国际经济学双语习题

《国际经济学》（双语）试卷1参考答案Ⅰ. Explain the following terms (30 points, 3 points/term)parative advantage:A country has a comparative advantage in producing a good if the opportunity cost of producing that good in terms of other goods is lower in that country than it is in other countries(3 points).2.Specific factors model: It assumes an economy that produces two goods and the labor is a mobile factor that can move between sectors, other factors are assumed to be specific, that is, they can be used only in the production of particular goods(3 points).3．Heckscher-Ohlin theory: it is also referred to as the factor-proportions theory, the theory emphasizes the interplay between the proportions in which different factors of production are available in different countries and the proportions in which they are used in producing different goods(3 points).4.Leontief paradox: the United States would be an exporter of capital-intensive goods and an importer of labor-intensive goods. Surprisingly, however, this was not the case, the economist Leontief found that U.S. exports were less capital-intensive than U.S. imports. This result is known as the Leontief paradox. It is the single biggest piece of evidence against the factor-proportions theory(3 points).5.Official international reserves: Official international reserves are foreign assets held by central banks as a cushion against national economic misfortune. At one time official reserves consisted largely of gold, but today central banks' reserves include substantial foreign financial assets, particularly U.S. dollar assets such as Treasury bills(3 points).6.The official settlements balance: the official settlements balance or the balance of payments. This balance is the sum of the current account balance, the capital account balance, the nonreserve portion of the financial account balance, and the statistical discrepancy, and it indicates the payments gap that official reserve transactions need to cover(3 points).7.Foreign exchange option: A foreign exchange option gives its owner the right to buy or sell a specified amount of foreign currency at a specified price at any time up to a specified expiration date. The other party to the deal, the option's seller, is required to sell or buy the foreign currency at the discretion of the option's owner, who is under no obligation to exercise his right(3 points).8.Interest parity condition: The condition that the expected returns on deposits of any twocurrencies are equal when measured in the same currency is called the interestparity condition. It implies that potential holders of foreign currency deposits view them all as equally desirable assets.9.Fisher effect: This long-run relationship between inflation and interest rates is called the Fisher effect. Fisher effect tells us that all else equal, a rise in a country's expected inflation rate will eventually cause an equal rise in the interest rate that deposits of its currency offer. Similarly, a fall in the expected inflation rate will eventually cause a fall in the interest rate(3 points).10.Long run analysis: The long run analysis of an economic event allows for the complete adjustment of the price level (which may take a long time) and for full employment of all factors of production(3 points).II. Single-Choice Questions（15 points, 1.5points/Question）1. b2. d3. c4. a5. b6. a7. d8. a9. c 10. aⅢ.Questions and problems（40 points, 8 points/Question）1.What are the three types of international transaction recorded in the balance of payments(8 points)?Answer: the three types of international transactions are current account, financial account and capital account(3 points). Transactions that involve the export or import of goods or services and therefore enter directly into the current account. Transactions that involve the purchase or sale of financial assets. An asset is any one of the forms in which wealth can be held, such as money, stocks, factories, or government debt. The financial account of the balance of payments records all international purchases or sales of financial assets. Certain other activities resulting in transfers of wealth between countries are recorded in the capital account(5 points).2. In the United States where land is cheap, the ratio of land to labor used in cattle rising is higher than that of land used in wheat growing. But in more crowded countries, where land is expensive and labor is cheap, it is common to raise cows by using less land and more labor than Americans use to grow wheat. Can we still say that raising cattle is land intensive compared with farming wheat? Why or why not(8 points)?Answer: The definition of cattle growing as land intensive depends on the ratio of land to labor used in production, not on the ratio of land or labor to output(3 points). The ratio of land to labor in cattle exceeds the ratio in wheat in the United States, implying cattle is land intensive in the United States. Cattle is land intensive in other countries too if the ratio of land to labor in cattle production exceeds the ratio in wheat production in that country. The comparison between another country and the United States is less relevant for answering the question(5 points).3. Suppose the dollar interest rate and the pound sterling interest rate are the same, 5 percent