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(b) Given your answer in part (a), will each of the following increase, decrease, or remain the same? (i) The price of Japanese goods in Singapore dollars (ii) Japan's net exports (c) Draw a single correctly labeled graph with the long-run Phillips curve and short-run Phillips curve for Japan On the graph, show the new short-run equilibrium as a result of the change in Japan's net exports from part (b)(ii), labeled point X. (d) Given your answer in part (b)(ii), will each of the following be in deficit, surplus, or zero for Japan? (i) Current account balance (ii) Financial (capiltal) account balance

(b) Given your answer in part (a), will each of the following increase, decrease, or remain the same? (i) The price of Japanese goods in Singapore dollars (ii) Japan's net exports (c) Draw a single correctly labeled graph with the long-run Phillips curve and short-run Phillips curve for Japan On the graph, show the new short-run equilibrium as a result of the change in Japan's net exports from part (b)(ii), labeled point X. (d) Given your answer in part (b)(ii), will each of the following be in deficit, surplus, or zero for Japan? (i) Current account balance (ii) Financial (capiltal) account balance

Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter31: Open-Economy Macroeconomics: Basic Concepts
Section: Chapter Questions
Problem 8PA
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3. Singapore and Japan are trading partners. The Japanese economy is operating at full employment, and Japan's current account balance is zero. (a) Assume the exchange rate between the Singapore dollar (SGD) and the Japanese yen (JPY) changes from 1 SGD = 82 JPY to 1 SGD = 65 JPY. Does the JPY appreciate or depreciate against the SGD? (b) Given your answer in part (a), will each of the following increase, decrease, or remain the same? (i) The price of Japanese goods in Singapore dollars (ii) Japan's net exports (c) Draw a single correctly labeled graph with the long-run Phillips curve and short-run Phillips curve for Japan. On the graph, show the new short-run equilibrium as a result of the change in Japan's net exports from part (b)(ii), labeled point X. (d) Given your answer in part (b)(ii), will each of the following be in deficit, surplus, or zero for Japan? (i) Current account balance (ii) Financial (capital) account balance
Transcribed Image Text:3. Singapore and Japan are trading partners. The Japanese economy is operating at full employment, and Japan's current account balance is zero. (a) Assume the exchange rate between the Singapore dollar (SGD) and the Japanese yen (JPY) changes from 1 SGD = 82 JPY to 1 SGD = 65 JPY. Does the JPY appreciate or depreciate against the SGD? (b) Given your answer in part (a), will each of the following increase, decrease, or remain the same? (i) The price of Japanese goods in Singapore dollars (ii) Japan's net exports (c) Draw a single correctly labeled graph with the long-run Phillips curve and short-run Phillips curve for Japan. On the graph, show the new short-run equilibrium as a result of the change in Japan's net exports from part (b)(ii), labeled point X. (d) Given your answer in part (b)(ii), will each of the following be in deficit, surplus, or zero for Japan? (i) Current account balance (ii) Financial (capital) account balance
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