p.13
Key Concepts in Economics
What does economics study?
It studies social problems.
p.10
Key Concepts in Economics
What does economics study?
It studies social problems.
p.9
Key Concepts in Economics
What is a key characteristic of the real world in relation to economics?
The real world is very complex and diverse.
p.49
Course Logistics and Assessment
Give an example of a task related to the Ricardian Model.
Collect trade data and discuss which trade patterns are consistent with the Ricardian Model.
p.42
International Trade Issues
What is the focus of the section titled 'What to Trade?'
It discusses the types of goods and services that can be traded.
p.29
International Monetary Issues
What does International Monetary Issues focus on?
Financial or monetary transactions, such as balance of national accounts and exchange rates.
p.9
Key Concepts in Economics
What does economics study?
It studies social problems.
p.82
Gravity Model of Trade
How does the size of a trading country affect bilateral trade volume?
Bilateral trade volume tends to increase with the size of the trading country.
p.13
Intentional Simplification in Economic Models
Why do economists use intentionally simplified models?
To explore complex and diverse real-world issues.
p.84
Impacts of Trade Policy
How does trade typically behave during recessions?
Trade decreases more than GDP.
p.32
Introduction to International Economics
Why is it important to study International Economics?
Nations are more connected than ever through trade.
p.2
Introduction to International Economics
What is the main focus of the International Economics course?
To understand key concepts in international economics.
p.26
Gravity Model of Trade
What does the term 'Gravity in Trade' refer to?
The concept that trade between two countries is proportional to their economic size and inversely proportional to the distance between them.
p.28
International Monetary Issues
What is the focus of International Monetary Issues?
The study of monetary aspects in international contexts.
p.10
Intentional Simplification in Economic Models
Why do economists use simplified models?
To explore complex and diverse real-world issues.
p.26
Introduction to International Economics
What is the focus of International Economics?
The study of economic interactions between countries, including trade, investment, and monetary policies.
p.35
Globalization and Trade Controversies
What is a common opposition to globalization?
Many people oppose freer trade.
p.33
Introduction to International Economics
Why is it important to study International Economics?
Because nations are more connected than ever through trade.
p.51
Course Logistics and Assessment
What is the maximum length of the term paper?
10 pages, including figures and tables.
p.33
International Trade Issues
What does the figure on Regional Trade Agreements (RTA) illustrate?
The increasing number of Regional Trade Agreements over time.
p.13
Intentional Simplification in Economic Models
What is an example of intentional simplification in economics?
Using 2 countries instead of 200.
p.36
Introduction to International Economics
Why is it important to study International Economics?
To understand the complexities of global trade and its impacts on economies.
p.25
Key Concepts in Economics
What is one of the goals of this course?
To understand key concepts in international economics.
p.83
Gravity Model of Trade
What concept is explored in the 'Gravity in Trade' section?
The relationship between the size of economies and the distance between them in trade.
What is the relationship between trade and macroeconomics?
Trade and macro are linked together.
p.35
Globalization and Trade Controversies
What is a common viewpoint regarding globalization?
It is often controversial and not universally accepted.
p.29
Key Concepts in Economics
What approach does International Monetary Issues primarily use?
A more Macroeconomics approach.
p.26
International Trade Issues
What are some key considerations in deciding 'What to Trade'?
Factors include comparative advantage, resource availability, and market demand.
p.53
International Trade Issues
What factors are analyzed in Firm S's strategy?
Costs of hiring workers and sourcing inputs.
p.24
Correlation vs. Causation in Economics
Why is causality important in economics?
It helps to understand the relationships between variables.
p.28
Key Concepts in Economics
What approach does International Trade Issues primarily use?
A more Microeconomics approach.
How does trade relate to macroeconomics?
Trade impacts overall economic performance and growth.
p.21
Key Concepts in Economics
What are the two main components of studying economics?
The formulation of models and the examination of data.
p.49
Course Logistics and Assessment
What are the two main focuses of the assignments?
Basic understanding of key concepts and their application to real-world data or events.
p.43
Course Logistics and Assessment
What is covered in the 'Course Logistics – About Grading' section?
Details regarding the grading system for the course.
p.30
Course Logistics and Assessment
What topics are mainly covered in this course?
Trade issues, with some macro issues when time allows.
p.50
Course Logistics and Assessment
Can students form study groups for assignments?
Yes, but they must submit their work independently.
p.86
International Monetary Issues
What are exchange rates compared to?
Relative prices of currencies.
p.13
Intentional Simplification in Economic Models
What is another example of intentional simplification?
Using a representative agent instead of many different people.
p.10
Key Concepts in Economics
What is the nature of the real world in relation to economics?
It is very complex and diverse.
p.27
Introduction to International Economics
What are the two main strands of issues studied in International Economics?
International Trade Issues and International Monetary Issues.
p.80
Gravity Model of Trade
What does the data suggest about US imports in relation to the gravity model?
Data roughly follow the gravity model but not perfectly.
p.88
Key Concepts in Economics
What is the relationship between trade and macro variables?
Trade and macro variables seem to be linked together.
p.34
Globalization and Trade Controversies
How has global travel and connectivity changed in recent years?
It has increased significantly.
p.81
Impacts of Trade Policy
What was one effect of China's entry into the WTO?
