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International Economics Midterm 2 - Krugman单词卡 | Quizlet
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International Economics Midterm 2 - Krugman
此学习集的词语(75)
The intertemporal tradeoff
...Real Interest Rate
between present and future
consumption is measured by
the
If Slovenia is a large country
improve its terms of trade.
in world trade, then if it
imposes a large set of tariffs
on many of its
imports, this would
International borrowing and
Intertemporal Trade
lending may be interpreted as
one form of
If one observes that Japan
Japan's intertemporal production possibilities are
was traditionally a net foreign
biased toward present consumption.
lender, one could conclude
that relative to
its international trade and
financial partners
If points A and B are two
the country could produce either of the two
locations on a country's
bundles.
production possibility frontier,
then
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If Slovenia were a large
International Economics Midterm 2 - Krugman单词卡 | Quizlet
improve the real income of its trade partners.
country in world trade, then if
it instituted a large set of
subsidies for its
exports, this must
Rapidly growing developing
future income.
countries tend to be
borrowers on the
international capital markets.
From this information we may
surmise that they have a
comparative advantage in
Suppose that a "small
this will have no effect on terms of trade for the
country" experiences growth
country's trading partner.
strongly biased toward its
export, cloth
Refer to the figure above,
Point C; Point B; Remain Unchanged
which shows a country's
possible production
possibility frontiers and
indifference curves. If the
country is producing at ________,
then moving to ________ will
cause
utility to ________.
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If a country began exporting
International Economics Midterm 2 - Krugman单词卡 | Quizlet
Increase
product A and importing
product B, then, as compared
to the autarky
(no-trade) situation, the
marginal cost of product A
will
The meaning of "terms of
the price of a country's exports divided by the
trade" is
price of its imports.
The price of ________
future; current; 1/(1 + r)
consumption in terms of
________ consumption is ________.
An increase in a country's net
not always guarantee positive changes in the
commodity terms of trade will
country's economy.
A country cannot produce a
the isovalue line is tangent to the production
mix of products with a higher
possibility frontier.
value than where
It may be argued that
tend to hurt labor in donor countries.
theoretically, international
capital movements
If output is increased in the
Remain Constant; increase
long-run, then in the
presence of internal
economies of scale the
number of firms will ________,
and in the presence of
constant external returns to
scale the number
of firms will ________.
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If a firm's output less than
International Economics Midterm 2 - Krugman单词卡 | Quizlet
Decreasing Returns to Scale
doubles when all inputs are
doubled, production is said to
occur under
conditions of
The share of ________ goods in
nontraded; uniform; traded; variable
employment is ________ across
the country. The share of
________
goods in employment is
________ across the country.
If a firm's output more than
increasing returns to scale.
doubles when all inputs are
doubled, production is said to
occur under
conditions of
If two countries begin trade
higher; increase; 100%
and both produce a product
subject to external economies
of scale, then
the country with the ________
rate of production will ________
production until it controls
________ of the market.
When there are external
increase the number of firms and lower the price
economies of scale, an
per unit.
increase in the size of the
market will
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If two countries begin trade
International Economics Midterm 2 - Krugman单词卡 | Quizlet
higher; increase; 100%
and both produce a product
subject to internal economies
of scale, then
the country with the ________
rate of production will ________
production until it controls
________ of the market.
Restaurant meals are an
nontraded; traded; external economies.
example of a ________ good and
clothing is an example of a
________
good. The pattern of
interregional trade is
determined primarily by
________.
A learning curve relates ________
unit cost; cumulative production; dynamic
to ________ and is a case of
increasing returns
________ returns.
If a firm's output doubles
Constant Returns to Scale
when all inputs are doubled,
production is said to occur
under conditions
of
The study of factors that
Economic Geography
influence both international
and interregional trade is
referred to as
The primary determinant of
accidents of history.
patterns of interregional trade
is
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The most vocal political
producers lobbying for import tariffs.
pressure for tariffs is generally
made by
An important difference
Generate tax revenue for the government
between tariffs and quotas is
that tariffs
An export subsidy will ________
Increase; decrease; decrease; decrease
producer surplus, ________
consumer surplus, ________
government revenue, and
________ overall domestic
national welfare.
An export subsidy differs
A tariff results in an efficiency loss
from a tariff in each of the
- (by process of elimination)
following ways EXCEPT
Specific tariffs are
The imposition of tariffs will
import taxes calculated as a fixed charge for each
unit of imported goods.
gains for domestic producers
help a nation attain which of
the following goals?
An import quota will ________
increase; decrease; have no effect on; decrease
producer surplus, ________
consumer surplus, ________
government revenue, and
________ overall domestic
national welfare.
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A voluntary export restraint
increase; decrease; have no effect on; decrease
will ________ producer surplus,
________ consumer surplus,
________
government revenue, and
________ overall domestic
national welfare.
Which of the following is a
ad valorem tariff
fixed percentage of the value
of an imported product?
cuts taxes and raises its deficit, consumers
Ricardian equivalence argues
that when the government
anticipate that they will face higher taxes later to
pay for the resulting government debt, thus
people will raise their own private saving to
offset the fall in government saving.
