2016年5月IB经济SL真题下载-Paper2
1. Study the extract below and answer the questions that follow.
US steel
（1）With trans-Pacific and trans-Atlantic trade talks missing deadline after deadline, the United States (US) government is putting new tariffs on steel imports. This action will raise prices for many US firms, threaten domestic energy production, and upset trading partners worldwide.
（2）Last week, the US Department of Commerce imposed tariffs on hundreds of millions of US dollars worth of annual trade with South Korea and eight other countries, including India, Taiwan, Turkey and Vietnam. As punishment for allegedly dumping steel into the US market, South Korea’s exporters will face tariffs of about 10 % to 16 %, while smaller producers from other countries face rates up to 118 %.
（3）In a preliminary review, the US International Trade Commission found a “reasonable indication” that US steel firms are being “injured” by foreign competitors’ low prices.
（4）Low-priced steel from South Korea is good for American buyers but annoying for American producers who would rather have the market to themselves and charge higher prices.
（5）Spokespersons for US Steel Corporation complain that steel imports rose 113 % between 2010 and 2012, with South Korean products accounting for half the increase. They blame dumping, but the better explanation is related to America’s energy revolution, where producers have taken advantage of two newly viable technologies: horizontal drilling and “fracking” to release gas and oil from rock formations. The resulting increase in energy production has been dramatic. Between 2007 and 2012, fracking generated an 18-fold increase in US production of what is known as light tight oil. This has created even more demand for steel, as steel products are needed in the gas energy market.
（6）The US steel tariffs will encourage other countries to raise trade barriers against American goods. The World Trade Organization (WTO) has already ruled against US tariffs imposed on Chinese steel and solar panels as well as Indian steel from 2007–2012. In the China case, the WTO ruled that the US had not provided enough evidence that the Chinese steel exporters received government subsidies.
（7）When the US imposes tariffs, it raises prices for many stakeholders to benefit the protected few.
(a) (i) Define the term dumping indicated in bold in the text (paragraph （2）).
(ii) State two functions of the World Trade Organization (WTO) (paragraph （6）).
(b) Using an international trade diagram, explain how the imposition of “tariffs of about 10 % to 16 %” will affect the revenues of foreign steel exporters in the US market (paragraph （2）).
(c) Using a demand and supply diagram, explain how the tariffs will affect the gas energy market (paragraph （5）).
(d) Using information from the text/data and your knowledge of economics, discuss the possible impact of the US steel tariffs on the different economic stakeholders.
2. Study the extract and data below and answer the questions that follow.
Tedious journey towards West African single currency
（1）The Economic Community of West African States (ECOWAS) has continued to push for a monetary union. Those involved in pursuing increased economic integration strongly believe that a common currency for the West African Monetary Zone (WAMZ) would increase trade in the region, increase competition (particularly in commodity markets) and stimulate economic growth.
（2）The proposed currency, the eco, will be initially introduced in the 14 member countries of WAMZ* which include The Gambia, Ghana and Nigeria.
（3）The proposal has been postponed four times, largely because of unequal progress among member countries in meeting the requirements to establish a monetary union by 2020.
（4）The main requirements for membership of the monetary union are:
• the budget deficit of each member country should not exceed 3 % of its gross domestic product (GDP)
• the average annual inflation of each country should be below 10 %
• each country must have enough foreign currency reserves to buy a minimum of three months’ worth of imports
• the public debt to GDP ratio of each country should not be more than 70 %
• each country’s exchange rate should be stable.
（5）Meeting the requirements for all countries by 2020 will be difficult, given that member countries have different economies with their own challenges. Nigeria is the only country which has met all requirements so far.
（6）For the monetary union to succeed there must be honesty among member countries.In addition, member countries would have to double their efforts in strengthening fiscal performance through improving tax revenue collection and reducing government expenditure on public services.
（7）Although a single currency in the region is likely to promote trade, it will mean that individual member countries will lose control over their own monetary policy, creating conflicts of interests. Research shows that the balance of trade of Nigeria, an oil exporter, tends to move in the opposite direction to its neighbours, who are largely importers of oil. Nigeria would push for higher interest rates in periods of high oil prices. That would be disastrous for other WAMZ economies which would be desperate for lower rates.
(a) (i) Define the term monetary union indicated in bold in the text (paragraph （1）).
(ii) Define the term inflation indicated in bold in the text (paragraph （4）).
(b) Using an exchange rate diagram, explain how an increase in the West African Monetary Zone (WAMZ) interest rate would affect the value of the eco (paragraph （7）).
(c) Using an AD/AS diagram, explain the impact on the macroeconomy of reducing government expenditure on public services (paragraph （6）).
(d) Using information from the text/data and your knowledge of economics, discuss the possible advantages and disadvantages of a monetary union for members of the West African Monetary Zone (WAMZ).
2016年5月IB经济SL真题余下省略！
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