It stabilized the trade policy between China and the US.
p.25
Introduction to International Economics
What are the main focuses of the course?
Introducing data to motivate models and teaching models.
p.51
Course Logistics and Assessment
What formatting requirements are specified for the term paper?
In English, double-spaced, font size 11.
p.81
Impacts of Trade Policy
How did China's exports to the US change after joining the WTO?
They increased dramatically.
p.79
Gravity Model of Trade
Why does the US trade more with Mexico than projected by the Gravity Model?
This is an anomaly that gravity models aim to explain.
p.25
Course Logistics and Assessment
What are the components of course assessment?
Homework assignments, a term paper, and a class presentation.
p.83
International Trade Issues
What is the focus of the 'What to Trade?' section?
Discusses the types of goods and services that can be traded.
p.25
Key Concepts in Economics
What will students learn to do with the key concepts in international economics?
Apply them to read and interpret real data and events.
p.40
International Trade Issues
Why do countries trade?
To gain economic benefits and improve welfare.
p.74
Gravity Model of Trade
What does the term 'Gravity in Trade' refer to?
The idea that larger countries tend to trade more with each other.
p.12
Intentional Simplification in Economic Models
What is another example of intentional simplification?
Using a representative agent instead of many different people.
How does trade relate to macroeconomic factors?
Trade can influence overall economic performance, including GDP, employment, and inflation.
p.32
International Trade Issues
What does the figure 'Imports per GDP in the World' illustrate?
The level of trade connectivity among nations.
p.35
Introduction to International Economics
Why is it important to study International Economics?
To understand global trade dynamics and their impact on economies.
p.17
Intentional Simplification in Economic Models
What is an example of intentional simplification in economics?
The 'smile' concept represented by a simple smile emoji.
p.66
International Trade Issues
What are the top three exports of the US to China?
Machines, Transportation, Chemical Products.
p.53
International Trade Issues
What theory does Firm S's strategy relate to?
The Heckscher-Ohlin theory.
p.11
Key Concepts in Economics
What does economics study?
It studies social problems.
p.55
Course Logistics and Assessment
When are the presentations scheduled?
December 24th and 31st (Week 15 and 16).
p.80
Impacts of Trade Policy
What is a key aspect of trade policy mentioned?
The US-Canada-Mexico trade agreement.
p.43
International Trade Issues
What is the focus of the 'What to Trade?' section?
It discusses the types of goods and services that can be traded.
p.12
Key Concepts in Economics
What does economics study?
It studies social problems.
p.63
International Trade Issues
What are the top three imports of China in 2019?
Mineral products, machines, and chemical products.
p.63
Gravity Model of Trade
What is the significance of gravity in trade?
It helps explain trade patterns and volumes between countries.
p.41
Impacts of Trade Policy
What do tariffs do?
Tariffs increase the cost of imported goods, potentially protecting domestic industries.
p.29
Introduction to International Economics
What are the two main strands of issues studied in International Economics?
International Trade Issues and International Monetary Issues.
p.23
Key Concepts in Economics
What is the primary focus of economics?
The study of social problems from a scientific viewpoint.
p.80
Gravity Model of Trade
What is the purpose of gravity models in trade?
To find anomalies in trade patterns.
p.34
Introduction to International Economics
Why is it important to study International Economics?
To understand global trade dynamics and their impact on economies.
p.53
International Trade Issues
What regional aspect influences Firm S's strategy?
Regional policies in Country C.
p.25
Key Concepts in Economics
How will students primarily examine data in this course?
Through the models taught in the course.
p.11
Intentional Simplification in Economic Models
What is the purpose of intentionally simplified models in economics?
To explore issues more effectively.
p.31
Course Logistics and Assessment
What is a common structure in an International Economics course?
Introduction, Break, Logistics, Break, Conclusion.
p.6
International Trade Issues
What is a key consideration in determining 'What to Trade'?
Factors such as comparative advantage and resource availability.
How does trade relate to macroeconomics?
Trade impacts macroeconomic indicators such as GDP, employment, and inflation.
p.39
Impacts of Trade Policy
Who typically gains or loses from trade?
Different sectors and groups within countries can gain or lose based on trade policies.
p.13
Intentional Simplification in Economic Models
How do we use simplifications in our daily lives?
We often make oversimplifications to understand complex situations.
p.19
Course Logistics and Assessment
What are the key components discussed in the course?
Introduction, Logistics, What to Trade, Gravity in Trade, Trade and Macro, Conclusion.
p.28
Introduction to International Economics
What are the two main strands of issues studied in International Economics?
International Trade Issues and International Monetary Issues.
p.57
Course Logistics and Assessment
Which textbook is primarily used for the lectures?
Robert C. Feenstra and Alan M. Taylor’s textbook on International Trade.
p.73
International Trade Issues
What does the figure on Import Share and GDP in 2019 illustrate?
It shows the relationship between import share and GDP across countries.
p.88
International Monetary Issues
How are exchange rates related to macroeconomic policies?
Exchange rates seem to be linked to the results of each country’s macroeconomic policies.
p.11
Key Concepts in Economics
Why is the real world considered complex and diverse in economics?
