Applied International Economics
Pre-Test Questions
Course Introduction
Applied International Economics explores the empirical and practical aspects of international trade and finance, focusing on real-world applications of economic theories and models. The course examines topics such as comparative advantage, trade policy, balance of payments, exchange rate determination, and multinational enterprises. Students will analyze case studies and use quantitative tools to assess the effects of globalization, trade agreements, and currency fluctuations on economies and businesses. By integrating theory with practice, the course prepares students to critically evaluate contemporary issues in the global economic environment and to make informed decisions in international contexts.
Recommended Textbook
International Economics 9th Edition by
Paul R. Krugman Maurice Obstfeld
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Page 2
Chapter 1: Introduction
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Sample Questions
Q1) International monetary analysis focuses on
A) the real side of the international economy.
B) the international trade side of the international economy.
C) the international investment side of the international economy.
D) the issues of international cooperation between Central Banks.
E) the monetary side of the international economy, such as currency exchange.
Answer: E
Q2) It is argued that if a rich high wage country such as the United States were to expand trade with a relatively poor and low wage country such as Mexico, then U.S. industry would migrate south, and U.S. wages would fall to the level of Mexico's. What do you think about this argument?
Answer: The student may think anything. The purpose of the question is to set up a discussion, which will lead to the models in the following chapters.
Q3) It is argued that global trade tends to be more important to countries with smaller economies than the U.S. Is this empirically verified?
Answer: Yes. Figure 1-2 shows exports and imports as a percentage of national income in the U.S. and five other countries and notes that "International trade is even more important to most other countries than it is to the U.S."
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3
Chapter 2: World Trade: An Overview
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Sample Questions
Q1) According to the gravity model, a characteristic that tends to affect the probability of trade existing between any two countries is
A) their cultural affinity.
B) the average weight/value of their traded goods.
C) their colonial-historical ties.
D) the distance between them.
E) the number of different product varieties produced by their industries.
Answer: D
Q2) The gravity model offers a logical explanation for the fact that
A) trade between Asia and the U.S. has grown faster than NAFTA trade.
B) trade in services has grown faster than trade in goods.
C) trade in manufactures has grown faster than in agricultural products.
D) Intra-European Union trade exceeds international trade by the European Union.
E) the U.S. trades more with Western Europe than it does with Canada.
Answer: D
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4
Chapter 3: Labor Productivity and Comparative Advantage:
The Ricardian Model
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Sample Questions
Q1) Given the information in the table above, if it is ascertained that Foreign uses prison-slave labor to produce its exports, then home should
A) export cloth.
B) export widgets.
C) export both and import nothing.
D) export and import nothing.
E) export widgets and import cloth.
Answer: A
Q2) In a two-country, two-product world, the statement "Germany enjoys a comparative advantage over France in autos relative to ships" is equivalent to
A) France having a comparative advantage over Germany in ships.
B) France having a comparative disadvantage compared to Germany in autos and ships.
C) Germany having a comparative advantage over France in autos and ships.
D) France having no comparative advantage over Germany.
E) France should produce autos.
Answer: A
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Chapter 4: Specific Factors and Income Distribution
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Sample Questions
Q1) When a country's labor market is in equilibrium in the specific factors model, the wage rate
A) will be the same in both sectors.
B) will be higher in the export-competing sector.
C) will be higher in the import-competing sector.
D) will be higher in the sector where product price is higher.
E) will be higher in the sector where product price is lower.
Q2) In the specific factors model, the effects of trade on welfare overall are ________ and for fixed factors used to produce the exported good they are ________.
A) positive; positive
B) negative; positive
C) positive; negative
D) ambiguous; positive
E) positive; ambiguous
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6
Chapter 5: Resources and Trade: The Heckscher-Ohlin Model
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Sample Questions
Q1) Which of the following is an assertion of the Heckscher-Ohlin model?
A) An increase in a country's labor supply will increase production of the labor-intensive good and decrease production of the capital-intensive good.
B) An increase in a country's labor supply will increase production of both the capital-intensive and the labor-intensive good.
C) In the long-run, labor is mobile and capital is not.
D) Factor price equalization will occur only if there is costless mobility of all factors across borders.
