国际经济学课后答案第一章.docVIP

PART I INSTRUCTOR’S MANUAL CHAPTER 1 THE INTERNATIONAL ECONOMY CHAPTER OVERVIEW This chapter introduces students to the international economy. The first part of the chapter emphasizes the high degree of economic interdependence that characterizes today’s economies. Economic interdependence includes international trade and international finance. The chapter also focuses on the United States as an open economy. Data are provided that show U.S. exports as a percent of gross domestic product and the value of U.S. trade with its major trading partners. The chapter notes that many U.S. firms source a portion of the production of their goods in foreign countries. The chapter concludes by discussing the nature of international competitiveness--for firms, industries, and nations. It is noted that exposure to global competition tends to improve the efficiency of firms. Finally, the chapter introduces the potential effects that international trade has on workers. After completing the chapter, students should be able to: Define economic interdependence. Discuss the importance of international trade for the U.S. economy. Examine the factors that make a company American. Discuss the nature of competitiveness and how it applies to firms, industries, and nations. Identify the advantages and disadvantages of international trade for workers. BRIEF ANSWERS TO STUDY QUESTIONS 1. Interdependence among todays economies reflects the historical evolution of the worlds economic and political order. Since World War II, Europe and Japan have reindustrialized. What is more, the formation of the European Community and the Organization of Petroleum Exporting Countries, as well as the rise of multinational corporations, has contributed to closer economic and political linkages. 2. Proponents of an open trading system maintain that free trade leads to lower prices, the development of more efficient production methods, and a greater range of consumption choices. Free trade permits resourc