国际经济学试题A参考答案

国际经济学参考答案A卷ⅠKeyTermsExplanation（5%foreachterms,total20%）1、Stolper-SamuelsonTheorem(斯托尔帕—萨缪尔森定理):Iftherelativepriceofagoodincreases,thentherealwageorrateofreturnofthefactorusedintensivelyintheproductionofthatgoodincreases,whiletherealwageorrateofreturnoftheotherfactordecreases.Thereverseisalsotrue.2、TradediversionWhichoccurswhenlower-costimportsfromoutsidethecustomsunionarereplacedbyhighercostimportsfromaunionmember.3、RelativePPPItstatesthatthepercentagechangeintheexchangeratebetweentwocurrenciesoveranyperiodequalsthedifferencebetweenthepercentagechangesinnationalpricelevels.4、AAScheduleItshowsallcombinationsofexchangerateandoutputthatareconsistentwithequilibriuminthedomesticmoneymarketandtheforeignexchangemarket.ⅡMultipleChoiceQuestions(EachquestionjusthasonlyONEcorrectanswer)（30%）1B2B3B4D5B6B7C8A9C10B11C12A13D14E15B16B17E18D19A20CⅢ.CalculatingProblems（10%）1、Answer:BecauseaLC/aLW=2;a*LC/a*LW=1/2,theworldequilibriumpriceofclothshouldavaluebetweenaLC/aLWanda*LC/a*LW,thelowerlimitfortheworldequilibriumpriceofclothshouldbe1/22、Using(E$/E,t–E$/E,t–1)/E$/E,t–1US,t–E,tonegets:E$/E,tE$/E,t–1US,tE,t21.80.03–0.081112.120.04–0.012.22.10.050.0023812.32.20.060.0145452.42.30.070.0265222.52.40.080.038333ⅣShortAnswerQuestions(20%)1、1)Albaniarefusedtoengageininternationaltradeforideologicalreasons.Tomaximizeitseconomicwelfareitwouldchoosetoproduceatwhichpointintheleftdiagramabove?(2%)Answer:Albaniawouldchoosetoproduceatpointa.2)NowthattheColdWarisover,Albaniaisinterestedinobtainingeconomicwelfaregainsfromtrade.SupposethePA/PBatpointawasequalto1andtherelevantinternationalrelativepriceisPA/PB=2.Albaniawouldthereforechoosetoproduceatwhichpoint(a,b,orc)?Giventhisadditionalinformation,inwhichgooddoesAlbaniaenjoyacomparativeadvantage(4%)Answer:Because(PA/PB)Albania=1/2(PA/PB)World,AlbaniahasacomparativeadvantageinA.(2%)ThereforeAlbaniawouldproduceatproductionpointb.(2%)3)Suppose,asaresultofvariousdynamicfactorsassociatedwithexposuretointernationalcompetition,Albania’seconomygrew,andisnowrepresentedbytherightmostproductionpossibilityfrontierintherightFigureabove.Ifitspointofproductionwithtradewaspointc,wouldyouconsiderthisgrowthtobeexport-biasedorimportbiased?IfAlbaniawerealargecountrywithrespecttotheworldtradeofAandB,howwouldthisgrowthaffectAlbania’stermsoftrade?(4%)Answer:Ifpointcistheproductionpointwithtrade,thenAlbaniahasacomparativeadvantageingoodB.Therefore,fromtheshapeofthenewproductionpossibilityfrontier(ascomparedtotheoriginalone),thisisclearlyanexport-biasedgrowth.(2%)Thisexport-biasedgrowthwouldtendtoworsenAlbania’stermsoftrade.(2%)2、1)WhydoestheR$shiftfromR$1toR$1+attimet0?(figureb)(6%)Answer:Figure(a)showsthesuddenaccelerationofU.S.moneysupplygrowthattimet0,thepolicychangegeneratesexpectationofmorerapidcurrencydepreciationinthefuture.(2%)AccordingtotheFishereffect:allelseequal,arise(fall)inacountry’sexpectedinflationratewilleventuallycauseanequalrise(fall)intheinterestratethatdepositsofitscurrencyoffer,thedollarinterestratewouldrisefromitsinitiallevelR$1toanewlevelR$2=R$1+(seefigure(b))(4%)2)WhydoestheU.S.priceleveljumpupwardattimet0?(figurec)(2%)Answer:PUS=MSUS/L(R$,YUS).Attimet0,thelevelofthemoneysupplydoesnotjumpupward(accordingtofigure(a))butthereisaninterestraterise(accordingtofigure(b))thatreducesmoneydemand,so,theUSpriceleveldoesjumpatt0.3)WhydoestheDollar/euroexchangerate,E$/€jumpupwardattimet0?(figured)(2%)Answer:AlongwiththeupwardjumpinPUSatt0,accordingtoPPP,E$/€=PUS/PE,thesimultaneousproportionalupwardjumpinE$/€.Ⅴ.Illustration(20%)PleaseillustratetheeffectofthePermanentincreaseintheMoneysupplytoacountry’soutputandexchangerateintheshortandlongrunaccordingtoDD—AAmodel.Answer：Thepermanentincreaseinthemoneysupplyraisesoutputaboveitsfull-employmentlevel.Apermanentincreaseinthemoneysupplydevelopsthepressureontheprices.Overtime,theinflationarypressurethatfollowsapermanentmoneysupplyexpansionpushesthepriceleveltoitsnewlong-runvalueandreturnstheeconomytofullemployment.ExchangeRate,EOutput,YAA1Y2DD11YfEfAA23E3DD2AA3AA3E22