E) Factor endowments determine the technology that is available to a country, which determines the good in which the country will have a comparative advantage.
Q2) In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differ in
A) tastes and preferences.
B) military capabilities.
C) the size of their economies.
D) relative abundance of factors of production.
E) labor productivities.
Q3) "No country is abundant in everything." Discuss.
Q4) Why is the H.O. model called the factor-proportions theory?
Page 7
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Chapter 6: The Standard Trade Model
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Sample Questions
Q1) Rapidly growing developing countries tend to be borrowers on the international capital markets. From this information we may surmise that they have a comparative advantage in
A) future income.
B) capital goods.
C) disposable income.
D) consumer goods.
E) present income.
Q2) Terms of trade refers to
A) the relative price at which trade occurs.
B) what goods are imported.
C) what goods are exported.
D) the volume of trade.
E) the tariffs applied to trade.
Q3) Refer to above figure. Now, suppose that the relative price of A is actually not higher than Albania's autarkic level of 1, but quite the opposite (e.g., P<sub>A</sub>/P<sub>B</sub> = 0.5). Would Albania still be able to gain from trade? If so, where would be its production point? Given the information in this question, where is Albania's comparative advantage?
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Page 8
Chapter 7: External Economies of Scale and the
International Location of Production
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Sample Questions
Q1) If some industries exhibit internal increasing returns to scale in each country, we should not expect to see
A) perfect competition in these industries.
B) intra-industry trade between countries.
C) inter-industry trade between countries.
D) high levels of specialization in both countries.
E) increased productivity in both countries.
Q2) Patterns of interregional trade are primarily determined by ________ rather than ________ because factors of production are generally ________.
A) external economies; natural resources; mobile
B) internal economies; external economies; mobile
C) external economies; population; immobile
D) internal economies; population; immobile
E) population; external economies; immobile
Q3) What is meant by an "industrial district" and what are the three main sources of the economic advantages derived from locating in such a district?
Q4) Why are increasing returns to scale and fixed costs important in models of international trade and imperfect competition?
Page 9
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Sample Questions
Q1) Two countries engaged in trade in products with scale economies, produced under conditions of monopolistic competition, are likely to be engaged in
A) intra-industry trade.
B) price competition.
C) inter-industry trade.
D) Heckscher-Ohlinean trade.
E) immiserizing trade.
Q2) A corporation is considered a multinational ________ if ________.
A) affiliate; more than 10% of its stock is held by a foreign company
B) parent; more than 10% of its stock is held by a foreign company
C) child; more than 10% of its stock is held by a foreign company
D) child; more than 50% of its stock is held by a foreign company
E) monopolist; it owns more than 50% of a foreign firm
Q3) An imperfectly competitive firm has the following demand curve: Q = 100 - 2P. What is marginal revenue equal to when P = 30?
Q4) An imperfectly competitive firm has the following total cost curve: C = 100 + 4Q. What is average total cost equal to when Q = 10?
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Chapter 9: The Instruments of Trade Policy
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Sample Questions
Q1) The tariff levied in a "large country" (Home), lowers the world price of the imported good. This causes
A) foreign consumers to demand less of the good on which was levied a tariff.
B) domestic demand for imports to decrease.
C) domestic demand for imports to increase.
D) foreign suppliers to produce less of the good on which was levied a tariff.
E) no change in the foreign price of the good it imports.
Q2) It is argued that a tariff may help promote employment in a single industry, but is not likely to help employment in general. Discuss.
Q3) The imposition of tariffs on imports results in deadweight (triangle) losses. These are
A) production and consumption distortion effects.
B) redistribution effects.
C) revenue effects
D) efficiency effects.
E) distortion of incentives.
Q4) Refer to above figure. In the absence of trade, how many Widgets does this country produce and consume?
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11
Chapter 10: The Political Economy of Trade Policy
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Sample Questions
Q1) In 1990 the United States imposed trade embargoes on Iraq's international trade. This would induce smaller losses in Iraq's consumer surplus the
A) less elastic Iraq's demand schedule.
B) more elastic Iraq's demand schedule.
C) greater Iraq's dependence on foreign products.
D) more inelastic Iraq's supply schedule.
E) less elastic Iraq's labor force is.