Because it involves various social problems and factors.
p.30
International Trade Issues
What does International Trade Issues focus on?
The trade of goods and services across nations.
p.21
Key Concepts in Economics
What is the primary focus of economics?
The study of social problems from a scientific viewpoint.
p.39
International Trade Issues
What is one reason countries engage in trade?
To gain economic benefits.
p.52
Course Logistics and Assessment
What tools can be used to create presentation slides?
PowerPoint, Beamer, or equivalent.
p.21
Correlation vs. Causation in Economics
Why is causality important in economics?
It helps to understand the relationships between variables.
p.12
Intentional Simplification in Economic Models
What is an example of intentional simplification in economic models?
Using 2 countries instead of 200.
p.2
Key Concepts in Economics
What skills will students develop in this course?
The ability to read and interpret real data and events.
p.36
Globalization and Trade Controversies
What was the context of Trump's tweet on July 24, 2018?
It relates to discussions around trade and globalization.
p.29
International Trade Issues
What does International Trade Issues focus on?
The trade of goods and services across nations.
p.29
Key Concepts in Economics
What approach does International Trade Issues primarily use?
A more Microeconomics approach.
p.23
Intentional Simplification in Economic Models
What does the formulation of models in economics involve?
Assumptions leading to implications and intentional simplification of relationships.
p.55
Course Logistics and Assessment
What penalty is incurred for late submissions?
A 5-point penalty per hour.
p.52
Course Logistics and Assessment
What is the maximum length of the term paper?
10 pages, including figures and tables.
p.27
International Monetary Issues
What does International Monetary Issues encompass?
The study of currency exchange rates, international financial systems, and balance of payments.
p.16
Intentional Simplification in Economic Models
What key feature indicates a smile?
Lifted corners of the mouth.
p.34
Globalization and Trade Controversies
What is one argument regarding global travel's impact during the Covid-19 pandemic?
It contributed to the severity and spread of Covid-19.
p.33
International Trade Issues
What is the role of Regional Trade Agreements?
To help trade flow more freely among RTA countries.
p.33
Key Concepts in Economics
What data source is used for the figure on Regional Trade Agreements?
World Trade Organization.
p.12
Intentional Simplification in Economic Models
Why do economists use intentionally simplified models?
To explore complex and diverse real-world issues.
p.5
Key Concepts in Economics
What is the primary focus of Economics?
Understanding how resources are allocated and utilized.
p.65
International Trade Issues
What are the top three imports of China?
Mineral Products, Machines, Chemical Products.
p.5
Introduction to International Economics
What does International Economics study?
The economic interactions between countries, including trade and finance.
p.39
Impacts of Trade Policy
What will be covered in the section on trade policy?
The impacts of trade policy on economies.
p.8
Key Concepts in Economics
What does economics study?
It studies social problems.
p.20
Correlation vs. Causation in Economics
What should policy be based on according to the text?
Causality, not correlation.
p.72
International Trade Issues
What will be covered in the following 4-5 lectures?
Which countries are more dependent on trade.
p.53
International Trade Issues
What is the focus of Firm S's FDI strategy?
Production bases in Country C and research bases in Country U.
p.72
International Trade Issues
What is a key focus of the upcoming lectures?
Countries that rely on trade more heavily than others.
p.23
Correlation vs. Causation in Economics
Why is causality important in economics?
It helps in understanding the relationships between variables.
p.52
Course Logistics and Assessment
What formatting requirements are specified for the term paper?
In English, double-spaced, font size 11.
p.57
Course Logistics and Assessment
What are the key sections mentioned in the course outline?
Introduction, Break, Logistics, Break, What to Trade?, Gravity in Trade, Trade and Macro, Conclusion.
p.55
Course Logistics and Assessment
What should students do if they face difficulties before the deadline?
Contact the instructor before the deadline.
p.24
Gravity Model of Trade
What does the term 'Gravity in Trade' refer to?
It refers to the model that explains trade patterns based on economic size and distance.
p.16
Intentional Simplification in Economic Models
How does simplification help us?
It helps us find what is important.
p.41
International Trade Issues
Why do countries trade?
To gain economic benefits and improve welfare.
p.30
International Monetary Issues
What does International Monetary Issues focus on?
Financial or monetary transactions such as balance of national accounts and exchange rates.
p.11
Intentional Simplification in Economic Models
What is intentional simplification?
The process of creating simplified models to analyze complex real-world issues.
p.41
Impacts of Trade Policy
Who gains or loses from trade?
Different groups within countries can gain or lose, depending on the trade policies and sectors involved.
p.14
International Trade Issues
What is the purpose of the 'What to Trade?' section?
To discuss the types of goods and services that can be traded.
p.6
Course Logistics and Assessment
What is the purpose of the conclusion in an economics discussion?
To summarize key findings and implications of the economic analysis.
p.50
Course Logistics and Assessment
What penalty is incurred for late submissions?
A 5-point penalty per hour.
p.18
Intentional Simplification in Economic Models
What is an example of intentional simplification in economic models?
The 'smile' represented by a simple smile emoji.
p.31
Introduction to International Economics
Why is it important to study International Economics?
Nations are more connected than ever through trade.
p.27
International Trade Issues
What is the focus of International Trade Issues?
The study of trade between countries and its effects.
p.35
International Trade Issues
What does the term 'freer trade' refer to?
Reduced barriers to trade between countries.
p.18
Intentional Simplification in Economic Models
What does the figure of a smile emoji with tears represent?
A more complex interpretation of the 'smile' model.
p.28
International Trade Issues
What does International Trade Issues focus on?
The trade of goods and services across nations.
p.82
Gravity Model of Trade
What is a key characteristic of small countries in relation to trade?
They tend to rely more on trade.
p.43
Gravity Model of Trade
What concept is explored in the 'Gravity in Trade' section?
The relationship between the size of economies and the distance between them in trade.
p.79
Course Logistics and Assessment
What are some key sections mentioned in the content?
Introduction, Break, Logistics, What to Trade?, Gravity in Trade, Trade and Macro, Conclusion.
p.41
International Trade Issues
What are the gains from trade?
Increased efficiency and access to a wider variety of goods.
p.41
Impacts of Trade Policy
What are the impacts of trade policy?
Trade policies can affect tariffs, trade volumes, and economic relationships between countries.
p.68
International Trade Issues
What will be the focus of the following 4-5 lectures?
Explaining and rationalizing each country’s trade pattern and the gains from trade.
p.76
Gravity Model of Trade
What is the mathematical representation of the relationship in trade flows?
1 log(X × Y) = log X + log Y, log(X/Y) = log X − log Y.
p.56
Course Logistics and Assessment
What is the purpose of the office hour mentioned?
To address students' needs and questions.
p.64
Gravity Model of Trade
What is the significance of gravity in trade?
It refers to the economic principle that larger economies tend to trade more with each other.
p.36
Globalization and Trade Controversies
What is a common viewpoint regarding globalization?
It is often controversial and not everyone supports freer trade.
p.23
Key Concepts in Economics
What are the two main components of studying economics?
Formulation of models and examination of data.
How does trade impact macroeconomic factors?
Trade influences GDP, employment, and inflation rates in an economy.
p.19
Correlation vs. Causation in Economics
What is a significant distinction made in economics?
Correlation vs. Causation.
p.73
International Trade Issues
What is the relationship between country size and reliance on imports?
Smaller countries tend to rely more on imports.
p.24
Key Concepts in Economics
What is the primary focus of economics?
Studying social problems from a scientific viewpoint.
p.30
Introduction to International Economics
What are the two main strands of issues studied in International Economics?
International Trade Issues and International Monetary Issues.
p.79
Gravity Model of Trade
What does the data suggest about US imports in relation to the Gravity Model?
Data roughly follow the gravity model but not perfectly.
p.6
Gravity Model of Trade
What does the term 'Gravity in Trade' refer to?
It refers to the idea that trade between two countries is proportional to their economic size and inversely proportional to the distance between them.
p.82
Gravity Model of Trade
What is the relationship between distance and bilateral trade volume?
Bilateral trade volume tends to decrease with distance.
p.39
International Trade Issues
What are the gains from trade?
Increased efficiency and access to a wider variety of goods.
p.75
Course Logistics and Assessment
What is the conclusion of the course likely to summarize?
The key insights and findings related to international trade.
p.52
Course Logistics and Assessment
What should students apply in their projects?
What we study in this course.
p.76
Gravity Model of Trade
What is the relationship between the size of trading partners and bilateral trade flows?
Bilateral trade flows increase with the size of trading partners.
p.65
International Trade Issues
What is an example of trade data by trading partner?
US’s Exports to China vs. Japan.
How does trade relate to macroeconomics?
Trade impacts overall economic performance and growth.
p.38
International Trade Issues
Why do countries trade?
Countries trade to benefit from comparative advantages and to access goods and services not available domestically.
p.85
International Trade Issues
What is the focus of the section 'What to Trade?'?
It discusses the types of goods and services that can be traded.
p.44
Course Logistics and Assessment
What will the homework assignments and exam primarily assess?
Understanding of key models and concepts and their applications to the real world.
p.14
Intentional Simplification in Economic Models
What does the figure of a 'Real' Smile represent?
It visually demonstrates the concept of intentional simplification in economic models.
p.60
Key Concepts in Economics
What will be discussed again in later classes?
Each figure related to trade data.
p.19
Correlation vs. Causation in Economics
What is the purpose of a model in economics?
A model helps us to understand causality.
p.17
Intentional Simplification in Economic Models
How can additional variables affect the interpretation of a simplified model?
They can lead to different conclusions, as shown by the smile emoji with tears.
p.23
Key Concepts in Economics
How do economists motivate, test, and revise their models?
Through the examination of data.
p.79
Gravity Model of Trade
What is the purpose of the Gravity Model in trade?
To analyze trade patterns and find anomalies.
p.6
Key Concepts in Economics
What is the primary focus of economics?
Economics is about the study of how societies allocate scarce resources.
p.16
Intentional Simplification in Economic Models
What does a downward turn of the mouth corners indicate?
It is unlikely the person is happy.
p.73
International Trade Issues
What is a key question regarding gains from trade?
Do gains from trade depend on the country size?
p.75
Gravity Model of Trade
What does the term 'Gravity in Trade' refer to?
