国际经济学第六版克鲁格曼国际经济学课后习题答案.docx

国际经济学第六版克鲁格曼国际经济学课后习题答案.docx

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国际经济学第六版克鲁格曼国际经济学课后习题答案

Instructor’sManual

toaccompany

Krugman&Obstfeld

InternationalEconomics:

TheoryandPolicy

SixthEdition

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,soHomeneithergainsnorlosesf