In open economies
The earnings of a Spanish
Saving and investment are necessarily equal
contrary to the case of a closed economy.
part of Britain's GNP.
factory with British owners are
The German government
financial account, French asset export
carries out an official foreign
exchange intervention in
which it uses
dollars held in an American
bank to buy French currency
from its citizens. How is this
accounted
for in the balance of
payments?
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Which of the following is
Based on the current cost method, the BEA's 2009
TRUE about current cost
estimate of U.S. net foreign wealth was 2,737.86
method and market value
billion.
method?
In a closed economy, private
I + (G - T).
saving, Sp, is equal to
Which one of the following
CA=EX-IM
expressions is the MOST
accurate?
When a country's currency
depreciates
The largest trading of foreign
foreigners find that its exports are cheaper and
domestic residents find that imports from
abroad are more expensive.
London.
exchange occurs in
If the goods' money prices do
makes British sweaters more expensive in terms of
not change, a depreciation of
American jeans.
the dollar against the pound
What is the expected dollar
10%
rate of return on dollar
deposits if today's exchange
rate is $1.10 per
euro, next year's expected
exchange rate is $1.165 per
euro, the dollar interest rate is
10%, and the
euro interest rate is 5%?
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How many British pounds
International Economics Midterm 2 - Krugman单词卡 | Quizlet
22.5 British pounds
would it cost to buy a pair of
American designer jeans
costing $45 if the
exchange rate is 2.00 dollars
per British pound?
If the dollar interest rate is 4
An investor should be indifferent between dollars
percent, the euro interest rate
and euros.
is 6 percent, then
If two countries with
the marginal rates of substitution of both would
diminishing returns and
become equal.
different marginal rates of
substitution between two
products were to engage in
trade, then
A country will be able to
the world terms of trade differ from its domestic
consume a combination of
relative costs.
goods that is not attainable
solely from
domestic production if
The intertemporal budget
DP + DF/(1 + r) = QP + QF/(1 + r)
constraint is defined as:
If the ratio of price of cloth
world relative quantity of cloth supplied will
(PC) divided by the price of
increase.
food (PF) increases in the
international
marketplace, then
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An export subsidy will cause
International Economics Midterm 2 - Krugman单词卡 | Quizlet
exports; decrease; exports; increase
the relative demand for ________
to ________ and the relative
supply
for ________ to ________.
Internal economies of scale
reduce; increased; a firm
will ________ average cost when
output is ________ by ________.
The existence of external
may be associated with a perfectly competitive
economies of scale
industry.
In the presence of external
may or may not improve welfare in both countries.
economies of scale, trade
If some industries exhibit
perfect competition in these industries.
internal increasing returns to
scale in each country, we
should not expect
to see
Should the home country be
production distortion effect plus consumption
"large" relative to its trade
distortion effect.
partners, its imposition of a
tariff on
imports would lead to an
increase in domestic welfare
if the terms of the trade
rectangle exceed the
sum of the
In the country levying the
decrease consumer surplus and increase
tariff, the tariff will
producer surplus.
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In an inflationary environment,
an ad valorem tariff will tend to raise more
then over time
revenue than a specific tariff.
GDP is different than GNP in
It does not account for a country's production
that
using services with foreign-owned capital
Which one of the following
statements is FALSE?
Which one of the following
statements is the MOST
accurate?
The U.S. foreign debt was paid off in the 1990s,
allowing the U.S. to attain a current account
surplus. However, the deficit has returned in years.
For a given euro interest rate and constant
expected exchange rate, a rise in the interest rate
offered by dollar deposits causes the dollar to
appreciate.
If the dollar interest rate is 10
An investor should invest only in dollars if the
percent, the euro interest rate
expected dollar appreciation against the euro is 4
is 12 percent, then
percent.
If Slovenia is a small country
have no effect on its terms of trade.
in world trade terms, then if it
imposes a large series of
tariffs on
many of its imports, this would
An import tariff will cause the
importing; improve; benefit
terms of trade of the ________
country to ________ and will
________ the country.
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If the firms in a market have
Horizontal (Because constant); Downward
constant returns to scale
Sloping (Increasingly more competitive)
internally while there are
external economies
of scale for the industry, a
firm's long-run supply curve
will be ________ and the longrun market
supply curve will be ________.
The main redistribution effect
domestic buyers to domestic producers.
of a tariff is the transfer of
income from
The value of all final goods and services
A country's gross national
produced by its factors of production,
product (GNP) is
(INCLUDING LAND) and sold on the market in a
given time period. (USUALLY A YEAR)
If the U.S. (a large country)
improve the terms of trade of the United States.
imposes a tariff on its
imported good, this will tend
to
Where there are internal
The size of the domestic plus the foreign market.
economies of scale, the scale
of production possible in a
country is
constrained by
The deadweight loss of a
is a social loss because it promotes inefficient use
tariff
of national resources.
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Ricardian equivalence argues
consumers anticipate that they will face higher
that when the government
taxes later to pay for the resulting government
cuts taxes and raises its
debt.
deficit,
Things to focus on:
Economies of Scale: Internal/External
Tariffs etc.
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