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business
international economics theory

Questions and Answers of International Economics Theory

Certain vehicles are basically the same but are marketed under different brand names.The cars, sometimes built on the same assembly lines, may have different standard equipment, styling, accessories,
Identify some important barriers to entry that keep firms out of a market.
Why are economists so concerned with efficiency? Would the world be a better place to live if all goods and services were produced efficiently and sold in purely competitive markets?
Firms in monopoly and oligopoly markets are protected in varying degrees by barriers to entry and can earn excess profits in the long run. How do these barriers to entry relate to a firm’s ability
In economics courses, students learn that there is value in competition in markets and that competition should be encouraged. In some business courses, students learn strategies for reducing
Explain what is meant by mutual interdependence and how it relates to the price leadership and the kinked demand curve models.
Explain why a monopolist is labeled as a price searcher and not a price taker.
What do Section 1 and Section 2 of the Sherman Act condemn? What specific acts could be considered violations of Section 1? What are the main factors the courts consider when judging whether a firm
Horizontal mergers, vertical mergers, conglomerate mergers, price discrimination, and interlocking directorates may or may not be anticompetitive. For each of these five activities, describe a set of
What is the difference between a per se violation of the antitrust laws and a rule of reason violation? Why are some business practices considered per se violations while others are not?
What activities are prohibited by the Clayton Act, The Robinson–Patman Act, and the Celler–Kefauver Act?
Antitrust laws reinforce the operation of free markets, while regulation replaces free market forces with an authoritative body. How do you explain that certain economic problems are dealt with by
In what respects are industry and social regulation similar and in what respects are they different?
Suppose legislation is passed to repeal the major federal antitrust statutes. How do you think such a repeal would affect competition? Would competition between sellers continue much the same as
Assume that the production of a particular good is accompanied by significant economies of scale. Would you recommend vigorous enforcement of the antitrust laws to ensure that no one firm could
Explain the difference between the natural monopoly justification for regulation and the public interest justification. Why is the public interest justification applicable to a wider range of firms
There is concern about the costs and benefits of regulation. What costs and benefits might be created if the Equal Employment Opportunity Commission were abolished? In your opinion would we be better
What is cost-plus pricing and how can it lead to inefficient performance by a regulated firm? What are price caps and how can they improve efficiency?
Provide some example of social regulatory agencies and identify the main groups or areas that each protects.
What would be the effect of each of the following on Company X’s demand for labor?(Remember the distinction between a change in demand and a change in quantity demanded.)a. An increase in the price
Match each occupation with what you think is the correct salary, and explain why you think each match is correct. Salaries are averages for 2013. Occupation 1. Air traffic controller 2. Chemical
Explain fully how the Law of Diminishing Returns and the Law of Demand cause a demand curve for labor to be downward sloping.
Explain how international trade can affect a country’s levels of production, employment, and prices.
Over the past few decades, both exports and imports have grown as a percentage of GDP in the United States.a. What effect would an increase in exports have on the level of unemployment and the level
What have been the main export and import categories for the United States in recent years, and who are the primary trading partners of the United States?
International trade must occur in free markets if countries’ comparative advantages are meant to be fully exploited. Why is this so? If the United States produced according to its comparative
“Comparative advantage is the application of specialization on an international level.”What is meant by this statement? Define comparative advantage and explain how it lessens the basic scarcity
The level of tariffs on foreign-produced cars is a source of continual debate in the United States. What is the current tariff status of automobiles imported from Japan, Germany, and South Korea?
With 1 unit of resources, China could produce either 2 tons of wheat or 4 tons of rice, and Hungary could produce either 4 tons of wheat or 4 tons of rice. What is China’s opportunity cost of 1 ton
Some people favor free trade, while others favor protectionism. This suggests that some groups gain from free trade, while others gain from protectionism. Who gains and who loses from free trade and