per year. What is the relation between the current equilibrium $/£ exchange rate and its expected future level? Suppose the expected future $/£ exchange rate, $1.52 per pound, remains constant as Britain's interest rate rises to 10 percent per year. If the U.S. interest rate also remains constant, what is the new equilibrium$/£ exchange rate(8 points)?Answer: The current equilibrium exchange rate must equal its expected future level since, with equality of nominal interest rates, there can be no expected increase or decrease in the dollar/pound exchange rate in equilibrium(3 points). If the expected exchange rate remains at $1.52 per pound and the pound interest rate rises to 10 percent, then interest parity is satisfied only if the current exchange rate changes such that there is an expected appreciation of the dollar equal to 5 percent. This will occur when the exchange rate rises to $1.60 per pound (a depreciation of the dollar against the pound) (5 points).4. What are the real exchange rate and nominal exchange rate, and their differences(8 points)?Answer: the real exchange rate is the relative price of two output baskets, nominal exchange rate is the relative price of two currencies(3 points).The real exchange rate between two countries' currencies is a broad summary measure of the prices of one country's goods and services relative to the other's. the prediction of PPP is that real exchange rates never change, at least not permanently. Real exchange rates are defined, however, in terms of nominal exchange rates and price levels(5 points).5:Give a example to explain foreign exchange swap(8 points).Answer: foreign exchange swap is a spot sale of a currency combined with a forward repurchase of the currency(3 points). For example, a multinational company has just received $1 million from sales and knows it will have to pay those dollars to a California supplier in three months. The company's asset-management department would meanwhile like to invest the $1 million in Swiss francs. A three-month swap of dollars into Swiss francs may result in lower brokers' fees than the two separate transactions of selling dollars for spot Swiss francs and selling the Swiss francs for dollars on the forward market(5 points).Ⅳ.An economy can produce good 1 using labor and capital and good 2 using labor and land. The total supply of labor is 100 units.The marginal product of labor production are70 0.69 0.49 800.66 0.46 900.63 0.43 1000.60 0.40Questions: a. Suppose that the price of good 2 relative to that of good 1 is 2. Determine graphically the wage rate and the allocation of labor between the two sectors (5 points).b. Suppose that the relative price of good 2 falls to 1. Determine the wage rate and the allocation of labor between the two sectors (5 points).c. Calculate the effects of the price change on the income of the specific factors in sectors 1 and 2(5 points).Answer: a. With the assumption that labor is freely mobile between sectors, it will move from the low-wage sector to the high-wage sector until wages are equalized. So in equilibrium, the wage rate is equal to the value of labor ’s marginal product.2/122211=⨯=⨯P P P MPL P MPLThe abscissa of point of intersection illustrated above should be at L1=30. The labor allocation between the sectors is L1=30 and L2=70. The wage rate is 0.98(5 points). b. The relative decline in the price of good 2 caused labor to be reallocated: labor is drawn out of production of good 2 and enters production of good 1 (Ｌ1=60, L2=40). And the wage rate is equal to 0.74(5 points).c. With the relative price change from P2/P1=2 to P2/P1=1, the price of good 2 has fallen by 50 percent, while the price of good 1 has stayed the same. Wages have fallen too, but by less than the fall in P2 (wages fell approximately 25 percent). Thus, the real wage relative to P2 actually rises while real wage relative to P1 falls. Hence, to determine the welfare consequence for workers, the information about their consumption shares of good 1 and good 2 is needed(5 points).。

Chapter 9 - International Mobility of Productive FactorsObjective Questions1.Incoming direct foreign investment in a new plant in the U.S. is likely to(a)hurt the U.S. balance of payments on the capital account.(b)lower the earnings of American workers.(c)increase the rate of return to capital employed in the U.S.(d)none of the above.2.Which of the following affects the relative investment climate between two countries?(a)the general level of economic activity.(b)tax and tariff policies.(c)general institutional arrangements.(d)all of the above.3.Current U.S. tax law(a)credits in full taxes paid to foreign governments to the maximum rate of U.S. corporatetaxation.(b)allows firms to deduct foreign taxes as costs.(c)does not allow firms either cost deductions or tax credits.(d)allows firms to credit half of the foreign taxes paid.4.The international movement of investment capital is likely to(a)decrease world welfare by lowering exports.(b)increase world welfare by assisting in a more efficient distribution of factors.(c)reduce world welfare by causing bankruptcies in host countries.(d)reduce world welfare by circumventing tariff barriers.5.Total U.S. overseas foreign investment in 1994 was book valued at about(a) $450 million.(b) $600 billion.