The concept that trade volume between countries is positively related to their economic size and negatively related to the distance between them.
p.30
Key Concepts in Economics
What approach does International Trade Issues primarily take?
A more Microeconomics approach.
p.51
Course Logistics and Assessment
How long should the project presentation be?
10-15 minutes, depending on class size.
p.65
International Trade Issues
What are the top three exports of China?
Machines, Textiles, Metals.
p.30
Key Concepts in Economics
What approach does International Monetary Issues primarily take?
A more Macroeconomics approach.
p.83
Impacts of Trade Policy
What does the 'Trade and Macro' section address?
The impact of trade on macroeconomic factors.
p.68
International Trade Issues
What tends to differ between a country's main imports and exports?
They tend to differ, but some may overlap.
What is the relationship between trade and macroeconomics?
Trade impacts macroeconomic indicators such as GDP and employment.
p.42
Gravity Model of Trade
What concept is explored in the section 'Gravity in Trade'?
The relationship between distance and trade volume, often modeled using the Gravity Model.
p.17
Course Logistics and Assessment
What are the main sections mentioned in the course outline?
Introduction, Break, Logistics, What to Trade?, Gravity in Trade, Trade and Macro, Conclusion.
p.80
International Trade Issues
Why does the US trade more with Mexico than projected?
Due to factors like the US-Canada-Mexico trade agreement.
p.72
International Trade Issues
What is the significance of trade dependency among countries?
Some countries are more likely to depend on trade than others.
p.18
Intentional Simplification in Economic Models
What is the purpose of using models in economics?
To gain insight, even though they are never perfect.
p.52
Course Logistics and Assessment
How long should the project presentation be?
10-15 minutes, depending on class size.
p.43
Impacts of Trade Policy
What does the 'Trade and Macro' section address?
The impact of trade on macroeconomic factors.
p.51
Course Logistics and Assessment
What tools can be used to create presentation slides?
PowerPoint, Beamer, or equivalent.
p.82
Impacts of Trade Policy
How does trade policy impact trade volume?
Trade policy does affect trade volume.
p.50
Course Logistics and Assessment
What are the two main focuses of the assignments?
Basic understanding of key concepts and their application to real-world data or events.
p.14
Gravity Model of Trade
What concept does 'Gravity in Trade' refer to?
The idea that trade between two countries is proportional to their economic size and inversely proportional to the distance between them.
p.74
Course Logistics and Assessment
What is the significance of understanding trade logistics?
It helps in planning and executing trade effectively.
p.41
International Monetary Issues
How are exchange rates determined?
Exchange rates are influenced by factors like interest rates, inflation, and economic stability.
p.38
Impacts of Trade Policy
What are the impacts of trade policy?
Trade policy can affect economic growth, employment, and the distribution of resources within a country.
p.56
Course Logistics and Assessment
Where is the office located?
B816 in the Antai’s building.
p.64
International Trade Issues
What is the focus of the section titled 'What to Trade?'
It discusses the types of goods and services that are traded internationally.
p.44
Course Logistics and Assessment
How is grading distributed in the course?
Assignments (20%), Presentation (40%), Term Paper (40%).
p.67
Course Logistics and Assessment
What are the main topics covered in the introduction?
Logistics, trade patterns, and macroeconomic aspects.
p.59
Gravity Model of Trade
What concept is explored in the section 'Gravity in Trade'?
The relationship between distance and trade volume, often referred to as the Gravity Model of Trade.
p.3
Course Logistics and Assessment
What is the purpose of the introduction in a course?
To provide an overview and set the context for the material.
p.40
International Trade Issues
What are the gains from trade?
Increased efficiency and access to a wider variety of goods.
p.90
Key Concepts in Economics
What does economics study?
Social problems using models and data.
p.12
Intentional Simplification in Economic Models
What is the significance of using simplified models in economics?
They help in understanding and analyzing complex social problems.
p.44
Course Logistics and Assessment
What will the lectures cover?
Key models and concepts in economics.
p.60
International Trade Issues
Where can useful trade data be found?
On the website https://oec.world/en.
p.62
Gravity Model of Trade
What concept is explored in the section 'Gravity in Trade'?
The relationship between the size of economies and the volume of trade between them.
p.71
International Trade Issues
Which countries gain more from trade?
Large countries like the US and China, as well as small countries like Singapore and Belgium.
p.37
Key Concepts in Economics
What are the goals of the International Economics course?
To understand key concepts and models in international economics and apply them to real data and events.
p.69
International Trade Issues
What is the focus of the section 'What to Trade?'?
It discusses the types of goods and services that are commonly traded between countries.
p.7
Gravity Model of Trade
How does gravity relate to trade?
Gravity in trade refers to the idea that larger economies attract more trade.
p.37
Impacts of Trade Policy
What are the potential outcomes of trade that the course will explore?
The gains and losses from trade.
p.89
Impacts of Trade Policy
What are the impacts of trade policy?
Trade policies can affect tariffs, trade volumes, and economic relationships.
p.15
Intentional Simplification in Economic Models
What is an example of intentional simplification mentioned?
The 'smile' represented by a smile emoji.
p.21
Gravity Model of Trade
What does the term 'Gravity in Trade' refer to?
