World Economy Control MPEI
Replenishment date: 03.02.2011
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Question 1. Explain what is the difference between the theories of absolute and comparative advantage in international trade on the example of trade between Germany and Russia, if Russia exports oil and weapons, and Germany - machines and cars. For which pairs of export-import goods the effect of the theory of absolute advantages can be traced, and for which - comparative advantages.
Question 2. Which theory best explains the following situation: England exports computers to Germany, and Germany exports cars to England. Give a detailed answer.
Question 3. You are an adviser to the government of a country whose main income comes from the agricultural sector of the economy. The government, in order to support agriculture, decides to impose additional duties on imported products of this industry. It chooses from two options, either to increase duties on imported milk by 15%, or to increase the duty on cottage cheese by 25% and introduce a tariff quota on this product. What option would you recommend to the government in terms of stimulating the development of national agriculture.
Question 4. The forecast for the development of the world economy by 2015 boils down to the following events:
• Decline in oil prices to $65 per barrel;
• Superiority of the US over Western Europe in breadth and risk of entrepreneurial activity;
• Increased demand for gold due to distrust of the dollar as the main reserve currency in connection with the introduction of the euro;
• An increase in economic growth in Europe due to the transition to a single currency and the expansion of the European Union;
• Increase in the flow of direct foreign investments to the countries of Eastern Europe and the former USSR by 5 times;
• The rise of the world arms market due to the escalation of political tension;
• Deepening of the economic crisis in the newly industrialized countries of Asia;
• Economic integration of Russia, Belarus, Ukraine and Kazakhstan with the renewal of a single ruble zone.
Imagine that you are an adviser to a dealer currency office and you are required to answer a question about the future behavior of the following currencies: US dollar, euro, Japanese yen, Russian ruble
Question 2. Which theory best explains the following situation: England exports computers to Germany, and Germany exports cars to England. Give a detailed answer.
Question 3. You are an adviser to the government of a country whose main income comes from the agricultural sector of the economy. The government, in order to support agriculture, decides to impose additional duties on imported products of this industry. It chooses from two options, either to increase duties on imported milk by 15%, or to increase the duty on cottage cheese by 25% and introduce a tariff quota on this product. What option would you recommend to the government in terms of stimulating the development of national agriculture.
Question 4. The forecast for the development of the world economy by 2015 boils down to the following events:
• Decline in oil prices to $65 per barrel;
• Superiority of the US over Western Europe in breadth and risk of entrepreneurial activity;
• Increased demand for gold due to distrust of the dollar as the main reserve currency in connection with the introduction of the euro;
• An increase in economic growth in Europe due to the transition to a single currency and the expansion of the European Union;
• Increase in the flow of direct foreign investments to the countries of Eastern Europe and the former USSR by 5 times;
• The rise of the world arms market due to the escalation of political tension;
• Deepening of the economic crisis in the newly industrialized countries of Asia;
• Economic integration of Russia, Belarus, Ukraine and Kazakhstan with the renewal of a single ruble zone.
Imagine that you are an adviser to a dealer currency office and you are required to answer a question about the future behavior of the following currencies: US dollar, euro, Japanese yen, Russian ruble
Additional Information
Question 5. According to the following table, describe the position of countries in international trade in terms of monospecialization and diversification. Formulate conclusions. The index of specialization of individual countries of the world based on the identified
comparative advantage in 1996–2000.
