06级国际经济学试题A答案 .pdfVIP

国际经济学I 模拟题 1 答案 I. Japan primarily exports manufactured goods, while importing raw materials such as food and oil. Analyze the impact on Japan’s terms of trade of the following events: a. A war in the Middle East disrupts oil supply. b. Korea develops the ability to produce automobiles that it can sell in Canada and the United States. c. U.S. engineers develop a fusion reactor that replaces fossil fuel electricity plants. d. A harvest failure in Russia. e. A reduction in Japan’s tariffs on imported beef and citrus fruit. The terms of trade of Japan, a manufactures (M) exporter and a raw materials (R) importer, is the world relative price of manufactures in terms of raw materials (p /p ). The terms of trade change can be determined by M R the shifts in the world relative supply and demand (manufactures relative to raw materials) curves. Note that in the following answers, world relative supply (RS) and relative demand (RD) are always M relative to R. We consider all countries to be large, such that changes affect the world relative price. a. Oil supply disruption from the Middle East decreases the supply of raw materials, which increases the world relative supply. The world relative supply curve shifts out, decreasing the world relative price of manufactured goods and deteriorating Japans terms of trade. （2 points ） b. Korea’s increased automobile production increases the supply of manufactures, which increases the world RS. The world relative supply curve shifts out, decreasing the world relative price of manufactured goods and deteriorating Japans terms of trade. （2 points ） c. U.S. development of a substitute for fossil fuel decreases the demand for raw materials. Thi