国际经济学课后习题答案英文版

国际经济学课后习题答案英文版

Chapter2nAnswerstoTextbookProblems1.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—,6.4,1.6,1.6.Ifthatweretrue,CountryAwouldhaveexported$8trillionwhichisequaltoitsentireGDP.Likewise,itwouldhaveimported$8trillion,meaningithadzerospendingonitsowngoods(highlyunlikely).IfinsteadwefilledinTable2-2asbefore,bymultiplyingtheappropriatesharesoftheworldeconomytimesacountry’sGDP,wewouldseethefirstlineofTable2-2reads—,3.2,0.8,0.8.Inthiscase,60%ofCountryA’sGDPisexported,thesameasbefore.ThelogicisthatwhiletheworldGDPhasdoubled,increasingthelikelihoodofinternationaltrade,thelocaleconomyhasdoubled,increasingthelikelihoodofdomestictrade.Thegravityequationstillholds.Ifyoufillintheentiretable,youwillseethatwherebeforetheequationwas0.1´GDPi´GDPj,itnowis0.05´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.nChapter3nAnswerstoTextbookProblems1.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”hasnotchangedsincethedoublingofthelaborforceisaccompaniedbyahalvingoftheproductivityoflabor.6.Thisstatementisjustanexampleofthepauperlaborargumentdiscussedinthechapter.Thepointisthatrelativewageratesdonotcomeoutofthinair;theyaredeterminedbycomparativeproductivityandtherelativedemandforgoods.Theboxinthechapterprovidesdatawhichshowsthestrongconnectionbetweenwagesandproductivity.China’slowwagepresumablyreflectsthefactthatChinaislessproductivethantheUnitedStatesinmostindustries.Asthetestexampleillustrated,anhighlyproductivecountrythattradeswithalessproductive,low-wagecountrywillraise,notlower,itsstandardofliving.7.Theproblemwiththisargumentisthatitdoesnotusealltheinformationneededfordeterminingcomparativeadvantageinproduction:thiscalculationinvolvesthefourunitlaborrequirements(forboththeindustryandservicesectors,notjustthetwofortheservicesector).Itisnotenoughtocompareonlyservice’sunitlaborrequirements.IfHomelaborismoreefficientthanForeignlaborinservices.WhilethisdemonstratesthattheUnitedStateshasanabsoluteadvantageinservices,thisisneitheranecessarynorasufficientconditionfordeterminingcomparativeadvantage.Forthisdetermination,theindustryratiosarealsorequired.Thecompetitiveadvantageofanyindustrydependsonboththerelativeproductivitiesoftheindustriesandtherelativewagesacrossindustries.8.WhileJapaneseworkersmayearntheequivalentwagesofU.S.workers,thepurchasingpoweroftheirincomeisone-thirdless.Thisimpliesthatalthoughw=w*(moreorless),p

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