Questions and Answers of International Economics 5th

In 2020, the euro reached its highest level as a result of the European Union policy of domestic stimulus to overcome the effects of the COVID-19 pandemic.According to an online article, “the euro
Define four types of crises.
Distinguish a crisis caused by economic imbalances from one caused by volatile capital flows.
List and explain three measures countries can take to reduce their exposure to financial crises.
How do the international agreements, known as Basel Accords, help to avoid the problem of moral hazard?
Explain the need for reforms in the architecture of international finance and international financial institutions.
Describe the main forces behind the global financial crisis that began in 2007.
Why does adopting a crawling peg exchange rate system increase a country’s vulnerability to financial crisis?
What were the main factors leading to the Asian financial crisis of 1997?
Identify major changes in U.S. economic relations that have led to bilateral and plurilateral agreements.
Evaluate the relative importance of the North American Free Trade Agreement, both for what it accomplished and as a model for subsequent agreements.
Explain when purchasing power parity estimates of income per person are superior to the alternatives and when they are inferior.
Why is the United States considered not to have a real value-added in the manufacturing sector?
State the reasons why Mexico and Canada sought free trade with the United States.
Differentiate free trade agreements from preferential trade agreements and give examples of each.
State why it is difficult to have precise estimates of job gains and losses due to trade and give specific examples of how imports may create jobs and exports may occur after a loss of jobs.
Why is immigration policy a sensitive subject in the United States–Mexico relation?
What are three main features of the NAFTA agreement? Explain each.
What are the differences between free trade agreements and preferential agreements?
Explain how the Generalized System of Preferences is in favor of developing countries.
In what ways was NAFTA a model for subsequent trade agreements?
Describe the major institutions and treaty agreements of the EU.
Distinguish EU widening from EU deepening.
Explain the obstacles to regional integration agreements.
Give the economic rationale for each of the three waves of deepening of the EU.
What is the Schengen Agreement, and why is it important for a European country to join it?
State two theories as to why the single currency moved forward so quickly.
Analyze the EU’s single currency program within the theoretical framework of an optimal currency area.
What is the impact of Brexit on the United Kingdom–European Union trade relationship?
Describe the strengths, weaknesses, and reasons for import substitution industrialization.
Explain the strategy and performance of economic populism.
Give the main reasons for the Debt Crisis of the 1980s and analyze its relationship to ISI.
Why is it said that ISI overestimates the technical ability of governments to identify market failures and their solutions?
Discuss the goals of economic policy reforms that began in the later 1980s.
Explain why some Latin American leaders have become impatient with economic policy reforms.
What were the main causes of the 1980s debt crisis? How did Baker and Brady plans help the United States to respond?
What are the differences between the orthodox and the heterodox views on controlling inflation?
Did the economic reforms of the 1980s and 1990s succeed?
List four general characteristics of success in the export-oriented East Asian economies.
Why is the growth model in Asian countries more successful than the one used by Latin American countries?
Describe how the institutional environment supported economic growth.
Analyze the degree of openness in the export-oriented East Asian economies.
Explain the pros and cons of the idea that industrial policies mattered to East Asian success.
Evaluate the impact of export promotion policies and the debate over their applicability to other world regions.
How can the accumulation of physical and human capital contribute to economic growth?
Define total factor productivity and explain why economists use it to understand whether growth in East Asia is similar to growth elsewhere.
Describe the economic reforms that occurred in China and India.
State why China and India are considered disruptive to the world’s economic status quo.
Describe the demographic trends in China and India.
Compare and contrast the transition from socialism to capitalism in China and Russia.
Use a gravity model to explain Chinese and Indian trade patterns.
China is engaged in extensive industrial upgrading. What comparative advantage does China have in producing high value-added goods or technology-intensive goods?
Discuss the impact of Chinese manufacturing on industrial economies such as the United States.
Explain the causes of trade tensions that arise from China’s and India’s deeper integration with the world economy.