(c) $4.5 trillion.(d) $450 trillion.6.From the point of view of the national interest foreign investment will be beneficial only if(a)net-of-tax returns abroad exceed net-of-tax returns at home.(b)gross returns abroad exceed net-of-tax returns at home.(c)net-of-tax returns abroad exceed gross returns at home.(d)gross returns abroad exceed gross returns at home.7.From the point of view of the private firm foreign investment will be profitable only if(a)net-of-tax returns abroad exceed net-of-tax returns at home.(b)gross returns abroad exceed net-of-tax returns at home.(c)net-of-tax returns abroad exceed gross returns at home.(d)gross returns abroad exceed gross returns at home.8.From the point of view of the world as a whole foreign investment will increase welfare only if(a)net-of-tax returns abroad exceed net-of^tax returns at home.(b)gross returns abroad exceed net-of-tax returns at home.(c)net-of-tax returns abroad exceed gross returns at home.(d)gross returns abroad exceed gross returns at home.9.The phenomenon of transfer pricing occurs when(a)there are bilateral trade flows.(b)there is extensive use of bartering.(c)goods are sold between subsidiaries of MNCs.(d) a nation uses multiple exchange rate schemes.10.In general the impact of incoming direct investment on the host country's welfare will be(a)negative because the return to labor will be lowered.(b)positive because it results in cheaper labor.(c)positive because it raises labor productivity.(d)negative because it raises the return to capital.11.Japanese direct foreign investment in the U.S. in 1991 was(a)the largest of any nation.(b)greater than that of all other nations combined.(c)exceeded only by that of the U.K.(d)actually less than that of ten other nations.12.Which of the following statements is most justified?(a)The international movement of capital is beneficial to world welfare; labor movementnever is.(b)International labor mobility is always beneficial to world welfare; capital mobility never is.(c)Neither capital nor labor movements ever contribute to raising world welfare.(d)Labor mobility generally raises world welfare; an exception may be when labor movementleads to the loss of substantial externalities.13.The effect of outgoing direct foreign investment on the welfare of the source country is likely to be(a)positive since total investment is raised.(b)positive since it raises the income of domestic labor.(c)negative because it lowers domestic investment and harms labor productivity.(d)positive since it increases tax flows to the government.14.The largest investor in the U.S. market is(a) France.(b) Japan.(c) Germany.(d) theU.K.15.Industrial nations engage in DFI to reduce production costs by(a)gaining access to raw materials.(b)circumventing protectionist barriers.(c)gaining access to low cost labor.(d)all of the above.16.Over time, a country that opens itself up to the global economy will(a)experience a net loss of jobs.(b)tend to experience higher annual growth rates.(c)attract less direct foreign investments.(d lower its living standards.17.When a balanced view is taken, global outsourcing by U.S. companies(a)results in a net loss of jobs.(b)discourages spending on technology upgrading.(c)reduces competitiveness of firms engaged in outsourcing.(d)creates benefits for the U.S.18.Global outsourcing(a)is a threat to living standards.(b)is an extension of the principle of comparative advantage.(c)entails more costs than benefits.(d)counters the process of globalization.。

国际经济学双语习题3International Economics, 8e (Krugman)Chapter 3 Labor Productivity and Comparative Advantage: The Ricardian Model3.1The Concept of Comparative Advantage1) Trade between two countries can benefit both countries ifA) each country exports that good in which it has a comparative advantage.B) each country enjoys superior terms of trade.C) each country has a more elastic demand for the imported goods.D) each country has a more elastic supply for the exported goods.E) Both C and D.Answe r:AQuestionPrevious EditionStatus:2) In order to know whether a country has a comparativeadvantage in the production of one particular product we need information on at least ________ unit laborrequirementsoneA)twoB)threeC)fourD)fiveE)AnsweDr:Previous EditionQuestionStatus:3) A country engaging in trade according to the principles ofcomparative advantage gains from trade because it is producing exports indirectly more efficiently than itA)could alternatively.is producing imports indirectly more efficiently than itB)could domestically.is producing exports using fewer labor units.C)is producing imports indirectly using fewer labor units.D)None of the above.E)BAnswer:Previous EditionQuestionStatus:4) Given the information in the table above, if it isascertained that Foreign uses prison-slave labor to produce its exports, then home shouldexport cloth.A)export widgets.B)export both and import nothing.C)export and import nothing.D)E)All of the above.AAnswer:QuestionPrevious EditionStatus:5) Given the information in the table above, if the Homeeconomy suffered a meltdown, and the Unit Labor Requirements doubled to 30 for cloth and 60 for widgets then home shouldA)export cloth.export widgets.B)C)export both and import nothing.export and import nothing.D)All of the above.E)AAnswer:Previous EditionQuestionStatus:6) The