Title Nội dung ôn cô up LMS.docx ✅

1 MỤC LỤC Understand absolute advantage theory (A. Smith), comparative advantage theory (D. Ricardo), Hecksher – Ohline model; Understand how opportunity cost is related to comparative advantage. 3 1.1. Absolute advantage theory (trang 34) 3 Definition of Absolute advantage 3 llustration of Absolute Advantage (bài tập) → Xem mục 11.1 4 Hạn chế của Absolute advantage 4 1.2. Comparative advantage theory (trang 36) - How opportunity cost is related to comparative advantage? 4 Definition of the law of comparative advantage 4 Comparative Advantage and Opportunity Costs 5 Production Possibility Frontier (đường giới hạn khả năng sản xuất) 6 The Basis for and the Gains from Trade under Constant Costs 6 Bài tập → Xem ở 11.2 6 1.3. Tổng kết lại sự khác biệt 6 1.4. Hecksher – Ohline model (trang 131) 7 Understand import tariffs: c; the effect of a import tariff imposed by a small nation on domestic production, consumption, trade, and welfare. Evaluate the arguments in favour of trade restrictions. (trang 257) 9 2.1. Definition 9 2.2. Types of tariff 9 Định nghĩa & ví dụ 9 Công thức 10 2.3. Effect of a import tariff imposed by a small nation on domestic production, consumption, trade, and welfare 10 Bài tập → xem ở 11.3 11 2.4. Evaluate the arguments in favour of trade restrictions. 11 2.5. International Trade Policy 11 The Theory of Tariff Structure 11 Understand the similarities and differences between an import quota and an import tariff for the small country model. (trang 260) 13 Understand export subsidies and analyze welfare effects of export subsidies in a small economy. (trang 266) 13 4.1. Definition 13
2 4.2. Analyze welfare effects of export subsidies in a small economy 14 Understand the distinctions between different regional trading agreements: Free trade area, customs union, common market, economic union; Understand and analyze the costs and benefits from joining a trading bloc; understand trade creation and trade diversion effects. (trang 301) 15 5.1 The distinctions between different regional trading agreements 15 5.2 Costs and benefits from joining a trading bloc 15 5.3 Trade creation and trade diversion effects 16 Understand the difference between foreign direct investment (FDI) and foreign portfolio investment; understand effects of FDI on host countries. (trang 367) 16 6.1 The difference between foreign direct investment (FDI) and foreign portfolio investment 16 6.2 Effects of FDI on host countries: 17 Understand the balance of payments: Definition; accounting principles; transactions in the current, capital, and financial accounts; official reserve transactions. (trang 395) 17 Understand the foreign exchange market: Definition; depreciation and appreciation; meaning and functions of foreign exchange market; (trang 423) 21 Understand foreign exchange rates: Definition; exchange rate systems; the exchange rate and the balance of payments; spot and forward rates; foreign exchange risks, hedging and speculation. (trang 428) 22 Understand how a nation can achieve internal balance and external balance with fiscal and monetary policies under a fixed and a flexible exchange rate system. (trang 576) 24 10.1. Definition of internal and external balance 24 10.2. Policy Instruments 24 1/ Expenditure-changing policies 24 2/ Expenditure-switching policies 25 3/ Direct controls 25 10.3. Principle of Effective Market Classification (Mundell) 26 10.4. Internal and External Balance with Expenditure Changing & Expenditure Switching Policies (Salter-Swan model) 26 10.5. Equilibrium in the Goods Market, in Money Market, and in the BOP (Mundell-Fleming model) 27 IS curve: 28 LM curve: 28 BP Curve: 28 10.6. Perfect Capital Mobility & Exchange Rates 28 10.7. Fiscal and Monetary Policies from External Balance and Unemployment 29 10.8. Fiscal and Monetary Policies with Elastic Capital Flows 31 10.9. Fiscal and Monetary Policies with Perfect Capital Mobility 31
3 10.10. The IS-LM-BP Model with Flexible Exchange Rates 33 10.11. Policy Mix and Internal and External Balance 34 10.12. Principle of Effective Market Classification in Policy Mix 35 10.13. Evaluation of the Policy Mix with Price Changes 35 10.14. How Policy Mix and the Four National Objectives 35 Exercise: Absolute advantage, comparative advantage and import tariff 36 11.1. Absolute advantage 36 11.2. Comparative advantage 37 11.3 Import tariff 41 Nội dung cần ôn 1. Understand absolute advantage theory (A. Smith), comparative advantage theory (D. Ricardo), Hecksher – Ohline model; Understand how opportunity cost is related to comparative advantage. 1.1. Absolute advantage theory (trang 34) Definition of Absolute advantage The greater efficiency that one nation may have over another in the production of a commodity
4 llustration of Absolute Advantage (bài tập) → Xem mục 11.1 Hạn chế của Absolute advantage Absolute advantage, however, can explain only a very small part of world trade today, such as some of the trade between developed and developing countries. Most of world trade, especially trade among developed countries, could not be explained by absolute advantage. It remained for David Ricardo, with the law of comparative advantage, to truly explain the basis for and the gains from trade. Indeed, absolute advantage will be seen to be only a special case of the more general theory of comparative advantage 1.2. Comparative advantage theory (trang 36) - How opportunity cost is related to comparative advantage? Definition of the law of comparative advantage According to the law of comparative advantage, even if one nation is less efficient than (has an absolute disadvantage with respect to) the other nation in the production of both commodities, there is still a basis for mutually beneficial trade. (Not possible for one country to have a comparative advantage in everything)