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Chapter10TradeinDevelopingCountries
■MultipleChoiceQuestions
Theinfantindustryargumentwasanimportanttheoreticalbasisfor
Neo-colonialisttheoryofinternationalexploitation.
Import-substitutingindustrialization.
HistoriographyoftheindustrialrevolutioninWesternEurope.
East-Asianmiracle.
Noneoftheabove.
Answer:B
Sophisticatedtheoreticalargumentssupportingimport-substitutionpoliciesinclude
Termsoftradeeffects.
Scaleeconomyarguments.
Learningcurveconsiderations.
Theproblemofappropriability.
Noneoftheabove.
Answer:D
Generalequilibriumconsiderationsleadtotherealizationthatimport-substitutingpolicieshaveaneffectof
Discouragingexports.
Encouragingexports.
Encouraginganefficientuseofacountry’sresources.
Generatinglargetariffrevenuesforthegovernment
Noneoftheabove.
Answer:A
Historicallythosefewdevelopingcountrieswhichhavesucceededinsignificantlyraisingtheir
per-capitaincomelevels
Didnotaccomplishthiswithimport-substitutingindustrialization.
Didaccomplishthiswithimport-substitutingindustrialization.
Tendedtoprovideheavyprotectiontodomesticindustrialsectors.
Favoredindustrialtoagriculturalorservicesectors.
Noneoftheabove.
Answer:A
Statisticalevidencesuggeststhat
Freetradepoliciespromoteeconomicgrowthmoreeffectivelythandoimportsubstitutionpolicies.
Importsubstitutingpoliciestendtopromoteeffectiveexploitationofscaleeconomies.
Importsubstitutiontendstoleadtorelativelyloweffectiveratesofprotection.
ImportsubstitutionistothisdaythepreferredgrowthstrategypromotedbytheWorldBank.
Noneoftheabove.
Answer:A
ThegrowthsuccessesofthehighperformanceAsianeconomies
Supportsthebeliefthateconomicdevelopmentrequiresimportsubstitutionpolicies.
Rejectsthebeliefthatexport-orientedindustrializationislikelytopromoteeconomicdevelopment.
Rejectsthebeliefthateconomicdevelopmentrequiresimportsubstitutionpolicies.
Suggeststhatfreetradepoliciesarerequiredforsuccessfuleconomicdevelopment.
Noneoftheabove.
Answer:C
ThehighcorrelationbetweenrapidgrowthinexportsandrapideconomicgrowthobservedinseveralEastAsiacountriesinrecentdecadesprovesthat
Exportpromotingtradepolicyleadstorelativelyrapideconomicgrowth.
Afree-tradeorientationoftradepolicyresultsinrapideconomicgrowth.
Exportshelpgrowth,whereasimportsimpedegrowth.
Tradepolicyisperhapsthemostimportantpolicyareaforpromotionofeconomicdevelopment.
Noneoftheabove.
Answer:E
TherelativelyrapideconomicgrowthexperiencedbyChileinthelate1980s
SupportedtheconventionalLatinAmericanrelianceonimportsubstitution.
ReliedontheHarris-Todaromodeltoexplainthisgrowth.
RejectedtheconventionalLatinAmericanrelianceonimportsubstitution.
Demonstratedtheimportanceofmarketfailureasareasonforimportsubstitution.
Noneoftheabove.
Answer:C
Whichofthefollowingcouldexplainwhythetermsoftradeofdevelopingcountriesmightdeteriorateovertime?
Developingcountryexportsconsistmainlyofmanufacturedgoods
Developingcountryexportsconsistmainlyofprimaryproducts.
Commodityexportpricesaredeterminedinhighlycompetitivemarkets.
Commodityexportpricesaresolelydeterminedbydevelopingcountries.
Noneoftheabove.
Answer:C
Whichtradestrategyhavedevelopingcountriesusedtorestrictimportsofmanufacturedgoodssothatthedomesticmarketispreservedforhomeproducers,whothuscantakeovermarketsalreadyestablishedinthecountry?
