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1、Assignment[1]2.WhenthevalueoftheUSdollarfallsinrelationstothecurrenciesofothernations,whatdoyouthinkwillhappentothequantityofUS(a)imports?(b)exports?Answer:(a)WhenthevalueoftheU.S.dollarfallsinrelationtothecurrenciesofothernations,importsbecomemoreexpensiveforAmericansandsotheywouldpurchaseasma
2、llerquantityofimports.(b)WhenthevalueoftheU.S.dollarfallsinrelationtothecurrenciesofothernations,exportsbecomechapterforforeignersandsotheywouldpurchaseagreaterquantityofU.S.exports.[2]5.(a)Howdointernationaleconomicrelationsdifferfrominterregionaleconomicrelations?(b)Inwhatwayaretheysimilar?An
3、swer:(a)Restrictionsimposedontheflowofgoods,services,andfactorsacrosstheirborders,butnotinternally.Internationalflowsaretosomeextenthamperedbydifferencesinlanguage,customs,andlawsInternationalflowsofgoods,services,resourcesgiverisetopaymentsandreceiptsinforeigncurrencies,whichchangeinvalueovert
4、ime(b)Bothinternationalandinterregionaleconomicrelationsinvolvetheovercomingofspaceordistance.Indeed,theybotharisefromtheproblemscreatedbydistance.Thisdistinguishesthemfromtherestofeconomics,whichabstractsfromspaceandtreatstheeconomyasasinglepointinspace,inwhichproduction,exchange,andconsumptio
5、ntakeplace.[3]15.Table2.5showsbushelsofwheatandtheyardsofcloththattheUSandtheUKcanproducewithonehouroflabortimeunderfourdifferenthypotheticalsituation.Ineachcase,identifythecommodityinwhichtheUSandUKhaveanabsoluteadvantageordisadvantage?Table2.5 CaseACaseBCaseCCaseD USUKUSUKUSUKUSUKwheat(bushel
6、s/man-hour)41414142cloth(yard/man-hour)12322221Answer:IncaseA,theunitedstateshasanabsoluteadvantageinwheatandtheunitedkingdomincloth.IncaseB,theunitedstateshasanabsoluteadvantage(sothattheunitedkingdomhasanabsolutedisadvantage)inclothcommodities.IncaseC,theunitedstateshasanabsoluteadvantageinwh
7、eatbuthasneitheradvantagenordisvantageincloth.IncaseD,theunitedstateshasanabsoluteadvantageovertheunitedkingdominclothcommodities.[4]16.WithrespecttoTable2.5,indicatingineachcasewhetherornottradeispossibleandthebasisfortrade?Answe
