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1. Under a gold standard of the kind analyzed by Hume, describe how balance of payments equilibrium between two countries, A and B, would be restored after a transfer of income from B to A.
2. Despite the ?aws of the pre-1914 gold standard, exchange rate changes were rare for the "core" countries (including the richer European countries and the United States). In contrast, such changes became frequent in the interwar period. Can you think of reasons for this contrast?
Consider trade relations between the United States and Mexico. Assume that the leaders of the two countries believe the payoffs to alternative trade policies are as follows: United States' Decision Mexico's Decision Low Tariffs U.S. gains $25 billi..
the kingdom of tradia is a small open export-oriented country. suppose initially that the world price of stuff is 150.
Suppose if the U.S. productivity growth does not keep up with that of its trading partners, the U.S. will quickly lose its international competitivesness and not be able to export any products, and its standard of living will fall.
If demand in the United States is given by Q1 = 7,200 - 300p1, where p1 is the price in the United States, and if the demand in England is given by Q2 = 3,600 - 200p2, where p2 is the price in England.
Should the U.S currency be backed by gold Recently the dollar has been losing value and there were a few countries advocating a change from using the dollar as the "international" currency (for example petroleum on the international market is boug..
During China's Cultural Revolution in the late 1960s andearly 1970s, highly educated people were forced to move to farms and work in the fields. Some were common laborersfor eight or more years.
Discuss the causes of economic development in your high income and middle income countries, as well as the main hindrance for economic development in your low income country. What is lacking in the low income country in comparison to the other tw..
Suppose that the market for engagement rings is in equilibrium. Then political unrest in South Africa shuts down the diamond mines there. South Africa is the world's primary supplier of diamonds. What will happen?
In the late 1990s, several East Asian economies had their currencies pegged to the U. S. dollar. Suppose there is an economic boom in the United States that leads to an increase in U. S. interest rates.
Go to the Bureau of Economic Analysis website, www.bea.gov, and access the BEA interactively by selecting "National Accounts" and then "National Income and Product Account Tables." Select "Frequently Requested NIPA Tables," and find Table 1.1.1 on..
This question belongs to economics, mainly to international economics and it is explain about foreign exchange rates and balance of payments.
Suppose that there is an increase in foreign tourist visiting Australia. Use AD/AS analysis to determine what impact this will have on the Australian economy in the short run. What happened to output, the price level, nominal wages, real wages, and t..
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