Internationalcommodityagreement.
Exportpromotion.
Multilateralcontract.
Importsubstitution.
Noneoftheabove.
Answer:D
Tohelpdevelopingcountriesexpandtheirindustrialbase,someindustrialcountrieshavereducedtariffsondesignatedmanufacturedimportsfromdevelopingcountriesbelowthelevelsappliedtoimportsfromindustrialcountries.Thispolicyiscalled
Export-ledgrowth.
Generalizedsystemofpreferences.
MostFavoredNation.
Reciprocaltradeagreement.
Noneoftheabove.
Answer:B
Whichindustrializationpolicyusedbydevelopingcountriesplacesemphasisonthecomparativeadvantageprincipleasaguidetoresourceallocation?
Exportpromotion.
Importsubstitution.
Internationalcommodityagreements.
InfantIndustrypromotion.
Noneoftheabove.
Answer:A
TaiwanandSouthKoreaareexamplesofdevelopingnationsthathaverecentlypursuedtheseindustrializationpolicies
Importsubstitution.
Exportpromotion.
Commercialdumping.
Multilateralcontract.
Noneoftheabove.
Answer:B
Tohelpdevelopingnationsstrengthentheirinternationalcompetitiveness,manyindustrialnationshavegrantedtariffreductionstodevelopingnationsunderthe(a)Internationalcommodityagreementsprogram.
Multilateralcontractprogram.
Generalizedsystemofpreferencesprogram.
Exportledgrowthprogram
Noneoftheabove.
Answer:C
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Answer:D
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Answer:C
Areasonwhyitisdifficultfordevelopingcountriestomaintainacartelisthat
Theelasticityofdemandforacartel’soutputdecreasesovertime.
Producersinthecartelhaveaneconomicincentivetocheat.
Economicprofitsdiscourageotherproducersfromenteringtheindustry.
Producersinthecartelhavethemotivationtolowerpricesbutnottoraiseprices.
Noneoftheabove.
Answer:B
Importsubstitutionpoliciesmakeuseof
Tariffsthatdiscouragegoodsfromenteringacountry.
Quotasappliedtogoodsthatareshippedabroad.
Productionsubsidiesgrantedtoindustrieswithcomparativeadvantage.
Taxbreaksgrantedtoindustrieswithcomparativeadvantage.
Noneoftheabove.
Answer:A
Export-ledgrowthtendsto
Discouragecompetitionintheglobaleconomy.
Exploitdomesticcomparativeadvantages.
Leadtounemploymentamongdomesticworkers.
Helpfirmsbenefitfromdiseconomiesoflarge-scaleproduction.
Noneoftheabove.
Answer:B
Allthefollowingnationsexcept haverecentlyutilizedexport-ledgrowth
policies.
HongKong
SouthKorea
Argentina
Singapore
Noneoftheabove.
ThedevelopmentofcountrieslikeSouthKoreahasbeensupportedbyallofthe
followingexcept.
Highdomesticinterestrates.
Highdomesticsavingrates.
Largeendowmentsofhumancapital.
Highlevelsoflaborproductivity.
Noneoftheabove.
Answer:A
Formostdevelopingcountries
Productivityishighamongdomesticworkers.
Populationgrowthandilliteracyratesarelow
Savingandinvestmentlevelsarehigh
Agriculturalgoodsandrawmaterialsconstituteahighproportionofdomesticoutput.
Noneoftheabove.
Answer:D
In2003,theper-capitaincomeinChinawasroughly ofthatintheU.S.
onehundredth
Oneeighth
Onehalf
Thesameas
Noneoftheabove.
Answer:B
The“EastAsianMiracle”is
Theabilityofsomanypeopletoliveinsuchsmallareas.
ThefactthatsomanyInfluenzavarietiesoriginatefromthisregion.