Q2) Assume that a country has a domestic demand curve defined as Qd = 100 - 2P and a domestic supply curve defined as Qs = -20 + 3P. What is the country's import demand curve (Qm)?
Q3) Countervailing duties are intended to neutralize any unfair advantage that foreign exporters might gain because of foreign A) tariffs.
B) subsidies.
C) quotas.
D) Local-Content legislation.
E) comparative advantage.
Q4) Refer to above figure. What would be the cost of the subsidy to European taxpayers?
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Page 12
Chapter 11: Trade Policy in Developing Countries
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Q1) Classical and Neoclassical trade theory makes the case that free trade can bring a country to an optimum and economically efficient use of its resources; and hence is an optimal trade-policy, if the objective is maximizing long term economic growth. There are those who argue that the experience of the Asian Miracle countries, such as Taiwan, South Korea and Singapore verify this argument in the real world. Explain. There are others who argue that the experience of these countries cannot be used to verify or support the argument above. Explain.
Q2) The imperfect capital market justification for infant industry promotion
A) assumes that new industries will tend to have low profits.
B) assumes that infant industries will soon mature.
C) assumes that infant industries will be in products of comparative advantage.
D) assumes that banks can allocate resources efficiently.
E) assumes that developing country will reward the donor country.
Q3) The relatively rapid economic growth experienced by Chile in the late 1980s
A) supported the conventional Latin American reliance on import substitution.
B) relied on the Harris-Todaro model to explain this growth.
C) rejected the conventional Latin American reliance on import substitution.
D) demonstrated the importance of market failure as a reason for import substitution.
E) relied on high tariffs and import substitution.
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Page 13
Chapter 12: Controversies in Trade Policy
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Q1) Faced with the evidence of poor working conditions and low wages in the border maquiladoras, Economists
A) shrug their shoulders and ignore the issue.
B) agree that trade theory is thus proven hollow and internally inconsistent.
C) argue that U.S. consumers should not consume lettuce.
D) argue that the poor conditions and low wages are actually improvements for the Mexican workers, and may be cited as gains-from-trade.
E) argue that Mexico's generally high overall productivity offsets these conditions.
Q2) Japan's protection of its semiconductor (RAM) producers is today seen as an object lesson in
A) how strategic planning may backfire and cause a large waste of resources.
B) how externalities may be successfully exploited by protectionist policies.
C) how excess returns may be successfully exploited by protectionist policies.
D) how government intervention may create a meaningful comparative advantage.
E) how monopolies can outlast government intervention.
Q3) Refer to the above table. Suppose the U.S. government (but not Europe) offers a $10 million subsidy?
Q4) What is a pollution haven?
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Page 14
Chapter 13: National Income Accounting and the Balance of Payments
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Sample Questions
Q1) "The Balance of payments is always balances." Discuss.
A)True
B)False
Q2) In open economies,
A) saving and investment are necessarily equal.
B) as in a closed economy, saving and investment are not necessarily equal.
C) saving and investment are not necessarily equal as they are in a closed economy.
D) saving and investment are necessarily equal contrary to the case of a closed economy.
E) investment always refers to the domestic stock market.
Q3) Disposable income is National income
A) less taxes collected from households and firms by the government.
B) plus net taxes collected from households and firms by the government.
C) less net taxes collected from households and firms by the government
D) less net taxes collected from households by the government.
E) less net taxes collected from households and firms by the government.
Q4) What is the national income identity for an open economy?
Q5) What is the national income identity for a closed economy?
Q6) Discuss the effects of government deficits on the current account.
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Chapter 14: Exchange Rates and the Foreign Exchange
Market: An Asset Approach
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Sample Questions
Q1) Futures contracts differ from forward contracts in that
A) future contracts ensures you will receive a certain amount of foreign currency at a specified future date.
B) future contracts bind you into your end of the deal.
C) future contracts allow you to sell your contract to an organized futures exchange.
D) future contracts are a disadvantage if your views about the future spot exchange rate are to change.
E) futures contracts don't allow you to realize a profit of a loss right away.
Q2) Explain risk and liquidity of assets.
Q3) A foreign exchange swap
A) is a spot sale of a currency.
B) is a forward repurchase of the currency.
C) is a spot sale of a currency combined with a forward repurchase of the currency.
