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1、CHAPTER 1*(Core Chapter)INTRODUCTIONOUTLINE1.1 Importance of International EconomicsCase Study 1-1: The Dell and Other PCs Sold in the United States Are All But American Case Study 1-2: What Is an American Car?1.2 International Trade and The Nations Standard of LivingCase Study 1-3: Rising Importanc
2、e of International Trade to the United States1.3 The Major U.S. Trade Partners: The Gravity Model1.4 The Subject Matter of International Economics1.5 Purpose of International Economic Theories and Policies1.6 Current International Economic Challenges1.7 The Globalization Challenge1.8 Organization an
3、d Methodology of the BookAppendix:A1.1 Basic International Trade DataA1.2 Sources of Additional International Data and InformationKey TermsInterdependenceAdjustment in the balance of paymentsGravity modelMicroeconomicsInternational trade theory MacroeconomicsInternational trade policyOpen economy ma
4、croeconomicsNew protectionismInternational finance Foreign exchange marketsGlobalization Balance of payments Anti-globalization movementLecture Guide1. As the first chapter of the book, the general aim here is simply to define the field of study of international economics and its importance in today
5、s interdependent world. The material in this chapter can be covered in two classes. I would utilize one class to cover Sections 1 to 4 and the second class to cover Sections 5 to 8. I would spend most of the second class on Section 6 on the major current international economic challenges facing the
6、United States and the world today and to show how international economics can suggest ways to solve them. This should greatly enhance students motivation.Answer to Problems1. a) International economic problems reported in our daily newspapers are likely to include: trade controversies between the Un
7、ited States, Europe, Japan, and China; great volatility of exchange rates; Increasing international competition from China and fear of job losses in the United States and other advanced countries. structural unemployment and slow growth in Europe, and stagnation in Japan; financial crises in emergin
8、g market economies; restructuring problems of transition economies; deep poverty in many developing nations in the world.b) Can result in trade restrictions or even a trade war, which reduce the volume and the gains from trade; discourage foreign trade and investments, and thus reduce the benefits f
9、rom trade; Can result in trade restrictions or even a trade war, which reduce the volume and the gains from trade; reduces European and Japanese imports and the volume and the benefits from trade; financial crises in emerging market economies could spread to the United States; can lead to political
10、instability, which will adversely affect the United States; can lead to political instability in these countries - which also adversely affect the United States. c) Can result in your paying higher prices for imported products; lead to great fluctuations in the price of imported products and cost of
11、 foreign travel; Can lead higher prices for imported products and increases the chances that you will have to change jobs; can lead you to support demands for trade protection in the United States; can reduce the value of your investments (such as a stocks) in the United States; can lead to your pay
12、ing higher taxes for the United States to respond to these threats; can result in your paying higher taxes to help these nations.2. a) Five industrial nations not mentioned are: Italy, France, Canada, Austria, and Ireland.b) See Table 1A.c) Smaller nations, such as Ireland and Austria, are more inte
13、rdependent than the larger ones. Note that interdependence was measured by the percentage of the value of imports and exports (line 98c and 90c, respectively in IFS) to GDP (line 99b).Table 1AEconomic Interdependence as Measured by Imports and Exports as a Percentage of GDP, 2004 NationImports as a
14、percent of GDPExports as a percent of GDP Italy25.826.6 France25.725.9 Canada3438.2 Austria46.151 Ireland63.779 *Source: International Financial Statistics (Washington, D.C., IMF, March 2006). 3. a) Five developing nations not mentioned in the text are: Brazil, Pakistan, Colombia, Nepal, and Tunisia
15、. b) See Table 1B.c) In general, the smaller the nation, the greater is its economic interdependence. Note that interdependence was measured by the percentage of the value of imports and exports (line 98c and 90c, respectively in IFS) to GDP (line 99b). Table 1BEconomic Interdependence as Measured b
16、y Imports and Exports as a Percentage of GDP, 2004 NationImports as a percent of GDPExports as a percent of GDPBrazil13.418Pakistan16.716Columbia20.719.4Nepal31.717.3Tunisia49.646.7 *Source: International Financial Statistics (Washington, D.C., IMF, March 2006).4. Trade between the United States and
17、 Brazil is much larger than trade between the United States and Argentina. Since Brazil is larger and closer than Argentina, this trade does follow the predictions of the gravity model.5. a) Mankiws Economics (4th., 2007) includes the following microeconomics topics: The market forces of demand and
18、supply; elasticity and its application; the theory of consumer choice; consumers, producers, and the efficiency of markets; the costs of production; firms in competitive markets; monopoly; oligopoly; monopolistic competition; markets for the factors of production; the demand for resources; b) Just a
19、s the microeconomics parts of your principles text deal with individual consumers and firms, and with the price of individual commodities and factors of production, so do Parts One and Two of this text deal with production and consumption of individual nations with nations with and without trade, an
20、d with the relative price of individual commodities and factors of production.c) Mankiws Economics (4th., 2007) includes the following microeconomics topics: measuring a nations income and the cost of living; production and growth; savings investment and the financial system; unemployment and its na
21、tural rate; the monetary system, growth and inflation; money growth and inflation; open-economy macroeconomics: basic concepts; a macroeconomic theory of the open economy; aggregate demand and aggregate supply; the influence of monetary and fiscal policy on aggregate demand; the short-run trade off
22、between inflation and unemployment five debates over macroeconomic policy.d) Just as the macroeconomics parts of your principles text deal with the aggregate level of savings, consumption, investment, and national income, the general price level, and monetary and fiscal policies, so do Parts Three a
