國際經(jīng)濟學作業(yè)答案-第二章

Chapter2 WorldTrade—AnOverviewMultipleChoiceQuestionsWhatpercentofallworldproductionofgoodsandservicesisexportedtoothercountries?(a)10%(b)25%(c)50%(d)100%NoneoftheaboveAnswer:BWhatpercentofallworldimportsofgoodsandserviceswereexported?(a)10%(b)25%(c)50%(d)100%Noneoftheabove.Answer:DWhatpercentofallworldconsumption(privateandpublic,includingrealinvestment)wasimported?(a)10%(b)25%(c)50%(d)100%Noneoftheabove.Answer:BThegravitymodel,thatstatesthatsizematters,predictsthattheweightofthetradedgoodwill relatedtoitslikelihoodtobeexportedbedirectlybeinverselynotbeAlloftheaboveNoneoftheaboveAnswer:E12 Krugman/Obstfeld?SeventhEditionThegravitymodeloffersalogicalexplanationforthefactthatTradebetweenAsiaandtheU.S.hasgrownfasterthanNAFTAtrade.Tradeinserviceshasgrownfasterthantradeingoods.TradeinmanufactureshasgrownfasterthaninagriculturalproductsIntra-EuropeanUniontradeexceedsInternationalTradeoftheEuropeanUnion.NoneoftheaboveAnswer:DThegravitymodelsuggeststhatovertimetradebetweenneighboringcountrieswillincreasetradebetweenallcountrieswillincreaseworldtradewilleventuallybeswallowedbyablackhole.tradebetweenEarthandotherplanetswillbecomeimportantNoneoftheaboveAnswer:EThegravitymodelexplainswhytradebetweenSwedenandGermanyexceedsthatbetweenSwedenandSpaincountrieswithoilreservestendtoexportoil.capitalrichcountriesexportcapitalintensiveproductsintra-industrytradeisrelativelymoreimportantthanotherformsoftradebetweenneighboringcountries.NoneoftheaboveAnswer:AAccordingtothegravitymodel,acharacteristicthattendstoaffecttheprobabilityoftradeexistingbetweenanytwocountriesistheirculturalaffinitytheaverageweight/valueoftheirtradedgoodstheircolonial—historicaltiesthedistancebetweenthemthenumberofvarietiesproducedontheaveragebytheirindustries.Answer:DTheonesingletradepartnercountryoftheU.S.isUnitedKingdomCanadaMexicoJapanIsraelAnswer:Chapter2 WorldTrade—AnOverview 13IngeneralwhichofthefollowingtendtopromotetheprobabilityoftradevolumesbetweentwocountriesLinguisticand/orculturalaffinityHistoricaltiesSizesofeconomiesMutualmembershipinpreferentialtradeagreementsAlloftheaboveAnswer:ESinceWorldWarII(theearly1950s),theproportionofmostcountries’productionbeingusedinsomeothercountryremainedconstantincreaseddecreasedfluctuatedwidelywithnocleartrendboth(a)and(d)Answer:BSinceWorldWarII,thelikelihoodthatforeignmarketswouldgainimportanceintheaverageexporters’asasourceofprofitsremainedconstantincreaseddecreasedfluctuatedwidelywithnocleartrendboth(a)and(d)Answer:BSinceWorldWarII,thelikelihoodthatanysingleiteminthetypicalconsumptionbasketofaconsumerintheU.S.originatedoutsideoftheU.S.remainedconstantincreaseddecreasedfluctuatedwidelywithnocleartrendboth(a)and(d)Answer:BSinceWorldWarII,thelikelihoodthatthejobanewcollegegraduatewillbedirectlyorindirectlyaffectedbyworldtraderemainedconstantincreaseddecreasedfluctuatedwidelywithnocleartrendboth(a)and(d)Answer:B14 