A model that explains trade patterns based on economic size and distance.
p.5
Course Logistics and Assessment
What is one of the goals of today's session?
To understand course logistics.
p.8
Key Concepts in Economics
What is a characteristic of the real world in relation to economics?
The real world is very complex.
What is the relationship between trade and macroeconomics?
Trade impacts macroeconomic indicators like GDP and employment.
p.42
Course Logistics and Assessment
What is the purpose of the 'Conclusion' section?
To summarize the key points discussed throughout the course.
p.87
Gravity Model of Trade
What concept is explored in 'Gravity in Trade'?
The relationship between trade volume and the economic size and distance between countries.
p.40
International Monetary Issues
What is the global real economy beyond trade?
It includes Foreign Direct Investment (FDI) and the role of multinationals.
p.62
Impacts of Trade Policy
What does the section 'Trade and Macro' address?
The impact of trade on macroeconomic factors such as GDP and employment.
p.77
Gravity Model of Trade
In the Gravity Model of Trade, what do the variables GDP_o and GDP_d represent?
GDP_o represents the GDP of the origin country, and GDP_d represents the GDP of the destination country.
p.77
Gravity Model of Trade
What mathematical property is used in the Gravity Model of Trade?
The logarithmic properties: log(X × Y) = log(X) + log(Y) and log(X/Y) = log(X) - log(Y).
p.78
Gravity Model of Trade
What is the formula for the Gravity Model of Trade?
X_od = A × GDP_o × GDP_d / Dist_od
p.61
International Trade Issues
What types of data facts should be examined in trade analysis?
What countries import/export and how trade patterns change over time.
p.3
Course Logistics and Assessment
What is the purpose of the conclusion in a course?
To summarize key points and reinforce learning.
p.83
Course Logistics and Assessment
What is the purpose of the 'Conclusion' section?
To summarize the key points discussed throughout the course.
p.54
International Trade Issues
What is the focus of Firm S's FDI strategy?
Production bases in Country C and research bases in Country U.
p.58
Course Logistics and Assessment
What is the purpose of the ECON 101 mini-lecture slides?
To assist students who may not have majored in economics.
p.54
International Trade Issues
What theory is Firm S's strategy hypothesized to be based on?
The Heckscher-Ohlin theory.
p.37
Introduction to International Economics
Why is it important to study International Economics?
Nations are more connected than ever through trade, and globalization is often controversial.
p.77
Gravity Model of Trade
What does the Gravity Model of Trade suggest about bilateral trade flows?
Bilateral trade flows increase with the size of trading partners and decrease with the distance between them.
p.8
Gravity Model of Trade
What is the significance of 'Gravity in Trade'?
It refers to the factors influencing trade patterns and volumes.
p.58
Course Logistics and Assessment
How can students ask questions during class?
Questions are always welcome during class.
p.60
International Trade Issues
What is the focus of the class regarding international trade?
Facts about international trade.
p.45
International Trade Issues
What is the significance of 'Trade and Macro' in the course?
It examines the relationship between trade and macroeconomic factors.
p.3
Course Logistics and Assessment
What is the significance of breaks in a course schedule?
To allow students time to rest and process information.
How does trade relate to macroeconomics?
Trade impacts overall economic performance and growth.
What is the relationship between trade and macroeconomics?
Trade impacts macroeconomic indicators like GDP and employment.
p.41
International Monetary Issues
What does the Balance of Payments indicate?
It reflects a country's economic transactions with the rest of the world, including trade deficits.
p.39
International Monetary Issues
What is one topic related to international monetary issues?
Exchange rates and their impact on trade.
p.64
International Trade Issues
What are the top three categories of China's exports in 2019?
Machines, Textiles, Metals.
p.8
Course Logistics and Assessment
What are some key topics covered in the course?
What to Trade, Gravity in Trade, Trade and Macro.
p.71
International Trade Issues
Which countries are more dependent on trade?
Small countries like Singapore and Belgium.
p.37
Globalization and Trade Controversies
What is a common opposition in the context of globalization?
Many people oppose freer trade or globalization.
p.45
Gravity Model of Trade
What does the term 'Gravity in Trade' refer to?
It refers to the concept that trade flows are influenced by the economic size and distance between countries.
p.22
Correlation vs. Causation in Economics
Why is causality important in economics?
It helps to understand the relationships between variables.
p.78
Gravity Model of Trade
What does the Gravity Model of Trade suggest about bilateral trade flows?
Bilateral trade flows increase with the size of trading partners and decrease with the distance between them.
p.15
Gravity Model of Trade
What concept does 'Gravity in Trade' refer to?
It refers to the idea that larger economies attract more trade.
p.48
Course Logistics and Assessment
What type of understanding is primarily assessed in the assignments?
Basic understanding of key concepts.
p.15
Intentional Simplification in Economic Models
What is important to recognize a 'smile'?
Understanding the visual representation and its meaning.
p.3
Course Logistics and Assessment
What is the role of Microsoft Forms in the course?
To gather feedback and assess student understanding.
p.76
Gravity Model of Trade
How does distance affect bilateral trade flows?
Bilateral trade flows decrease with the distance between trading partners.
p.90
International Trade Issues
What is the focus of international economics?
Trade and monetary issues.
p.87
International Trade Issues
What is the focus of the section 'What to Trade'?
