodel.
AnswerstoTextbookProblems
1.a.Theproductionpossibilitycurveisastraightlinethatinterceptstheappleaxisat400(1200/3)andthebananaaxisat600(1200/2).
b.Theopportunitycostofapplesintermsofbananasis3/2.Ittakesthreeunitsoflabortoharvestanapplebutonlytwounitsoflabortoharvestabanana.Ifoneforegoesharvestinganapple,thisfreesupthreeunitsoflabor.These3unitsoflaborcouldthenbeusedtoharvest1.5bananas.
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"hasnotchangedsincethedou
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