Krugman/ObstfeldSeventhEditionSinceWorldWarII,therelativeimportanceofrawmaterials,includingoil,intotalworldtraderemainedconstantincreaseddecreasedfluctuatedwidelywithnocleartrendboth(a)and(d)Answer:CInthecurrentPost-Industrialeconomy,internationaltradeinservices(includingbankingfinancialservices)dominatesworldtradedoesnotexistisrelativelysmallisrelativelystagnantNoneoftheAnswer:CInthepre-WorldWarIperiod,theU.S.exportedprimarilymanufacturedgoodsservicesprimaryproductsincludingagriculturaltechnologyintensiveproductsNoneoftheAnswer:CInthepre-WorldWarIperiod,theUnitedKingdomexportedprimarilymanufacturedgoodsservicesprimaryproductsincludingagriculturaltechnologyintensiveproductsNoneoftheAnswer:AInthepre-WorldWarIperiod,theUnitedKingdomimportedprimarilymanufacturedgoodsservicesprimaryproductsincludingagriculturaltechnologyintensiveproductsNoneoftheAnswer:CChapter2WorldTrade—AnOverviewPAGE17Chapter2WorldTrade—AnOverviewPAGE17PAGE18Krugman/Obstfeld?SeventhEditionPAGE18Krugman/Obstfeld?SeventhEditionInthepresent,mostoftheexportsfromChinaareinmanufacturedgoodsservicesprimaryproductsincludingagriculturaltechnologyintensiveproductsNoneoftheaboveAnswer:AWhichofthefollowingdoesnotexplaintheextentoftradebetweenIrelandandtheU.S.?HistoricaltiesCulturalLinguistictiesGravitymodelMultinationalCorporationsNoneoftheaboveAnswer:CEssayQuestionsWhencomparingthecompositionofworldtradeintheearly20thCenturytotheearly21stCentury,wefindmajorcompositionalchanges.Theseincludearelativedeclineinagriculturalandprimary-products(includingrawmaterials).Howwouldyouexplainthisintermsofbroadhistoricaldevelopmentsduringthisperiod?Answer:Thetypicalcompositionofworldproductionduringthisperiodexperiencedmajorchanges.Focusingontoday’sIndustrializedCountries(primarilymembersoftheOECD),theindustrial-employmentcompositionwasfocusedprimarilyonagriculture.Mostvaluewasinland.Thepredominantsingleconsumptioncategorywasfood.Sincethen,theeconomiesshiftedfromtheagriculturaltothemanufacturingsectors(continuingtrendsbegunoveracenturyearlierintheindustrialrevolution).Incomesrose,andconsumptionshiftedinfavorof(increasinglyaffordable)manufactures.Bothincomeandpriceelasticitiesweregreaterinmanufacturesthaninagriculturalproducts.Atthesametimetherewasasteadytendencyforsynthetic(manufactured)inputstoreplaceagriculturalbasedrawmaterialsandindustrialinputs.Hence,tradeandofcourseinternationaltradeconformedtooverallchangesinpatternsofworldproductionandconsumption.Inthepasthalfcentury,thedevelopingcountrieshaveexperiencedmajorcompositionalshiftsfromexportsofprimaryproducts(includingagriculturalandrawmaterials)toexportsofmanufactures.Howmightyouexplainthisintermsofbroadhistoricaldevelopmentsduringthisperiod?Answer:Anydiscussionoftheexportexperienceofthedevelopingcountriesmustfirstclarifytheproblemofdefinitionalinclusion.Inparticular,theexportsofthe(non-OECD)developingcountries,hasbecomeincreasinglydominatedbytheexperienceofarelativelysmallnumberofcountriesinSouth-EastAsia,termedtheNewIndustrializedCountries(NICs).Sincetheyexperiencedbothveryrapidincreasesintheirexports,andveryrapidincreasesinthemanufacturedcomponentoftheirexports,theirexperiencealonemayexplainthebulkoftheobservedphenomenon.ManywouldexcludetheNICsfromthedevelopingcountrycategorysoastobeabletofocusthediscussiononamorerepresentativesampleof(theover100)developingcountries.Morerecently,asecondwaveofEastAsiancountries,notablyincludingChinahavereplicatedtheexperienceoftheNICs,andthisagainmuddiesthewaterforoneinterestedinfocusingontheexportexperienceofthegrowingheterogenouscategory,developingcountries.Anotherexplanationofthegrowingdependenceonmanufacturedexportsonthepartofthedevelopingcountries,followstheanswertoquestion1above.Sincetheconsumer(includingindustrialconsumer)marketsinOECDcountrieswererapidlyshiftingawayfromprimaryproducts,thesemarketswererapidlydisappearing.Inaddition,intheworldmarketsforprimaryproductswasgenerallylimitedbylowpriceandespeciallyincomeelasticities;agriculturalsectorstendedtobehighlyandrigidlyprotectedinpotentialOECDmarkets;andescalatingeffectivetariffstructuresleviedsystematicallylargelevelsofprotectionagainsttheprimaryexportsofthedevelopingcountries;successinworldexportshadtobepursuedoutsideofthetraditionalprimaryexportsofthesecountries.TheNeoclassicalHeckscher-Ohlinmodelassumesthatallproducersofanyindustrialproducthasknowledgeof,andmayavailitselfofthesameproductiontechnologyavailabletoproducersinanyothercountry.Manyhaveflaggedthisidenticaltechnologyassumptionasanunrealisticassumption.Duringthepasthalfcentury,therelativeimportanceoftheMultinationalCorporations(MNCs)inworldtradehassteadilyincreased.Howwouldthistrendaffecttherealismofthe“identicaltechnology”assumption?Answer:NotingthatMNCplantstendtousemorelaborintensiveproductionprocessesincountrieswherelabortendstoberelativelycheap(bothin“l(fā)ow”tech,e.g.Nike,and“hightech,”e.g.Motorola),onemayarguethatMNCsusedifferenttechnologiesindevelopingcountries.However,thisisagrossmisunderstandingoftheidenticaltechnologyassumption.ItisaxiomaticallyobviousthatifthesameMNCisproducingsomethinginbothlaborabundantandlaborscarceusingdifferentprocesses,itneverthelesshasknowledge(intimateknowledgeinthecaseofproprietarypatentedprocesses)ofavailabletechnology.ThefactthattheMNCmaychoosenottoapplythesamedegreeofcapitalintensityinenvironmentswithgreatlydifferentrelativefactorpricesinnowaylessensthefactthattheHeckscher-OhlinidenticaltechnologyassumptionisstrengthenedduetothegrowingrelativestrengthofMNCsindevelopingcountries.Anadditionalfactthatstrengthensthisargumentisthat,ascomparedtotheearly1950s,agrowingproportionofMNCsarethemselvesbasedindevelopingcountries,suchasChinaandBrazil.Oneofthemajorpoliticaldevelopmentsofthepastseveraldecadesisthegrowingsizeandeconomic/monetaryintegrationoftheEuropeanUnion.Whateffectdoyouthinkthiswillhaveoninternationaltradebetweencountries?Answer:ThegrowingeconomicintegrationbetweenthevariouscountriesofEurope,boththeoldandexistingmembersoftheEuropeanUnion(EU)andthenewcountriesjoiningit(includingperhapssoon,Turkey),meansthatthebarrierstotradearesteadilyfallinginaregionthathastraditionallydominatedworldtrade.Thecommonmonetaryunitshouldinitselfgofartopromoteinter-countrytradewithinthegrowingEU(judgingbythepositivehistoricaleffectofasinglecurrencyintheU.S.).Thestandardizationoftransportation(includingrailroadgauges,highwaysignsetc.)andproductcodeswillalsopromoteexpansionofintra-EUtrade.Thedeclineintheprobabilityofpoliticalconflictassociatedwiththiscomprehensiveeconomicunion,plusconsciousattemptstocooperateinfiscalandmonetarypolicystancesagainpointtogrowinginternationaltrade,allowingthesecountriestoincreasinglyenjoythefruitsofpotentialpositivescaleeconomies,andmoretraditionalclassicalandneo-classicalgainsfromtrade.ThescaleeconomieswillalsotendtoincreasetradebetweentheEUandothercountries.TheServicessectorhasbeensteadilyrisinginrelativeimportanceinGDPoftheUnitedStates,aswellaselsewherearoundtheworld.Since“services”havebeenidentifiedas(e.g.itisdifficulttoexporthaircuts),itmaybearguedthatthistrendwilllikelyslowtherapidgr