经济学原理chapter 29.docx
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经济学原理chapter 29.docx
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经济学原理chapter29
ProblemsandApplications
1.a.WhenanAmericanartprofessorspendsthesummertouringmuseumsinEurope,hespendsmoneybuyingforeigngoodsandservices,soU.S.exportsareunchanged,importsincrease,andnetexportsdecrease.
b.WhenstudentsinParisflocktoseethelatestArnoldSchwarzeneggermovie,foreignersarebuyingaU.S.good,soU.S.exportsrise,importsareunchanged,andnetexportsincrease.
c.WhenyourunclebuysanewVolvo,anAmericanisbuyingaforeigngood,soU.S.exportsareunchanged,importsrise,andnetexportsdecline.
d.WhenthestudentbookstoreatOxfordUniversitysellsapairofLevi's501jeans,foreignersarebuyingU.S.goods,soU.S.exportsincrease,importsareunchanged,andnetexportsincrease.
e.WhenaCanadianshopsinnorthernVermonttoavoidCanadiansalestaxes,aforeignerisbuyingU.S.goods,soU.S.exportsincrease,importsareunchanged,andnetexportsincrease.
2.a.Wheatistradedmoreinternationallythaninthepastbecauseshippingcostshavedeclined,ashavetraderestrictions.
b.Bankingservicesaretradedmoreinternationallythaninthepastbecausecommunicationscostshavedeclined,ashavetraderestrictions.
c.Computersoftwareistradedmoreinternationallythaninthepastbecausethecomputerindustryhasgrownandthesoftwareiseasiertotransport(sinceitcannowbedownloadedelectronically).
d.Automobilesaretradedmoreinternationallythaninthepastbecausetransportationcostshavedeclined,ashavetariffsandquotas.
3.Foreigndirectinvestmentrequiresactivelymanaginganinvestment,forexample,byopeningaretailstoreinaforeigncountry.Foreignportfolioinvestmentispassive,forexample,buyingcorporatestockinaretailchaininaforeigncountry.Asaresult,acorporationismorelikelytoengageinforeigndirectinvestment,whileanindividualinvestorismorelikelytoengageinforeignportfolioinvestment.
4.a.WhenanAmericancellularphonecompanyestablishesanofficeintheCzechRepublic,U.S.netforeigninvestmentincreases,becausetheU.S.companymakesadirectinvestmentincapitalintheforeigncountry.
b.WhenHarrod'sofLondonsellsstocktotheGeneralElectricpensionfund,U.S.netforeigninvestmentincreases,becausetheU.S.companymakesaportfolioinvestmentintheforeigncountry.
c.WhenHondaexpandsitsfactoryinMarysville,Ohio,U.S.netforeigninvestmentdeclines,becausetheforeigncompanymakesadirectinvestmentincapitalintheUnitedStates.
d.WhenaFidelitymutualfundsellsitsVolkswagenstocktoaFrenchinvestor,U.S.netforeigninvestmentdeclines(iftheFrenchinvestorpaysinU.S.dollars),becausetheU.S.companyisreducingitsportfolioinvestmentinaforeigncountry.
5.Ifnationalsavingisconstantandnetforeigninvestmentincreases,domesticinvestmentmustdecrease,sincenationalsavingequalsdomesticinvestmentplusnetforeigninvestment.Ifdomesticinvestmentdeclines,thecountry'saccumulationofdomesticcapitaldeclines.
6.a.Thenewspapershowsnominalexchangerates,sinceitshowsthenumberofunitsofonecurrencythatcanbeexchangedforanothercurrency.
b.OnMarch17,2000,theWallStreetJournallistedtheexchangeratebetweenU.S.dollarsandCanadiandollarsas1.47CanadiandollarsperU.S.dollarandtheexchangeratebetweenU.S.dollarsandJapaneseyenas106yenperU.S.dollar.Dividing106yenperU.S.dollarby1.47CanadiandollarsperU.S.dollargivestheexchangeratebetweenCanadaandJapanas72.1yenperCanadiandollar.
c.IfU.S.inflationexceedsJapaneseinflationoverthenextyear,you'dexpectthedollartodepreciaterelativetotheJapaneseyenbecauseadollarwoulddeclineinvalue(intermsofthegoodsandservicesitcanbuy)morethantheyenwould.
7.a.DutchpensionfundsholdingU.S.governmentbondswouldbehappyiftheU.S.dollarappreciated.TheywouldthengetmoreDutchguildersforeachdollartheyearnedontheirU.S.investment.Ingeneral,ifyouhaveaninvestmentinaforeigncountry,you'rebetteroffifthatcountry'scurrencyappreciates.
b.U.S.manufacturingindustrieswouldbeunhappyiftheU.S.dollarappreciatedbecausetheircostsofproductionwouldbehigherintermsofforeigncurrencies,sothey'dneedtoraisetheirprices,whichwillreducetheirsales.
c.AustraliantouristsplanningatriptotheUnitedStateswouldbeunhappyiftheU.S.dollarappreciatedbecausetheywouldgetfewerU.S.dollarsforeachAustraliandollar,sotheirvacationwillbemoreexpensive.
d.AnAmericanfirmtryingtopurchasepropertyoverseaswouldbehappyiftheU.S.dollarappreciatedbecauseitwouldgetmoreunitsoftheforeigncurrencyandcouldthusbuymoreproperty.
