2014年5月IB经济SL真题下载-Paper2
1. Study the extract below and answer the questions that follow.
Japan in first trade gap since 1963
（1）Japan’s current account surplus fell 85.5 % in November 2011 from a year earlier to 138.5 billion Japanese yen (Japan’s currency) ($1.80 billion), the Ministry of Finance said. In 2011, Japan recorded its first deficit in its balance of trade in goods since 1963.
（2）The appreciation of the Japanese yen against the dollar has reduced Japan’s current account surplus. The Japanese yen gained 8.5 % against the dollar in the 12 months since January 2011. The currency has acquired a new and unusual status as a safe haven, reinforced by the eurozone debt crisis since international investors are concerned about the single European currency.
（3）It is estimated that a 1 % gain in the Japanese yen could reduce the export volumes by 0.34 %, slowing down growth for a country that has relied on overseas demand to maintain its recovery from March 2011’s earthquake. To stop the trade in goods deficit from getting worse, the world economy would have to grow by 4 % and the value of the Japanese yen would have to fall by 5 %. It is unlikely that this will happen.
（4）With their rapidly aging and decreasing population, Japanese firms face severe challenges and have little choice but to look abroad for growth. The Japanese yen’s appreciation to record highs against the euro and relative strength against the US dollar has led to a boom in outward foreign direct investment (FDI). Exporters are transferring their operations from Japan to other economies, where parts and labour costs are lower.
（5）Japan’s current account surplus could move into a deficit sooner than 2015 if more companies shift production abroad to combat losses from a strong Japanese yen. In 2011 Japanese firms purchased a record number of firms across the rest of Asia. Worldwide the number of Japanese purchases reached 455, only just short of its record of 463 in 1990.
（6）Japanese firms are also acquiring shares in natural resource companies. Mitsubishi spent more than $5 billion buying a quarter of mining giant Anglo-American’s Chilean copper unit, and trading group Itochu bought a $1 billion stake in a US oil and gas firm.
（7）The Japanese Prime Minister has encouraged the trend. “We will take advantage of the appreciating Japanese yen to support Japanese companies in purchasing foreign companies and acquiring resource interests,” he said.
（8）However, Japanese authorities have signalled there are concerns about a further appreciation of the Japanese yen. The central bank said last month that it plans to increase the funds available for currency intervention.
(a) (i) Define the term foreign direct investment (FDI) indicated in bold in the text (paragraph（4）).
(ii) Describe two responsibilities of a country’s central bank (paragraph （8）).
(b) With reference to the text, explain how Japan’s current account can be in surplus while it has a trade in goods deficit (paragraph （1）).
(c) Using an exchange rate diagram, explain how Japanese authorities might intervene in the currency market as a result of their concern about the value of the Japanese yen (paragraph（8）).
(d) Using information from the text/data and your knowledge of economics, discuss the possible consequences of the appreciation of the Japanese yen (paragraph （2）).
2. Study the extract below and answer the questions that follow.
(a) (i) Define the term currency appreciation indicated in bold in the text (paragraph （1）).
(ii) Define the term subsidies indicated in bold in the text (paragraph （3）).
(b) Using a demand and supply diagram, explain the impact of the “recent currency appreciation” on Australia’s domestic car market (paragraph （1）).
(c) Using a demand and supply diagram, explain the impact on Australia’s car market resulting from the government’s policy to implement a carbon tax (paragraph （5）).
(d) Using information from the text/data and your knowledge of economics,discuss the effects of “global economic uncertainty” (paragraph （1）), “low trade barriers” (paragraph （2）) and a “carbon tax” (paragraph （5）) on Australia’s car industry.
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