《国际经济学》（双语）试卷1参考答案
Ⅰ. Explain the following terms (30 points, 3 points/term)
二人世界 英文1.Comparative advantage:A country has a comparative advantage in producing a good if the opportunity cost of producing that good in terms of other goods is lower in that country than it is in other countries(3 points).
2.S小猴跳墩pecific factors model: It assumes an economy that produces two goods and the labor is a mobile factor that can move between ctors, other factors are assumed to be specific, that is, they can be ud only in the production of particular goods(3 points).
3．Heckscher-Ohlin theory: it is also referred to as the factor-proportions theory, the theory emphasizes the interplay between the proportions in which different factors of production are available in different countries and the proportions in which they are ud in producing different goods(3 points).
4.Leontief paradox: the United States would be an exporter of capital-intensive goods and a
n importer of labor-intensive goods. Surprisingly, however, this was not the ca, the economist Leontief found that U.S. exports were less capital-intensive than U.S. imports. This result is known as the Leontief paradox. It is the single biggest piece of evidence against the factor-proportions theory(3 points).
5.Official international rerves: Official international rerves are foreign asts held by central banks as a cushion against national economic misfortune. At one time official rerves consisted largely of gold, but queltoday central banks' rerves include substantial foreign financial asts, particularly U.S. dollar asts such as Treasury bills(3 points).
6.The official ttlements balance: the official ttlements balance or the balance of payments. This balance is the sum of the current account balance, the capital account balance, the nonrerve portion of the financial account balance, and the statistical discrepancy, and it indicates the payments gapacademically that official rerve transactions need to cover(3 points).
7.Foreign exchange optionweakest: A foreign exchange option gives its owner the right to buy or
ll a specified amount of foreign currency at a specified price at any time up to a specified expiration date. The other party to the deal, the option's ller, is required to ll or buy the foreign currency at the discretion of the option's owner, who is under no obligation to exerci his right(3 points).
8.Interest parity condition: The condition that the expected returns on deposits of any twocurrencies are equal when measured in the same currency is called the interest parity condition. It implies that potential holders of foreign currency deposits view them all as equally desirable asts.
9.Fisher effect: This long-run relationship between inflation and interest rates is called the Fisher effect. Fisher effect tells us that all el equal, a ri in a country's expected inflation rate will eventually cau an equal ri in the interest rate that deposits of its currency offer. Similarly, a fall in the expected inflation rate will eventually cau a fall in the interest rate(3 points).
10.Long run analysis: The long run analysis of an economic event allows for the complete
adjustment of the price level (which may take a研究生入学考试科目 long time) and for full employment of all factors of production(3 points).
II. Single-Choice Questions（15 points, 1.5points/Question）
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Ⅲ.Questions and problems（40 points, 8 points/Question）
1.What are the three types of international transaction recorded in the balance of payments(8 points)?
Answer: the three types of international transactions are current account,tiamo是什么意思 financial account and capital account(3 points). Transactions that involve the export or import of goods or rvices and therefore enter directly into the current account. Transactions that involve the purcha or sale of financial asts. An ast is any one of the forms in which wealth can be held, such as money, stocks, factories, or governmentfridge是什么意思 debt. The financial account of the balance of payments records all international purchas or sales of financi
al asts. Certain other activities resulting in transfers of wealth between countries are recorded in the capital account(5 points).
2. In the United States where land is cheap, the ratio of land to labor ud in cattle rising is higher than that of land ud in wheat growing. But in more crowded countries, where land is expensive and labor is cheap, it is common to rai cows by using less land and more labor than Americans u to grow wheat. Can we still say that raising cattle is land intensive compared with farming wheat? Why or why not(8 points)?
Answer: The definition of cattle growing as land intensive depends on the ratio of land to labor ud in production, not on the ratio of land or labor to output(3 points). The ratio of land to labor in cattle exceeds the ratio in wheat in the United States, implying cattle is land intensive in the United States. Cattle is land intensive in other countries too if the ratio of land to labor in cattle production exceeds the ratio in wheat production in that country. The comparison between another country and the United States is less relevant for answering the question(5 points).
