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EXAMINATIONFORINTRODUCTIONTOINTERNATIONALTRADEDec,201311041168杨婷Giveadetaileddiscussiononthefollowingtopics.(25pointseach)Analyzetheeffectsoftheunfavorablebalanceininternationaltradeonexportofacountry.Unfavorablebalance,whereitsimportismorethanitsexportforacountry,itiscalledtheunfavorablebalance.Incaseunfavorablebalance,theforeignexchangewillflowoutofthecountryinalargeamount,whichresultsinthedepreciationordevaluationofthedomesticcurrency.Currencydevaluationwillmaketheexportcommoditiesofthedevaluatingcountrycheaperintermsofforeigncurrency,thusstrengtheningthecompetitivepoweroftheexportcommoditiesandincreasingthevolumeofexport.Devaluationanddepreciation:AnationcancorrectadeficitinitsBOPbydevaluingitscurrencyorallowingittodepreciate.Adropinforeignexchangeratesisreferredtoasadevaluationinfixedexchangerateregimeandadepreciationinflexibleexchangeratesystem.Sincetheireffectsondomesticpricesaregenerallythesame,thetwotermsareoftenusedinterchangeably.Theoutcomeofdevaluationordepreciation:thelowervalueofthedepreciatingcurrencywhichmakesthatcountry’sexportscheaperandthusmorecompetitiveanditsimportmorecostly.Throughpricechanges,devaluationstimulatesexportandleadstoadeclineinimports.Thusthecountry’stradebalanceisexpectedtobecomemorepositive.Also,whenthecountrycutsitsimports,itwillhavetofindsubstitutesforimported.Explainthatthereisstillabasisformutuallybeneficialtrade,evenifanationislessefficientthantheothernationintheproductionofbothcommodities.Accordingtothelawofcomparativeadvantage,evenifanationislessefficientthantheothernationintheproductionofbothcommodities,thereisstillabasisformutuallybeneficialtrade.Thefirstnationshouldspecializeintheproductionandexportofthecommodityinwhichitsabsolutedisadvantageissmaller(thisisthecommodityofitscomparativeadvantage)andimportthecommodityofitsabsolutedisadvantageisgreater(thisisthecommodityofitscomparativedisadvantage).Whydoesanationusuallyimposethelowertariffontheimportedinputthanthefinalproducts?50%ofthedomesticinputisthelocationa