What is the level of protectionism in India? What are the main issues that determine the respective level of protectionism?
China and India’s rapid growth has increased the intensity of environmental problems. Are they tackling the problem and taking steps toward sustainable environmental development?
Explain why child labor is contentious at the global level, and state the differences between child labor and child work.
Explain three alternatives to trade measures for enforcing labor and environmental standards.
What do you understand by the concept of standardization? Name some of the effects of standardization on firms and consumers.
Compare and contrast the three options for setting standards in trade rules.
What is the most common form of protection used by countries and why?What are the conditions that would generate a request for this kind ofprotection?
While most economists probably agree that national security reasons for protection are sometimes warranted, what are the problems with this justification for trade barriers?
Explain the potential costs and benefits of using tariffs to retaliate against another country’s unfair trade practices.
Define each form of legal protection granted by the U.S. government.
Analyze the economic validity of common justifications for protectionism.
Some economists argue that trade openings are not beneficial if the gains are not high. Give reasons why economists are still in favor of trade openings.
Explain why costs to consumers of a tariff or quota are greater than the net welfare costs to a nation.
Cite at least three reasons why economists favor trade openings.
In case of China and Japan, what industries tend to be more protected through tariffs than others, and what are the main reasons?
Describe the differences in tariffs across economic sectors and over time.
A major American knives producer makes its custom products out of a combination of domestic and foreign parts, especially steel.a. If a custom knife sells for $216 and the value added is 30 percent,
What are the potential costs of tariff in addition to the deadweight losses?
Explain how some forms of protection are difficult to observe.
Suppose that the world price for a good is 60, and the domestic demand and supply curves are given by the following equations:a. How much is consumed?b. How much is produced at home?c. What are the
According to an article, published by the American Action Forum, “United States unilaterally imposed numerous tariffs on steel and aluminum . . . from China . . . creating upward pressures on
Use tariff data on inputs and outputs to compare effective and nominal rates of protection.
Use supply and demand analysis to explain and illustrate the effects of tariffs on prices, output, imports, exports, and consumer and producer surplus.
What rules are applied when analyzing cases of market failure?
Discuss historical measures of international economic integration with data on trade, capital flows, and migration.
Compute the trade-to-GDP ratio and explain its significance.
Considering the criteria used for judging the degree of integration, what can you tell about India? Is it more or less integrated than it was 20 years ago?
Describe three factors in the world economy today that are different from the economy at the end of the first wave of globalization.
List the three types of evidence that trade supports economic growth.
Describe the changes of trade-to-GDP ratio and the composition of trade for leading industrial economies between 1910 and 1950.
Describe the employment possibilities and occupations open to students of international economics.
Factor movements are one of the indicators of economic integration. With more interdependent relations between countries, labor should move easily across international boundaries. However, it is less
Name some job opportunities available to students of international economics.What are the industries that require this expertise?
Classify the main types of international economic organizations with examples.
Define formal and informal institutions. Give some examples of formal and informal international economic institutions.
Identify economic circumstances in which the IMF, the World Bank, and the WTO are active.
Compare the different levels of integration found in regional trade agreements with examples.
Define an RTA. How can an RTA create or destroy trade between countries?Explain with examples of RTAs.
Analyze the roles of international economic organizations.
Debate the pros and cons of international economic organizations.
Describe the main tasks or functions of each of the following:■ The IMF■ The World Bank■ The GATT■ The WTO
Use the information in the following table on labor productivities in Italy and the United Kingdom to answer questions a through f.a. Is there an absolute advantage or disadvantage here for the
Why did the Doha Round reach an impasse? Has there been any progress in the revival of the talks?
Analyze numerical examples of absolute and comparative advantage.
Suppose that the table in Review Question 3.1 looks as follows. Use the information to answer questions a through f.a. Is there an absolute advantage or disadvantage here for the countries? Why?b.
Draw a diagram showing gains from trade.

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