Econ-Module 7 International HW

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Waukesha County Technical College *

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195

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Economics

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Feb 20, 2024

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WCTC Economics Module 7 Written Assignment: International Trade and Finance – 30 points Name: Instructor: Competencies: - Assess the impact of the globalization of economics. - Assess the effects of economics on contemporary public issues. What specific* reliable source(s) of information did you use to help complete this assignment? 1. 2. 3. 1. Explain the effects of the following change in the exchange rate: One year ago $1.00 = 1 Euro; now $1.20 = 1 Euro a. Did the dollar become weaker or stronger? Calculate how this change affected the price of U.S. import and exports: A German camera that costs 200 Euros, what will it cost U.S. buyers in dollars? b. When the exchange rate is $1.00 = 1 Euro: ____________dollars/euros ( bold or circle one) c. When the exchange rate is $1.20 = 1 Euro: ____________ dollars/euros ( bold or circle one) A U.S. computer that cost $600, what will it cost German buyers in Euros? d. When the exchange rate is $1.00 = 1 Euro: _____________ dollars/euros ( bold or circle one) e. When the exchange rate is $1.20 = 1 Euro: _____________ dollars/euros ( bold or circle one) f. From this exchange rate change, the quantity of U.S. imports will increase/decrease ( bold or circle one) and exports will increase/decrease ( bold or circle one) g. Using the GDP equation (algebraically) will this change help grow or shrink ( bold or circle one) the U.S. economy? 2. Explain the effects of the following change in the exchange rate: One year ago $1 = 4 yuan; now $1 = 5 yuan a. Did the dollar become weaker or stronger? Calculate how this change affected the price of U.S. import and exports: A Chinese car that costs 200,000 yuan what will it cost U.S. buyers in dollars? b. When $1 = 4 yuan: ________dollars/yuan ( bold or circle one) c. When $1 = 5 yuan: ________ dollars/yuan ( bold or circle one)

A U.S. bushel of rice cost $10, what will it cost Chinese buyers in yuan? d. When $1 = 4 yuan: ________ dollars/yuan ( bold or circle one) e. When $1 = 5 yuan: _________ dollars/yuan ( bold or circle one) f. From this exchange rate change, the quantity of U.S. imports will increase/decrease ( bold or circle one) and exports will increase/decrease ( bold or circle one) g. Using the GDP equation (algebraically) will this change help grow or shrink ( bold or circle one) the U.S. economy? 3. The U.S. can produce either 50 tons of rice or 25 tons of steel (or some combination in between) per day. Japan can produce either 20 tons of rice or 20 tons of steel (or some combination in between) per day. a. The U.S. has an absolute advantage at producing which product(s)? b. The U.S. has a comparative advantage at producing which product(s)? Explain why using opportunity costs. c. Japan has an absolute advantage at producing which product(s)? d. Japan has a comparative advantage at producing which product(s)? Explain why using opportunity costs. e. For each country to be better off Japan should produce only___________________ and the U.S. should produce only________________ and then they should trade for what they don’t produce. Why?

*Stating ‘the PowerPoint presentations’, ‘the textbook’ or ‘Google’, for example, is unacceptable. Stating the specific page numbers of the PowerPoint presentations or the textbook, or a link to a specific webpage used, is acceptable and expected. Critical Life Skills Rubric (to be filled out by the instructor): Acceptable = 1-4 points. 2 points deducted for any incomplete or missing graphs. Needs Improvement = 0.5-2 points. Unacceptable = 0 points . SCORE CRITERIA Acceptable Needs Improvement Unacceptable 1. Listed specific resource(s) used to help complete the assignment. (3 points) 2. Critical Thinking: can distinguish between a stronger dollar and a weaker dollar. (2 points) 3. Can compute the effect of a weaker dollar on the price of imports. (1 point) 4. Can compute the effect of a weaker dollar on the price of exports to the other country. (1 point) 5. Can determine the results of a weaker dollar on the quantity of U.S. imports and exports. (1 point) 6. Can determine the economic results of a weaker dollar on the U.S. economy. (2 points) 7. Can use the GDP equation to support the answer of the economic result of a weaker dollar on the U.S. economy. (2 points) 8. Can compute the effect of a stronger dollar on the price of imports. (1 point) 9. Can compute the effect of a stronger dollar on the price of exports to the other country. (1 point) 10. Can determine the results of a stronger dollar on the quantity of U.S. imports and exports. (1 point) 11. Can determine the economic results of a stronger dollar on the U.S. economy. (2 points) 12. Can use the GDP equation to support the answer of the economic result of a stronger dollar on the U.S. economy. (2 points) 13. Can distinguish between comparative and absolute advantage for Japan in problem #3. (2 points) 14. Can distinguish between comparative and absolute advantage for the U.S. in problem #3. (2 points) 15. Can determine the best result for trade using comparative advantage. (1 point) 16. Can explain why this is the best results for trade using comparative advantage. (2 points) 17. Either scored 19/26 points, or more, for criteria 1-16 on the first attempt, participated in the Zoom (or on campus) class meeting, or watched the whole recording of the Zoom class meeting in this module. (4 points)

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