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Why do you recall the concepts of demand, supply, and equilibrium? Do you recall the meaning of the elasticity of demand? perfect competition? factor markets?
Which are the most important international economic challenges facing the world today? What are the benefits and criticisms of globalization?
Why must we discuss theories before examining policies? Which aspects of international economics are more abstract? Which are more applied in nature?
What simplifying assumptions do we make in studying international economics? Why are these assumptions usually justified?
What is the purpose of economic theory in general? of international economic theories and policies in particular?
What is meant by adjustment in the balance of payments? Why are these topics known as the macroeconomic aspects of international economics?
What does international trade theory study? international trade policy? Why are they known as the microeconomic aspects of international economics?
How can we get a rough measure of the interdependence of each nation with the rest of the world? What does the gravity model postulate?
How is international trade related to the standard of living of the United States? of other large industrial nations? of small industrial nations?
What are some of the most important current events that are part of the general subject matter of international economics? Why are they important?
What is the meaning of globalization? What is its advantage and disadvantage? Why is there an anti-globalization movement?
Explain the fundamental causes of the economic crises in emerging markets in the second half of the 1990s.
With regard to the Mexican crisis of December 1994, indicate the lesson that it provides on how to deal with a currency crisis once it starts.
How does the International Monetary Fund propose to avoid the recurrence of similar crises in the future?
How a nation could attempt to discourage large destabilizing international capital inflows under the Bretton Woods system by intervening in the forward market.
Explain the procedure whereby the nation of Problem 2 borrowed the maximum amount allowed from the IMF in each year after it had already borrowed.
How the nation was to pay in its quota to the IMF and the amount that the nation could borrow in any one year under the original rules.
How economic conditions today differ from those prevailing under the gold standard period.
What are the major problems facing the world today? What is being proposed to solve them?
How is the value of the SDR determined today? What additional credit facilities have been set up by the IMF?
What was the Smithsonian Agreement? What is meant by the European snake? the dollar standard? adjustment liquidity, confidence?
What was meant by the dollar shortage? What were Roosa bonds? What was the purpose of the Interest Equalization Tax and the Foreign Direct Investment Program?
What is meant by international macroeconomic policy coordination? Why is it needed? How does it operate?
What is the advantage of a managed floating system with respect to a freely floating exchange rate system and a fixed exchange rate system?
What is meant by a crawling peg system? How can such a system overcome the disadvantage of an adjustable peg system?