D) is a spot sale of a currency combined with a forward sale of the currency.
E) make up a negligible proportion of all foreign exchange trading.
Q4) Explain what is a "vehicle currency." Why is the U.S. dollar considered a vehicle currency?
Q5) Who are the major participants in the foreign exchange market?
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Chapter 15: Money, Interest Rates, and Exchange Rates
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Sample Questions
Q1) What will be the effects of an increase in real output on the interest rate?
Q2) If there is an excess supply of money:
A) the interest rate falls.
B) the interest rate rises.
C) the real money supply shifts left to make an equilibrium.
D) the real money supply shifts right to make an equilibrium.
E) the interest rate stays constant, but consumer confidence falters.
Q3) Analyze the effects of an increase in the European money supply on the dollar/euro exchange rate.
Q4) What will be the effects of an increase in the money supply on the interest rate?
Q5) The most extreme inflationary conditions occurred
A) in Latin America in the 1990s.
B) in Latin America in the 1980s.
C) in Eastern Europe in the 1990s.
D) in Eastern Europe in the 1980s.
E) in Eastern Europe in the 1970s.
Q6) Using a figure describing both the U.S. money market and the foreign exchange market, analyze the effects of a temporary increase in the European money supply on the dollar/euro exchange rate.
Page 17
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Chapter 16: Price Levels and the Exchange Rate in the Long Run
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Q1) Does the existence of non-tradable goods allow for deviations from Purchasing power Parity?
Q2) What effect do non-tradable goods have on PPP?
Q3) Explain why exchange rate model based on PPP is a long run theory.
Q4) Which one of the following statements is the most accurate?
A) Relative price changes could not lead to PPP violations even if trade were free and costless.
B) Relative price changes could lead to PPP violations only if trade were free and costless.
C) Relative price changes could lead to PPP violations even if trade were free and costless.
D) Price changes could lead to PPP violations even if trade were free and costless.
E) Price changes could not lead to PPP violations even if trade were free and costless.
Q5) Discuss why the empirical support for PPP and the law of one price is weak in recent data.
Q6) Discuss the effects of ongoing inflation based on the PPP theory.
Q7) What is the real exchange rate between the dollar and the euro equal to?
Page 18
Q8) Discuss the relationship between PPP and the Law of One Price.
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Chapter 17: Output and the Exchange Rate in the Short Run
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Q1) Monetary expansion causes the current account balance to increase in the short run. Discuss. Is the same the case for fiscal expansion?
Q2) Explain how would an increase in government spending affect the DD-AA schedule in the short run.
Q3) One implication of an empirical investigation of the Marshall-Lerner condition is that, in the ________, a real ________ in a nation's currency is likely to ________ the country's current account balance.
A) long-run; depreciation; improve
B) short-run; depreciation; improve
C) long-run; appreciation; improve
D) short-run; appreciation; improve
E) short-run but not the long-run; appreciation; improve
Q4) Which statement best describes the current account balance in the short run?
A) Monetary expansion lowers the current account balance.
B) Monetary expansion keeps the current account balance the same.
C) Fiscal expansion increases the current account balance.
D) Fiscal expansion keeps the current account balance the same.
E) Monetary expansion increases the current account balance.
Q5) Discuss the main factors affecting the position of the DD schedule.
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Chapter 18: Fixed Exchange Rates and Foreign Exchange Intervention
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Q1) Define devaluation and use a figure to show the effect of a currency devaluation on the economy.
Q2) Balance of payments crises under fixed exchange rates occur because of A) government policies that are inconsistent with fixed exchange rates.
B) punitive currency wars.
C) global inflation and trade imbalances due to war.
D) excessive exports and imports that overload the global system.
E) monotonic expansion in global currency volume.
Q3) Use a figure to explain how a balance of payments crisis and its hand in capital flight.
Q4) Central banks often intervene in currency markets. This activity is called A) managed floating.
B) fixing exchange rates.
C) currency warfare.
D) super-pegging.
E) flexible floating.
Q5) Use a figure to illustrate the ineffectiveness of monetary policy to spur on an economy under a fixed exchange rate.
Q6) Please define and give an example of sterilized foreign exchange intervention.
