《国际经济学名词解释 英文版.doc》由会员分享，可在线阅读，更多相关《国际经济学名词解释 英文版.doc（6页珍藏版）》请在三一文库上搜索。
1、1 The opportunity cost of producing something measures the cost of not being able to produce something else because resources have already been used.2 A country with a comparative advantage in producing a good uses its resources most efficiently when it produces that good compared to producing other
2、 goods.3 Labor productivity: the number of units of output that a worker can produce in one hour.4 The production possibility frontier (PPF) of an economy shows the maximum amount of a goods that can be produced for a fixed amount of resources.5 Relative wages are the wages of the domestic country r
3、elative to the wages in the foreign country.6 Define an isovalue line as a line representing a constant value of production, 7 Stolper-Samuelson theorem: if the relative price of a good increases, then the real wage or real lending/ renting rate of the factor used intensively in the production of th
4、at good increases, while the real wage or real lending/renting rate of the other factor decreases.8 the Rybczynski theorem：If we hold output prices constant as the amount of a factor of production increases, then the supply of the good that uses this factor intensively increases and the supply of th
5、e other good decreases.9 Leontief found that U.S. exports were less capital-intensive than U.S. imports, even though the U.S. is the most capital-abundant country in the world: Leontief paradox.10 Consumer preferences are represented by indifference curves: combinations of goods that make consumers
6、equally satisfied (indifferent).11 The change in welfare (income) when the price of one good changes relative to the price of another is called the income effect.12 The substitution of one good for another when the price of the good changes relative to the other is called the substitution effect.13
7、The terms of trade refers to the price of exports relative to the price of importsGrowth is usually biased: it occurs in one sector more than others, causing relative supply to change.14 Export-biased growth is growth that expands a countrys production possibilities disproportionally that countrys e
8、xport sector.15 Import-biased growth is growth that expands a countrys production possibilities disproportionally in that countrys import sector16Immiserizing growth：export-biased growth by poor nations would worsen their terms of trade so much that they would be worse off than if they had not grown
9、 at all. 16 Import tariffs are taxes levied on imports17 Export subsidies are payments given to domestic producers that export.18 External economies of scale occur when cost per unit of output depends on the size of the industry19 Internal economies of scale occur when the cost per unit of output de
10、pends on the size of a firm.20 A monopoly is an industry with only one firm. 21 An oligopoly is an industry with only a few firms.22 Average cost is the cost of production (C) divided by the total quantity of production (Q). AC = C/Q23 Marginal cost is the cost of producing an additional unit of out
11、put.24 Monopolistic competition is a model of an imperfectly competitive industry which assumes thatA： Each firm can differentiate its product from the product of competitors.B： Each firm ignores the impact that changes in its price will have on the prices that competitors set: even though each firm
12、 faces competition it behaves as if it were a monopolist. 25 Suppose now that the global cloth industry is described by the monopolistic competition model.Because of product differentiation, suppose that each country produces different types of cloth.Because of economies of scale, large markets are
13、desirable: the foreign country exports some cloth and the domestic country exports some cloth.Trade occurs within the cloth industry: intra-industry trade26 According to the Heckscher-Ohlin model or Ricardian model, countries specialize in production.Trade occurs only between industries: inter-indus
14、try tradeIn a Heckscher-Ohlin model suppose that:The capital abundant domestic economy specializes in the production of capital intensive cloth, which is imported by the foreign economy.The labor abundant foreign economy specializes in the production of labor intensive food, which is imported by the
15、 domestic economy.27 Dumping is the practice of charging a lower price for exported goods than for goods sold domestically28 Dumping is an example of price discrimination: the practice of charging different customers different prices29 Specialized equipment or services may be needed for the industry
16、, but are only supplied by other firms if the industry is large and concentrated30 Labor pooling: a large and concentrated industry may attract a pool of workers, reducing employee search and hiring costs for each firm.31 Knowledge spillovers: workers from different firms may more easily share ideas
17、 that benefit each firm when a large and concentrated industry exists32 Dynamic increasing returns to scale exist if average costs fall as cumulative output over time rises.33 economic geography refers to the study of international trade, interregional trade and the organization of economic activity
18、 in metropolitan and rural areas34 A specific tariff is levied as a fixed charge for each unit of imported goods35 An ad valorem tariff is levied as a fraction of the value of imported goods36 The effective rate of protection measures how much protection a tariff or other trade policy provides domes
19、tic producers37 Consumer surplus measures the amount that consumers gain from purchases by the difference in the price that each pays from the maximum price each would be willing to pay38 Producer surplus measures the amount that producers gain from a sale by the difference in the price each receive
20、s from the minimum price each would be willing to sell at39 An export subsidy can also be specific or ad valorem：A specific subsidy is a payment per unit exported. An ad valorem subsidy is a payment as a proportion of the value exported.40 An import quota is a restriction on the quantity of a good t
21、hat may be imported.41A voluntary export restraint works like an import quota, except that the quota is imposed by the exporting country rather than the importing country.42 A local content requirement is a regulation that requires a specified fraction of a final good to be produced domestically43 G
22、ross national product (GNP) is the value of all final goods and services produced by a nations factors of production in a given time period44 Gross domestic product measures the final value of all goods and services that are produced within a country in a given time period45National income is often
23、defined to be the income earned by a nations factors of production.46 Depreciation of physical capital results in a loss of income to capital owners, so the amount of depreciation is subtracted from GNP47 Unilateral transfers to and from other countries can change national income: payments of expatr
24、iate workers sent to their home countries, foreign aid and pension payments sent to expatriate retirees48current account: accounts for flows of goods and services (imports and exports).financial account: accounts for flows of financial assets (financial capital).capital account: flows of special cat
25、egories of assets (capital): typically non-market, non-produced, or intangible assets like debt forgiveness, copyrights and trademarks49 Appreciation is an increase in the value of a currency relative to another currency. Depreciation is a decrease in the value of a currency relative to another curr
26、ency50 Arbitrage: buying at a low price and selling at a high price for a profit. 51Spot rates are exchange rates for currency exchanges “on the spot”, or when trading is executed in the present52Forward rates are exchange rates for currency exchanges that will occur at a future (“forward”) date.53
27、Money demand represents the amount of monetary assets that people are willing to hold (instead of illiquid assets).54The central bank substantially controls the quantity of money that circulates in an economy, the money supply55Interest rates/expected rates of return on monetary assets relative to t
28、he expected rates of returns on non-monetary assets.56 Risk: the risk of holding monetary assets principally comes from unexpected inflation, which reduces the purchasing power of money. 57 Liquidity: A need for greater liquidity occurs when the price of transactions increases or the quantity of goo
29、ds bought in transactions increases.58 Prices: the prices of goods and services bought in transactions will influence the willingness to hold money to conduct those transactions59 Income: greater income implies more goods and services can be bought, so that more money is needed to conduct transactio
30、ns60 (DF QF) = (PC /PF)(QC DC)v This equation is the budget constraint for an economy, and it has a slope of (PC /PF)(DF QF) (PC /PF)(QC DC) = 0v Note that the budget constraint touches the PPF: a country can always afford to consume what it produces.v However, a country need not consume only the goods and services that it produces with trade.Exports and imports can be greater than zero.v Furthermore, a country can afford to consume more of both goods with trade.