Specialization Netherlands Germany
Russia Spain France China Italy Japan Brazil
liya ukra
ina UAE Great
cobri-
tanya canada usa
Машинное оборудование (кроме электрического) 0,58 1,71 0,38 0,76 1,07 0,46 1,90 1,69 0,76 0,55 0,24 1,27 0,75 1,49
Транспортные средства 0,49 1,72 0,21 2,18 1,56 0,29 0,91 1,77 1,21 0,22 0,08 1,03 2,12 1,19
Продукция химической промышленности 1,36 1,41 0,66 1,08 1,44 0,52 1,03 0,86 0,76 1,14 0,22 1,26 0,65 1,20
Прочие продукты обрабатывающей промышленности 1,16 1,06 0,37 0,70 0,92 1,81 1,22 1,29 0,27 0,21 0,24 1,34 0,61 1,47
Потребительская электроника 0,77 0,58 – 0,37 0,74 1,40 0,29 1,40 0,36 0,05 0,14 1,32 0,61 0,99
Детали для электронной продукции 0,77 0,86 0,09 0,47 0,74 0,93 0,60 1,73 0,22 0,17 0,05 0,77 0,32 1,25
Тяжелая промышленность 0,73 1,18 2,70 1,38 1,07 1,09 1,50 0,88 1,68 5,11 0,56 0,80 0,93 0,66
Текстильные изделия 0,55 0,83 0,19 1,02 0,88 2,50 1,98 0,58 0,63 0,40 0,30 0,57 0,33 0,59
Продукция деревообрабатывающей промышленности 0,71 0,97 1,39 0,98 0,88 0,54 0,98 0,17 2,28 0,77 0,14 0,44 3,69 0,91
Кожевенные изделия 0,50 0,40 – 1,93 0,80 4,92 4,40 – 3,75 0,98 – 0,44 – –
Одежда 0,41 0,41 – 0,55 0,56 4,49 1,76 – 0,16 1,12 0,60 0,43 0,25 0,37
Переработанные пищевые продукты 2,42 0,86 0,20 1,58 1,90 0,68 1,19 – 2,68 1,41 0,59 1,13 0,63 0,82
Минеральное сырье 0,91 0,19 4,59 0,39 0,30 0,33 0,21 – 0,76 1,52 6,66 0,99 1,34 1,31
Необработанные пищевые продукты 2,09 0,38 0,25 2,03 1,16 0,93 0,51 – 3,36 1,07 0,31 0,38 1,16 1,31
Question 6. Under the threat of a severe stock crisis in May 1998, the ruble is threatened with devaluation. What measures should the Central Bank take to prevent the depreciation of the ruble. (Try to indicate what exactly the Central Bank actually did, and what additional funds it could use).
Question 7.From 1992 to 1997 Russia was constantly increasing its trade surplus, and, therefore, had to act as a net creditor to the world economy. At the same time, over the same years, the country increased external borrowing to finance the negative balance of the capital account and financial transactions. Suggest several reasons for this paradox.
Question 8. What parameters of the investment climate in Russia will have the greatest impact on the decisions of foreign investors to make direct, portfolio and other investments in Russia:
• Adoption by the State Duma of a package of laws on tax incentives for foreign investments in the national automotive industry;
• Removal of restrictions on the transfer of interest income from placing funds on deposits in Russian commercial banks;
• Increase in the yield of government short-term bonds;
• Removal of restrictions on the participation of foreign companies in the privatization of enterprises in the oil and gas complex of Russia;
• Rapid economic growth in the food processing industry and an increase in the profitability of shares of enterprises in this industry.
Question 9. In what phase of the business cycle according to the following table were individual countries and groups of countries in 1999, 2000 and 2001?
Economic situation of individual countries of the world in 1999–2001, %
Country Real GDP, %
to the previous year Consumer prices, %
to the previous year Unemployment rate, %
of labor force Current account balance, % of GDP
1999 2000 2001 1999 2000 2001 1999 2000 2001 1999 2000 2001
США 4,1 4,1 1,2 2,2 3,4 2,8 4,2 4,0 4,8 –3,5 –4,5 –4,1
Канада 5,1 4,4 1,5 1,7 2,7 2,6 7,6 6,8 7,2 0,2 2,5 2,7
Япония 0,7 2,2 –0,4 –0,3 –0,7 –0,7 4,7 4,7 5,0 2,5 2,5 2,1
Европейский союз 2,6 3,3 1,6 1,4 2,3 2,6 9,1 8,2 7,7 0,3 –0,4 0,4
Великобритания 2,1 3,0 2,2 2,3 2,1 2,1 6,0 5,5 5,