It discusses the types of goods and services that can be traded.
p.4
Gravity Model of Trade
What concept is explored in the 'Gravity in Trade' section?
The relationship between trade volume and the economic size and distance between countries.
p.86
International Monetary Issues
What might explain sudden changes in exchange rates?
Various economic factors (not specified in the text).
p.7
Key Concepts in Economics
What is the primary focus of economics?
It studies social problems.
p.46
Course Logistics and Assessment
What will be mainly assessed in the assignments?
Basic understanding of key concepts and their application to real-world data or events.
p.56
Course Logistics and Assessment
When is the instructor unavailable for office hours?
On Tuesday and Wednesday afternoons, and Thursday mornings.
p.87
International Monetary Issues
What example is used to illustrate exchange rates?
The JPY-USD exchange rate.
p.67
International Trade Issues
How do US exports to Japan differ from those to China?
US exports different types of goods, such as transportation and food, to each country.
p.87
International Monetary Issues
What trend is observed in bond returns?
The gap in bond returns shows a similar trend to exchange rates.
p.87
Correlation vs. Causation in Economics
What question is raised regarding exchange rates and bond returns?
Are the two linked, and if so, why?
p.37
International Trade Issues
What practical application will the course include regarding tariffs?
Discussing if tariffs are beneficial or not.
p.69
Course Logistics and Assessment
What is the purpose of the 'Conclusion' section?
To summarize the key points discussed in the presentation.
p.3
Gravity Model of Trade
What does the Gravity Model of Trade explain?
The trade flow between two countries based on their economic size and distance.
p.40
Impacts of Trade Policy
Who gains or loses from trade?
Different groups within countries can gain or lose, depending on the trade policies and sectors involved.
p.5
Key Concepts in Economics
What is the significance of data facts in the course?
To provide insights and context for economic concepts.
p.22
Key Concepts in Economics
What are the two main components of studying economics?
Formulation of models and examination of data.
p.90
Course Logistics and Assessment
What are the components of the final exam?
A presentation and a term paper.
p.58
Course Logistics and Assessment
What course does the instructor encourage students to take?
The Business Econ course.
p.59
International Trade Issues
What is the focus of the section 'What to Trade?'?
It discusses the types of goods and services that can be traded.
p.54
Course Logistics and Assessment
What should students do to discuss their potential project?
Visit during office hours.
p.61
International Trade Issues
How does the size of a country affect its trade relationships?
Smaller countries tend to trade differently compared to larger countries.
p.59
Impacts of Trade Policy
What does the section 'Trade and Macro' likely cover?
The impact of trade on macroeconomic factors such as GDP, employment, and inflation.
p.67
Gravity Model of Trade
What is the significance of gravity in trade?
It helps explain trade patterns based on geographical and economic proximity.
p.89
International Monetary Issues
How are exchange rates determined?
Exchange rates are influenced by factors such as interest rates, inflation, and economic stability.
p.42
Impacts of Trade Policy
What does the section 'Trade and Macro' likely cover?
The impact of trade on macroeconomic factors such as GDP and employment.
p.74
International Trade Issues
What is the focus of the 'What to Trade?' section?
Determining the types of goods and services exchanged in trade.
p.4
International Trade Issues
What is the focus of the 'What to Trade?' section?
It discusses the types of goods and services that can be traded.
p.14
Intentional Simplification in Economic Models
What is an example of intentional simplification in economics?
The concept of a 'Smile' used to illustrate economic principles.
p.62
International Trade Issues
What is the focus of the section 'What to Trade?'?
It discusses the types of goods and services that countries engage in trading.
p.38
International Monetary Issues
What is a key topic covered in the course related to international finance?
International Monetary Issues.
p.85
Gravity Model of Trade
What does the term 'Gravity in Trade' refer to?
It refers to the economic theory that larger economies attract more trade.
p.38
Course Logistics and Assessment
What is the purpose of class presentations in the course?
To prepare for the final exam and reinforce learning through peer engagement.
What is the relationship between trade and macroeconomics?
Trade impacts macroeconomic factors such as GDP, employment, and inflation.
p.44
Course Logistics and Assessment
What is the attendance requirement for the MIB program?
You must attend 2/3 of the classes.
p.58
Course Logistics and Assessment
What platforms can students use to post questions outside of class?
Canvas, email, or Wechat.
p.47
Course Logistics and Assessment
What will the assignments mainly focus on?
Basic understanding of key concepts and their application to real-world data or events.
p.69
Gravity Model of Trade
What does the 'Gravity in Trade' section refer to?
It refers to the Gravity Model, which explains trade patterns based on the economic size and distance between countries.
p.59
Course Logistics and Assessment
What is the purpose of the 'Conclusion' section?
To summarize the key points discussed throughout the course.
p.69
Impacts of Trade Policy
What is the relationship between trade and macroeconomics discussed in the 'Trade and Macro' section?
It examines how trade impacts macroeconomic indicators like GDP, employment, and inflation.
p.78
Gravity Model of Trade
What transformation can be applied to the Gravity Model equation?
log(X_od / (GDP_o × GDP_d)) = log(A) - log(Dist_od)
How does trade impact macroeconomic factors?
