国际经济学模拟试题英文含答案

国际经济学模拟习题（3）一、TrueorFalse（10*1'=10'）Tradeisaactivity;ifonecountrygains,theothermustlose.Anationmaximizessatisfactionbyreachingthehighestpossibleindifferencecurve,andintheabsenceoftradewillproducewhereitsproductionpossibilitiesscheduleistangenttoanindifferencecurve.Thefactorendowmentsmodelpredictsthatinternationaltradewilltendtoequalizethepricesoftrade-ablegoodsamongnations,buttoincreasethewagegapbetweencapital-abundantandlabor-abundantnations.Ataxof10percentonimportsofshoeswouldbeanexampleofaspecifictariff.Animportquotawillnotraisethedomesticpriceoftheproductaswouldatariff,becauseitisnotataxonimports.Inbalance-of-paymentsaccount,atransactionresultinginreceiptofapaymentisrecordedasacredit,whereasatransactionresultinginapaymenttoothernationsisrecordedasadebit.Becausetheydonotincludeanexchangeofgoodsorservices,unilateraltransfersdonotappearonanation'sbalanceofpaymentsaccount.DavidHumewasoneofthefirsteconomiststoprovideanalyticalsupportformercantilisttradepolicies.Anationwouldbemostlikelytofinditstradebalanceimprovingafteracurrencydepreciationifthatnation'sdemandforimportsandforeigndemandforitsexportswasveryinelastic.Anationwithneitherabalanceofpaymentssurplusnorabalanceofpaymentsdeficitissaidtobeininternalbalance.二、choices（15*3'=45'）ThelawofcomparativeadvantagewasratifiedbytheWorldTradeOrganizationexplainshowallcountriescanbenefitwheneachspecializesinproducingitemsinwhichithas thegreatestrelativeefficiencyexplainshowonlythemostefficientnationscanbenefitfromtradeisusedtoevaluateacountry'smilitarystrengthThetheoryofabsoluteadvantagewasdevelopedbytheMercantilistsDavidHumeAdamSmithDavidRicardoDavidRicardodevelopedtheprincipleofcomparativeadvantageshowingthatanationmustbetheleast-costproducerofagoodinordertoexportthatitemnonationcouldhaveanabsoluteadvantageinallgoodsinatwo-countryexample,onlyonenationcanhaveacomparativeadvantageevenanationthathaslowerproductivityinallgoodscanbenefitbyexportingtheiteminwhichitisrelativelylessinefficientAnindifferencecurveshowsthatmostpeoplereallyareindifferentaboutinternationaltradeshowsthedemandpreferencesofconsumersreflectstherelativecostsofproductionwithinanationindicateshowmuchlaboracountryhasTomaximizeitssatisfaction,anationwillensurethatitsterms-of-tradelineistangenttoitsproductionpossibilitiesfrontieratonepoint(productionpoint)andalsotothehighestattainableindifferencecurveatanotherpoint(consumptionpoint)istangenttoitsproductionpossibilitiesfrontierandintersectsanindifferencecurveintersectsitsproductionpossibilitiesfrontierandistangenttoanindifferencecurveintersectsitsproductionpossibilitiesfrontieratoneandanindifferencecurveatanotherpointFactor-priceequalizationpredictsthatwithinternationaltradethepriceofanation'sabundantfactorwillriseandthatofitsscarcefactorwillfallthepriceofanation'sabundantfactorwillfallandthatofitsscarcefactorwillrisethepricesofanation'sabundantandscarcefactorsbothwillrisethepricesofanation'sabundantandscarcefactorsbothwillfallTheeffectiverateofprotectiondistinguishesbetweentariffsthatareeffectiveandthosethatareineffectiveistheminimumlevelatwhichatariffbecomeseffectiveinlimitingimportsshowstheincreaseinvalue-addedfordomesticproductionthataparticulartariffstructuremakespossible,inpercentagetermsshowshoweffectiveatariffisinraisingrevenueTheinstitutionalframeworkdevelopedin1947topromotetradeliberalizationisknownastheGATTtheWTOtheIMFTheWorldBankDevelopingnationshaveverylimitedinvolvementininternationaltradetrademostlywitheachotherrelyheavilyonexportsofprimaryproductstoindustrialnationsrelyheavilyonexportsofmanufacturedproductsAcustomsunionisuniqueinthatithasnotariffsontradeamongmembernationshasnotariffsontradeamongmembernationsandacommonsetoftariffsonimportsfromnon-membershasnotariffsontradeamongmembernations,acommonsetoftariffsonimportsfromnon-members,andfreemobilityoffactorsofproductionsuchaslaborandcapitalamongmembersallowsunrestrictedlaborimmigrationfromnon-membernationsAnation'sbalanceofpaymentsstatementisarecordofthatnation'sassetsabroadanditsliabilitiestothosefromothernationsisanaccountingadjustmentprocessensuringthatanation'sexportswillbeequaltoitsimports c.doesnotincludetransactionsofforeigncitizensorcompanieslivingoroperatingwithinthatnation d.isarecordoftheeconomictransactionsbetweenresidentsofthatnationandtherestoftheworld,usuallyforaperiodofoneyear.Sincebalance-of-paymentsaccountingisadouble-entryaccountingsystem,anexportofU.S.wheattoMexicopaidforbyadeposittotheU.S.exportersaccountinaMexicanbankwouldberecordedontheU.S.balanceofpaymentsasacreditformerchandiseexportsandacredittoshort-termfinancialflows-termacreditformerchandiseexportsandadebittoshortfinancialflows.acreditformerchandiseexportsandadebittounilateraltransfersacreditformerchandiseexportsandadebittoofficialsettlementsTheforeign-exchangemarketislocatedinNewYorkisamarketinChicagofortheinternationaltradingofcommoditiessuchaswheatorcopper.isamechanismforindividualsandinstitutionstoexchangeonenationalorregionalcurrencyordebtinstrumentforthoseofothernationsorregions.isopenfrom9:00a.m.to3:00p.m.NewYorktime,MondaythroughFriday.MarketfundamentalsthatmightbeexpectedtoinfluenceexchangeratemovementsincludeallofthefollowingfactorsexceptdifferencesinrealincomegrowthratesbetweencountriesdifferencesinrealinterestratesbetweencountriesspeculativeopinionaboutfutureexchangerateschangesinperceivedprofitabilityofeconomicinvestmentsbetweentwocountriesIfinflationishigherinMexicothanintheUnitedStates,thelawofonepricewouldpredictthattradebetweenMexicoandtheUnitedStateswoulddeclinethedollarpriceofautospurchasedinMexicowouldbehigherthanthedollarpriceofcomparableautospurchasedintheUnitedStatesthepesowouldappreciaterelativetothedollarbyanamountequalinpercentagetermstothedifferencebetweenthetwoinflationratesthepesowoulddepreciaterelativetothedollarbyanamountequalinpercentagetermstothedifferencebetweenthetwoinflationrates三、Questions（45',answerthesequestionsinChinese）Assumethatlaboristheonlyfactorusedinproduction,andthatthecostsofproducingbutterandclotharegivenbythetablebelow.(8')Costinlabor-hourstoproduceHomeForeign11unitofbutter1/81/21/41unitofclothExpressthepriceofbutterrelativetothepriceofclothintermsoflaborcontentforHomeandForeignintheabsenceoftrade.Whatdotheserelativepricesrevealabouteachcountry'scomparativeadvantage?Whatdotheserelativepricessuggestabouttheworldpriceofbutterrelativetocloththatwillexistoncethesecountriestradewitheachother?Iftheworldpricestabilizesat1withtrade,whatarethegainsbytheHomecountryachievedthroughtradewiththeForeigncountry?Explaintheimmiserizinggrowthandlistthecaseforimmiserizinggrowthtobeoccur.(8')Explaintheexchangerateovershootingtheory(8')Supposethatthenominalinterestrateon3-monthTreasurybillsis8percentintheUnitedStatesand6percentintheUnitedKingdom,andtherateofinflationis10percentintheUnitedStatesand4percentintheUnitedKingdom.(9')Whatistherealinterestrateineachnation?Inwhichdirectionwouldinternationalinvestmentflowinresponsetotheserealinterestrates?