8.Allthepartsofthisquestioncanbeansweredbykeepinginmindthedefinitionoftherealexchangerate.Therealexchangerateequalsthenominalexchangeratetimesthedomesticpriceleveldividedbytheforeignpricelevel.
a.IftheU.S.nominalexchangerateisunchanged,butpricesrisefasterintheUnitedStatesthanabroad,therealexchangeraterises.
b.IftheU.S.nominalexchangerateisunchanged,butpricesrisefasterabroadthanintheUnitedStates,therealexchangeratedeclines.
c.IftheU.S.nominalexchangeratedeclines,andpricesareunchangedintheUnitedStatesandabroad,therealexchangeratedeclines.
d.IftheU.S.nominalexchangeratedeclines,andpricesrisefasterabroadthanintheUnitedStates,therealexchangeratedeclines.
9.Threegoodsforwhichthelawofonepriceislikelytoholdarefarmgoodslikewheat,whicharenearlyidenticalnomatterwherethey'reproduced,technologicalgoodslikecomputersoftware,whichhavelowshippingcostsbecausethey'relight,andclothing,whichalsohaslowshippingcosts.Threegoodsforwhichthelawofonepriceisnotlikelytoholdarerealestate,becauseyoucan'tmovelandorbuildingsfromonecountrytoanother,goodsthataremainlyconsumedinonecountryandsoaren'ttraded,likefroglegsinFrance,andserviceslikehaircuts,whichcan'tbearbitragedevenifthepriceisverydifferentindifferentcountries.
10.Ifpurchasing-powerparityholds,then12pesospersodadividedby$0.75persodaequalstheexchangerateof16pesosperdollar.IfpricesinMexicodoubled,theexchangeratewilldoubleto32pesosperdollar.
11.a.Tomakeaprofit,you'dwanttobuyricewhereit'scheapandsellitwhereit'sexpensive.SinceAmericanricecosts100dollarsperbushel,andtheexchangerateis80yenperdollar,Americanricecosts100x80equals8,000yenperbushel.SoAmericanriceat8,000yenperbushelischeaperthanJapanesericeat16,000yenperbushel.Soyoucouldtake8,000yen,exchangethemfor100dollars,buyabushelofAmericanrice,thensellitinJapanfor16,000yen,makingaprofitof8,000yen.Aspeopledidthis,thedemandforAmericanricewouldrise,increasingthepriceinAmerica,andthesupplyofJapanesericewouldrise,reducingthepriceinJapan.Theprocesswouldcontinueuntilthepricesinthetwocountrieswerethesame.
b.Ifriceweretheonlycommodityintheworld,therealexchangeratebetweentheUnitedStatesandJapanwouldstartouttoolow,thenriseaspeopleboughtriceinAmericaandsolditinJapan,untiltherealexchangebecameoneinlong-runequilibrium.
12.IfyoutakeXunitsofforeigncurrencyperBigMacdividedby2.43dollarsperBigMac,yougetX/2.43unitsoftheforeigncurrencyperdollar;that’sthepredictedexchangerate.
a.SouthKorea:
3,000/2.43=1,235won/$
Spain:
375/2.43=154pesetas/$
Mexico:
19.9/2.43=8.19pesos/$
Netherlands:
5.45/2.43=2.24guilders/$
Thetheoryofpurchasing-powerparitydoesprettywell,exceptforMexico.
b.Underpurchasing-powerparity,theexchangerateofthewontopesetais3,000wonperBigMacdividedby375pesetasperBigMacequals8wonperpeseta.Theactualexchangerateis1218wonperdollardividedby155pesetasperdollarequals7.9wonperpeseta.That’sprettyclose!
c.TofindthecheapestBigMac,translateallthepricesforaBigMacintermsofeachcurrencyintoadollarpricebasedontheactualexchangerate.Thatgives:
SouthKorea:
3,000wonperBigMac/1,218wonper$=$2.46perBigMac
Spain:
375pesetasperBigMac/155pesetasper$=$2.42perBigMac
Mexico:
19.9pesosperBigMac/9.54pesosper$=$0.48perBigMac
Netherlands:
5.45guildersperBigMac/2.05guildersper$=$2.66perBigMac
Mexicoisprobablycheapestbecausepreparingfastfoodislaborintensive,andlaborischeapinMexico.
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