23、nd Four of this text deal with the aggregate amount of imports, exports, the total international flow of resources, and the policies to affect these broad aggregates. 6. a) Consumer demand theory predicts than when the price of a commodity rises (cet. par.), the quantity demanded of the commodity de
24、clines. When the price of imports rises to domestic consumers, the quantity demanded of exports can be expected to decline (if everything else remains constant). 7. a) A government can reduce a budget deficit by reducing government expenditures and/or increasing taxes.b) A nation can reduce or elimi
25、nate a balance of payments deficit by taxing imports and/or subsidizing exports, by borrowing more abroad or lending less to other nations, as well as by reducing the level of its national income.8. a) Nations usually impose restrictions on the free international flow of goods, services, and factors
26、. Differences in language, customs, and laws also hamper these international flows. In addition, international flows may involve receipts and payments in different currencies, which may change in value in relation to one another through time. This is to be contrasted with the interregional flow of g
27、oods, services, and factors, which face no such restrictions as tariffs and are conducted in terms of the same currency, usually in the same language, and under basically the same set of customs and laws. b) Both international and interregional economic relations involve the overcoming of space or d
28、istance. Indeed, they both arise from the problems created by distance. This distinguishes them from the rest of economics, which abstracts from space and treats the economy as a single point in space, in which production, exchange, and consumption take place. 9. We can deduce that nations benefit f
29、rom voluntarily engaging in international trade because if they did not gain or if they lost they could avoid those losses by simply refusing to trade. Disagreement usually arises regarding the relative distribution of the gains from specialization in production and trade, but this does not mean tha
30、t each nation does not gain from trade. 10. International trade results in lower prices for consumers but harms domestic producers of products, which compete with imports. Often those domestic producers that stand to lose a great deal from imports band together to pressure the government to restrict
31、 imports. Since consumers are many and unorganized and each individually stands to lose only very little from the import restrictions, governments often give in to the demands of producers and impose some import restrictions. These topics are discussed in detail in Chapter 9.11. A nation can subsidi
32、ze exports of the commodity to other nations until it drives the competing nations industry out of business, after which it can raise its price and benefit from its newly acquired monopoly power. Some economists and politicians in the United States have accused Japan of doing just that (i.e., of eng
33、aging in strategic trade and industrial policy at the expense of U.S. industries), but this is a very complex and controversial aspect of trade policy and will be examined in detail in Chapter 9. 12. a) When the value of the U.S. dollar falls in relation to the currencies of other nations, imports b
34、ecome more expensive for Americans and so they would purchase a smaller quantity of imports. b) When the value of the U.S. dollar falls in relation to the currencies of other nations, U.S. exports become chapter for foreigners and so they would purchase a greater quantity of U.S. exports. Multiple-C
35、hoice Questions1. Which of the following products are not produced at all in the United States? *a. Coffee, tea, cocoab. steel, copper, aluminumc. petroleum, coal, natural gasd. typewriters, computers, airplanes2. International trade is most important to the standard of living of:a. the United State
36、s*b. Switzerlandc. Germanyd. England3. Over time, the economic interdependence of nations has:*a. grownb. diminishedc. remained unchangedd. cannot say4. A rough measure of the degree of economic interdependence of a nation is given by:a. the size of the nations populationb. the percentage of its pop
37、ulation to its GDP*c. the percentage of a nations imports and exports to its GDPd. all of the above 5. Economic interdependence is greater for:*a. small nationsb. large nationsc. developed nationsd. developing nations6. The gravity model of international trade predicts that trade between two nations
38、 is larger a. the larger the two nationsb. the closer the nations c. the more open are the two nations*d. all of the above7. International economics deals with:a. the flow of goods, services, and payments among nationsb. policies directed at regulating the flow of goods, services, and paymentsc. the
39、 effects of policies on the welfare of the nation*d. all of the above 8. International trade theory refers to:*a. the microeconomic aspects of international tradeb. the macroeconomic aspects of international tradec. open economy macroeconomics or international finance d. all of the above 9. Which of
40、 the following is not the subject matter of international finance?a. foreign exchange marketsb. the balance of payments*c. the basis and the gains from traded. policies to adjust balance of payments disequilibria10. Economic theory:a. seeks to explain economic eventsb. seeks to predict economic even
41、tsc. abstracts from the many detail that surrounds an economic event *d. all of the above11. Which of the following is not an assumption generally made in the study of international economics?a. two nationsb. two commodities*c. perfect international mobility of factorsd. two factors of production12.
42、 In the study of international economics:a. international trade policies are examined before the bases for tradeb. adjustment policies are discussed before the balance of paymentsc. the case of many nations is discussed before the two-nations case*d. none of the above13. International trade is simil
43、ar to interregional trade in that both must overcome: *a. distance and spaceb. trade restrictionsc. differences in currenciesd. differences in monetary systems14. The opening or expansion of international trade usually affects all members of society: a. positivelyb. negatively*c. most positively but
44、 some negativelyd. most negatively but some positively 15. An increase in the dollar price of a foreign currency usually:a. benefit U.S. importers *b. benefits U.S. exporters c. benefit both U.S. importers and U.S. exporters d. harms both U.S. importers and U.S. exporters16. Which of the following statements with regard to international economics is true?a. It is a relatively new field*b. it is a relatively old fieldc. most of its contributors were not economistsd. none of the above