Q7) Please discuss the difference between the terms devaluation and depreciation. Page 20
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Page 21
Chapter 19: International Monetary Systems: An Historical Overview
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Q1) How did the international monetary system influenced macroeconomic policy-making and performance during the post-World War II years during which exchange rates were fixed under the Bretton Woods agreement (1946-1973)?
Q2) Refute the claim by mercantilists who claimed that without severe restrictions on international trade and payments, a country might find itself impoverished and without an adequate supply of circulating monetary gold as a result of balance of payments deficits.
Q3) Use the DD-AA model to compare the domestic economic response under flexible and fixed exchange rate regimes to a temporary rise in export demand from foreign countries.
Q4) Using the II-XX framework, show using a figure that fiscal policies by themselves cannot bring the economy to both internal and external balances.
Q5) Under fixed exchange rates,
A) Monetary policy is not an effective policy.
B) Fiscal policy is not an effective policy.
C) Monetary policy and fiscal policy are not effective.
D) Both monetary and fiscal policies are effective.
E) Monetary policy has an unpredictable effect on the domestic money supply.
Q6) Discuss the impact of the restoration of convertibility in 1958.
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Chapter 20: Optimum Currency Areas and the European Experience
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Q1) Explain how the German Bundesbank gained its low-inflation reputation?
Q2) What prompted the EU countries to seek closer coordination of monetary policies and greater exchange rate stability in the late 1960s?
Q3) When the economy is disturbed by a change in the output market,
A) a fixed exchange rate has an advantage over a flexible rate.
B) a floating exchange rate has an advantage over a fixed rate.
C) a crawling peg exchange rate has an advantage over a flexible rate.
D) a floating exchange rate has the same effect as fixed rate.
E) a flexible exchange rate is not as effective as a fixed exchange rate.
Q4) Explain why the oil price shocks after 1973 made countries unwilling to revive the Bretton Woods system of fixed exchange rates. See also Chapter 19.
Q5) What is one way to offset the economic stability loss due to fixed exchange rates?
Q6) Explain why after, say Norway unilaterally pegs the krone to the euro, domestic money market disturbances will no longer affect domestic output despite the continuation of float-rate regime against non-euro currencies.
Q7) How mobile is Europe's labor force?
Q8) How much trade do currency unions create?
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Chapter 21: Financial Globalization: Opportunity and Crisis
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Q1) Which one of the following possibilities is true?
A) Much of eurocurrency trading occurs in Europe.
B) Much of eurocurrency trading occurs in the United States.
C) Eurocurrencies trading occurs everywhere except the United States.
D) Eurocurrencies trading occurs everywhere except Europe.
E) Eurocurrencies trading occurs everywhere except China.
Q2) Eurodollars are
A) dollar deposits located in the United States.
B) dollar deposits located in Europe.
C) dollar deposits located outside Europe.
D) dollar deposits located outside the United States.
E) dollar deposits located outside both Europe and the United States.
Q3) The scale of transactions in the international capital market has
A) grown more quickly than world GDP since the early 1970s.
B) grown less quickly than world GDP since the early 1970s.
C) grown about the same rate as the world GDP since the early 1970s.
D) been fixed by international regulations.
E) decreased more quickly than world GDP since the early 1970s.
Q4) Discuss studies based on the interest parity conditions.
Q5) Why is portfolio diversification so important in international trade?
Page 24
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Chapter 22: Developing Countries: Growth, Crisis, and Reform
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Q1) The world's economies can be divided into four main categories according to their annual per-capita income levels: low-income, lower middle-income, upper middle-income and high-income economies. What category would the United States fall under?
A) low-income
B) upper middle-income
C) high-income
D) lower middle-income
E) The U.S. falls between high-income and upper middle-income.
Q2) The following are all the forms of debt finance:
A) bond, bank, and official finance.
B) bond and bank finance.
C) bond, bank, and portfolio finance.
D) foreign direct and portfolio investment.
E) direct investment, stock, and dividends
Q3) "Developing countries should delay opening the capital account until the domestic financial system is strong enough to withstand the sometimes violent ebb and flow of world capital." Discuss.
Q4) What factors lie behind capital inflows to the developing world?
Page 25
Q5) Explain the basic macroeconomic policy trilemma for open economies.
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