Thefactthatpoordualisticeconomiesmanagedtoescapetheviciouscircleofpoverty.
TheabilitytomaintainlargepositivetradebalanceswiththeU.S.
Noneoftheabove.
Answer:C
Theinfantindustryargumentisthat
Comparativeadvantageisirrelevanttoeconomicgrowth
Developingcountrieshaveacomparativeadvantageinagriculturalgoods.
Developingcountrieshaveacomparativeadvantageinmanufacturing.
Developingcountrieshaveapotentialcomparativeadvantageinmanufacturing.
Noneoftheabove.
Theinfantindustryargumentcallsforactivegovernmentinvolvement
Onlyifthegovernmentforecastsareaccurate.
Onlyifsomemarketfailurecanbeidentified.
Onlyiftheindustryisnotonealreadydominatedbyindustrialcountries.
Onlyiftheindustryhasahighvalueadded.
Noneoftheabove.
Answer:B
Theimperfectcapitalmarketjustificationforinfantindustrypromotion
Assumesthatnewindustrieswilltendtohavelowprofits.
Assumesthatinfantindustrieswillsoonmature.
Assumesthatinfantindustrieswillbeinproductsofcomparativeadvantage.
Assumesthatbankscanallocateresourcesefficiently.
Noneoftheabove.
Answer:A
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Brazil’sexportrecordin1999illustratedtheprinciplethat
Alargecountrywilltendtohavefewexports.
Asmallcountrywilltendtohaveahighexportratio.
Protectionistpoliciestendtodiscourageexports.
Export-promotingpoliciesdonottendtowork.
Noneoftheabove.
Answer:C
Thedisappointmentwithimport-substitutionpoliciesisinpartbecause
TherapidandcontinuousgrowthrecordofSouthAmericancountries.
Manycountriespursuingthisstrategyexperiencedstagnationintheirgrowth.
Thispolicyisinconsistentwithsophisticatedeconomicgrowthmodels.
Thispolicytendedtocreateworld-classindustrialcompetitors.
Noneoftheabove.
Answer:B
Importsubstitutionpolicieshaveovertimetendedtoinvolveallbutthefollowing
Overlappingimportquotas.
Exchangecontrols.
Domesticcontentrules.
Simpletariffs.
Multipleexchangerateschemes.
Answer:D
Anefficienteconomywouldsetthemarginalproductinthetraditionalsector
Lowerthanthatinthemodernnon-traditionalsector.
Higherthanthatinthemodernsophisticatedsector.
Equaltothatinthemodernsophisticatedsector.
Lowerintherelativelycapitalintensivesector.
Higherintherelativelycapitalintensivesector.
Answer:C
TheHPAE(HighPerformanceAsianEconomies)countries
Haveallconsistentlysupportedfreetradepolicies.
Haveallconsistentlymaintainedimport-substitutionpolicies.
Haveallconsistentlymaintainednon-biasedefficientfreecapitalmarkets.
Haveallmaintainedopennesstointernationaltrade.
Noneoftheabove.