It influences GDP, employment, and inflation rates.
p.60
Introduction to International Economics
What is the purpose of the initial discussion in the class?
To motivate students to study international trade using real-world data facts.
p.22
Key Concepts in Economics
What is the primary focus of economics?
The study of social problems from a scientific viewpoint.
p.39
Course Logistics and Assessment
What will be the focus of the class presentations?
Final exam preparation and review.
p.40
Impacts of Trade Policy
What are the impacts of tariffs?
Tariffs can raise prices for consumers and affect trade volumes.
p.54
International Trade Issues
What factors are analyzed in Firm S's strategy?
Costs of hiring workers and sourcing inputs.
p.77
Gravity Model of Trade
What is the formula for the Gravity Model of Trade?
X_od = A × GDP_o × GDP_d / Dist_od
p.4
Course Logistics and Assessment
What is the purpose of the course WeChat group?
To facilitate communication and collaboration among participants.
p.62
Course Logistics and Assessment
What is the purpose of the 'Conclusion' section?
To summarize the key points discussed throughout the material.
p.78
Gravity Model of Trade
In the Gravity Model, what do GDP_o and GDP_d represent?
GDP_o represents the GDP of the origin country, and GDP_d represents the GDP of the destination country.
p.70
International Trade Issues
What is the focus of the section titled 'What to Trade?'
Identifying goods and services that countries exchange.
p.89
International Monetary Issues
What does the trade deficit really mean?
It indicates that a country is importing more goods and services than it is exporting.
p.1
Course Logistics and Assessment
Which institution offers the ECON8008 International Economics course?
Antai College of Economics and Management, Shanghai Jiao Tong University.
p.40
Impacts of Trade Policy
What are the impacts of trade policy?
Trade policies can affect tariffs, trade volumes, and economic relationships.
p.4
Impacts of Trade Policy
What does the 'Trade and Macro' section address?
The impact of trade on macroeconomic factors.
p.89
International Trade Issues
Why do countries trade?
To gain economic benefits and improve welfare.
p.89
International Trade Issues
What are the gains from trade?
Increased efficiency and access to a wider variety of goods.
p.89
Impacts of Trade Policy
Who gains or loses from trade?
Different groups within countries can gain or lose, depending on the trade policies and sectors involved.
p.15
International Trade Issues
What does the 'What to Trade?' section discuss?
It addresses the types of goods and services that can be traded.
p.59
Key Concepts in Economics
What might be included in the 'data facts' section?
Statistical information and data related to trade patterns and economic indicators.
p.67
International Trade Issues
What does the figure on US exports to Japan illustrate?
The specific types and volumes of goods exported from the US to Japan.
p.69
International Trade Issues
Which countries tend to trade more than others?
Countries with larger economies and closer geographical proximity typically trade more.
p.45
Course Logistics and Assessment
What are the main topics covered in the course?
Introduction, What to Trade, Gravity in Trade, Trade and Macro, Conclusion.
p.22
Intentional Simplification in Economic Models
What does the formulation of models in economics involve?
Assumptions leading to implications and intentional simplification of relationships.
p.85
International Trade Issues
What is the trade relationship between China and the US?
China exports more than it imports from the US, while the US imports more than it exports to China.
p.7
International Trade Issues
What is the significance of 'What to Trade?' in economics?
It addresses the decisions regarding the exchange of goods and services.
p.85
Impacts of Trade Policy
What does a trade surplus indicate?
It indicates that a country exports more than it imports.
p.61
International Trade Issues
What role does distance play in international trade?
Distance matters in determining trade relationships.
p.85
Impacts of Trade Policy
Is a trade deficit considered good or bad?
It can be viewed as both good or bad, depending on the economic context.
What is the relationship between trade and macroeconomics?
Trade impacts macroeconomic factors such as GDP and employment.
p.70
Gravity Model of Trade
What does the 'Gravity in Trade' section likely discuss?
The relationship between the size of economies and their trade volumes.
p.90
International Trade Issues
What should students keep an eye on during the course?
Issues related to international economics.
p.87
Impacts of Trade Policy
What is the relationship between trade and macroeconomics discussed?
It examines how trade impacts overall economic performance and macroeconomic indicators.
p.15
Course Logistics and Assessment
What is the purpose of the 'Introduction' section?
To provide an overview of the topics covered.
p.89
Impacts of Trade Policy
What are the impacts of tariffs?
Tariffs can raise prices for consumers and protect domestic industries but may also lead to trade retaliation.
p.78
Gravity Model of Trade
What logarithmic property is used in the transformation of the Gravity Model?
log(X × Y) = log(X) + log(Y) and log(X / Y) = log(X) - log(Y).
p.61
International Trade Issues
What significant event impacted China's trade patterns?
China's entry into the WTO.
p.7
Course Logistics and Assessment
What is the purpose of the conclusion in an economics course?
To summarize key insights and implications of economic theories.
p.3
International Trade Issues
What factors should be considered when deciding what to trade?
Market demand, supply, and comparative advantage.
p.48
Course Logistics and Assessment
What is one application students may be asked to demonstrate in their assignments?
Application to real-world data or events.
p.3
Course Logistics and Assessment
Why is it important to know students better?
To tailor the course content and improve engagement.