Given the information in Question 4, how much wheat and rice would be produced if each country had 2 units of resources and devoted 1 unit to the production of wheat and 1 unit to the production of
Protectionists argue that putting a tariff on a good protects a domestic industry’s output and employment. Others argue that a country hurt by the tariff may retaliate by restricting trade from the
Differentiate among a tariff, a quota, an embargo, a subsidy, and dumping. Explain how each affects trade.
There were strong opinions supporting and opposing the passage of NAFTA. What groups would you expect to favor an agreement such as this, and what groups would you expect to oppose it?
Summarize the arguments for free trade and protectionism.
The EU, NAFTA, and CAFTA have eased trade among European countries; among the United States, Mexico, and Canada; and among the United States and Central American countries respectively. Do you see
What are the International Monetary Fund (IMF), General Agreement on Tariffs and Trade (GATT), European Union (EU), North American Free Trade Agreement (NAFTA), and the World Trade Organization
Imagine that a single large country within the euro area, for example, Germany, carries out a fiscal expansion, in which its government purchases more of its own country’s output. What would be the
Like its neighbor New Zealand, Australia has had a long string of current account deficits and is an international debtor. Go to the Australian Bureau of Statistics website at
We can express a linear approximation to the interest parity condition (accurate for small exchange rate changes) as: R = R* + (Ee - E)/Ee. Adding this to the model of problems 14 and 19, solve for
At the end of World War I, the Treaty of Versailles imposed an indemnity on Germany, a large annual payment from it to the victorious Allies. (Many historians believe this indemnity played a role in
The interest rate on U.S. three-month Treasury bills dropped to very low levels at the end of 2008 and remained there for several years. Starting in January 2009 and ending in December 2016, find
Calculate the dollar rates of return on the following assets:a. A painting whose price rises from $200,000 to $250,000 in a year.b. A bottle of a rare Burgundy, Domaine de la Romanée-Conti 2011,
Table 14-1 reports exchange rates not only against the U.S. dollar, but also against the euro and the pound sterling. (Each row gives the price of the dollar, euro, and pound, respectively, in terms
As defined in footnote 3, cross exchange rates are exchange rates quoted against currencies other than the U.S. dollar. If you return to Table 14-1, you will notice that it lists not only exchange
If you go to the BEA website for “U.S. International Transactions” (http://wwwbea.gov/iTable/iTable.cfm?reqid=62&step=1&isuri=1#reqid=62&step=6&isuri=1&6210=1&6200=1),
The nation of Pecunia had a current account deficit of $1 billion and a non-reserve financial account surplus of $500 million in 2017.a. What was the balance of payments of Pecunia in that year? What
Our usual models of trade assume that jobs lost in one industry will be offset by jobs gained in other industries. The Autor et al. paper argued, however, that communities that lose manufacturing
Some retailers in advanced countries sell products from developing countries with low wages but assure customers that these goods are produced under tolerable working conditions. Is demanding that
It’s widely believed that self-driving vehicles will become commonplace in the fairly new future and that their growth will be fast for years to come. Doesn’t this mean that the United States
Brazil and Mexico have both liberalized trade since the 1980s. However, Mexican trade liberalization has gone much further; Brazil is still a fairly inward-looking economy. What might account for
Look back at Figure 10-5, specifically at the left part of the figure. How does the historical trade policy of the United States compare with that of developing countries in the 20th century? Why do
As we saw in the text, Bangladesh has seen rapidly growing apparel exports as Chinese wages rise. One problem, however, is that Bangladeshi producers are mainly in or near the capital city of Dhaka,
For each of the following examples, explain whether it is a case of external or internal economies of scale:a. A number of firms doing contract research for the drug industry are concentrated in
Modern communications technology is making it possible to perform many services— e.g., reading X-rays or even doing legal research—from remote locations. How does this affect the potential gains
The overall cost of living is a lot less in China than it is in the United States or Europe. Why might this be?
Despite major gains, Chinese manufacturing workers have much lower productivity than their U.S. counterparts. Chinese service workers are relatively more productive, but most services aren’t trad
It has been all downhill for the West since China entered the world market; we just can’t compete with hundreds of millions of people willing to work for almost nothing. Discuss.
Suppose that Home has 2,400 workers, but they are only half as productive in both industries as we have been assuming. Construct the world relative supply curve and determine the equilibrium relative

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