Answer:D
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Answer:B
TheexperienceofSub-SaharaAfrica,ascomparedtothatof“OtherAsia”(notincludingtheHPAEs)supportstheargumentthat
Highratesofprotectiontendtoharmeconomicgrowth
Thepooreristhecountrytheeasieritisforitto“catchup”economically
Lowratesofprotectiontendtopromoteeconomicgrowth
Both(a)and(c)
Noneoftheabove
Answer:E
TheremarkablesuccessoftheHPAEsprovesthat
tradepolicyisthekeytosuccessfuleconomicgrowth
tradepolicyisirrelevanttosuccessfuleconomicgrowth
higheducationalstandardsisthekeytosuccessfuleconomicgrowth
dualeconomiesmustsuffereconomicstagnation
Noneoftheabove
Answer:E
TheHPAE“economicmiracle”illustratesaclearcaseinwhich
exportsandgrowthwerepositivelyrelated
exportswerepromotedbysuccessfuleconomicgrowth
economicgrowthwasdeterminedbysuccessfulexportpromotion
tradepolicydominatedotherconsiderationsinpromotingeconomicgrowth
Noneoftheabove
Answer:A
The“EastAsianMiracle”ofthe“FourTigers”inthe1960swasreplicatedby
developingcountriesaroundtheworld
otherEastAsiancountries
SubSaharaAfricancountries
Industrializedcountries
Noneoftheabove
TheexperienceofChile’sforeignsectorinthelasttwodecadesofthe20thCenturysupportsthepropositionthateconomicgrowthissupportedby
Importsubstitution
Industrializationpolicies
Tradeliberalizationpolicies
Both(a)and(b)above
Noneoftheabove
Answer:C
China’srecentexperiencesupportsthepropositionthat
“Economicmiracles”aresolelytobeexpectedinsmallcountries
Centralplanningandsocialismcanpromotesustainedeconomicgrowth
Alesseningofincomedisparitiesisaprerequisiteforeconomicgrowth
Growthinalargecountrycannotbeaffectedbyitsforeignsector
Noneoftheabove
Answer:E
■EssayQuestions
Itisarguedthatimportsubstitutionisamisguidedtradepolicyiftheintentistopromotelong-termeconomicgrowth.Explainthereasonsunderlyingthisargument.
Answer:Importsubstitutionpromotesthateconomicactivityinwhichthecountryisrelativelyinefficient.Thislowerstherealincomeatanygiventimeanddecreasestheresourceswhichcanbeusedforinvestmentpurposes,hencelowergrowthrates.Anadditionalansweristhatimportsubstitutionbycreatingaprotecteddomesticmarketfailstoprovideincentivestoproducehigh,orworld-classquality—whichmeansthiscountry,cannotmarketinforeigncountries.Withsucha(perceived)limitedmarket,endogenouseconomicgrowthwillnotbeforthcoming.Finally,itmaybethatexposuretoworldcompetitionhasitsowndynamiceffectpromotingeconomicgrowth.
TheUnitedStates,asitbeganitslongandsuccessfulgrowthintheearly19thCentury,consciouslypromoteddomesticproductionthroughsuchactivitiesastariffs,Clay’sAmericanSystem,andmanydirectsubsidiestorailroads,canalcompanies,farmers(freeland)etc.Todayweviewthisblatantexampleoflargescaleandextensiveimport-substitutionindustrializationashavingbeenverysuccessful.Commentandrelatetoyouranswertoquestion1.
Answer:Thisisaninterestingpointandemphasizesthateconomicmodelstendtobea-historical.Thatis,theylackthehistoricperspective;andthusmaybemisleadingasguidestolongrunissues,suchaseconomicgrowth.Thisalsosuggeststhattradepolicyperseisalmostcertainlynotsufficienttoexplainwhysomecountriesgrowandothersdonot.
ClassicalandNeoclassicaltradetheorymakesthecasethatfreetradecanbringacountrytoanoptimumandeconomicallyefficientuseofitsresources;andhenceisanoptimaltrade-policy,iftheobjectiveismaximizinglongtermeconomicgrowth.TherearethosewhoarguethattheexperienceoftheAsianMiraclecountries,suchasTaiwan,SouthKoreaandSingaporeverifythisargumentintherealworld.Explain.Thereareotherswhoarguethattheexperienceofthesecountriescannotbeusedtoverifyorsupporttheargumentabove.Explain.
Answer:Bothargumentsmayindeedbemade.Thesecountriesdidinfacttendtopromoteexportsinaconsistentsetofpolicies.However,theytendedtodothisviaconsciousNationalindustrial-policy(e.g.,SouthKoreausing“theJapanesesystem”),andhence(withthepossibleexceptionofHongKong)donotprovideagoodtest-tubeforthelongruneffectsofafree-tradestance.
Theconsensustodayisthatimport—substitutionprotec
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