earliest statement of the principle of comparativeadvantage is associated withDavid Hume.A)B)David Ricardo.Adam Smith.C)D)Eli Heckscher.Bertil Ohlin.E)BAnswer:QuestionPrevious EditionStatus:7) The Gains from Trade associated with the principle ofComparative Advantage depends onA)the trade partners must differ in technology or tastes.there can be no more goods traded than the number ofB)trade partners.there may be no more trade partners than goods traded.C)D)All of the above.None of the above.E)Answe r:AQuestionPrevious EditionStatus:8) The Ricardian model demonstrates thattrade between two countries will benefit both countries.A)trade between two countries may benefit both regardlessB)of which good each exports.trade between two countries may benefit both if eachC)exports the product in which it has a comparativeadvantage.trade between two countries may benefit one but harm theD)other.None of the above.E)CAnswer:NewQuestionStatus:3.2A One-Factor Economy1) Given the following information:(a) What is the marginal cost of a toy in each country?(b) How might you demonstrate (quantitatively) that acountry with absolute productivity advantage in a productmay find that its production is more costly than in theother (unproductive) country?(c) Demonstrate the fact that trade produces imports(indirectly) cheaper, even in the relatively unproductivecountry.Answer:(a) 3 units of Soy in the U.S., and 1 Soy unit inCroatia.(b) The U.S. have absolute productivity advantage intoys. Nevertheless, toys are three times more costlythan they are in Croatia.(c) In Croatia, one unit of soy will cost one toy.However, if the terms of trade fall between the twoautarkic price ratios (a condition necessary for bothcountries to enjoy gains from trade), say at 2 Soy unitsper toy, then Croatia will gain each Soy unit with lessof a sacrifice of toy production.QuestionStatus:Previous Edition3.3Trade in a One-Factor World1) Given the information in the table aboveneither country has a comparative advantage.A)Home has a comparative advantage in cloth.B)Foreign has a comparative advantage in cloth.C)Home has a comparative advantage in widgets.D)Home has a comparative advantage in both products.E)AnsweBr:Previous EditionQuestionStatus:2) Given the information in the table above, if wages were todouble in Home, then Home shouldA)export cloth.export widgets.B)export both and import nothing.C)export and import nothing.D)All of the above.E)AAnswer:Previous EditionQuestionStatus:3) Given the information in the table aboveneither country has a comparative advantage.A)Home has a comparative advantage in cloth.B)Foreign has a comparative advantage in cloth.C)Foreign has a comparative advantage in widgets.D)Home has a comparative advantage in both products.E)CAnswer:QuestionPrevious EditionStatus:4) Given the information in the table above, the opportunitycost of cloth in terms of widgets in Foreign is if it is ascertained that Foreign uses prison-slave labor to produce its exports, then home shouldexport cloth.A)export widgets.B)export both and import nothing.C)D)export and import nothing.All of the above.E)BAnswer:QuestionPrevious EditionStatus:5) Given the information in the table above, if wages were todouble in Home, then Home shouldexport cloth.A)B)export widgets.export both and import nothing.C)export and import nothing.D)All of the above.E)BAnswer:QuestionPrevious EditionStatus:6) Given the information in the table above, if the worldequilibrium price of widgets were 4 Cloths, thenA)both countries could benefit from trade with each other.neither country could benefit from trade with each other.B)each country will want to export the good in which itC)enjoys comparative advantage.neither country will want to export the good in which itD)enjoys comparative advantage.both countries will want to specialize in cloth.E)AnsweAr:Previous EditionQuestionStatus:7) Given the information in the table above, if the worldequilibrium price of widgets were 40 cloths, thenboth countries could benefit from trade with each other.A)neither country could benefit from trade with each other.B)C)each country will want to export the good in which itenjoys comparative advantage.neither country will want to export the good in which itD)enjoys comparative advantage.both countries will want to specialize in cloth.E)AnsweAr:QuestionPrevious EditionStatus:8) In a two product two country world, international trade canlead to increases inconsumer welfare only if output of both products isA)increased.output of both products and consumer welfare in bothB)countries.total production of both products but not consumerC)welfare in both countries.consumer welfare in both countries but not totalD)production of both products.E)None of the above.BAnswer:Previous EditionQuestionStatus:9) As a result of trade, specialization in the Ricardian modeltends to becomplete with constant costs and with increasing costs.A)complete with constant costs and incomplete withB)increasing costs.incomplete with constant costs and complete withC)increasing costs.incomplete with constant costs and incomplete withD)increasing costs.E)None of the above.BAnswer:Previous EditionQuestionStatus:10) As a result of trade between two countries which are ofcompletely different economic sizes, specialization in the Ricardian 2X2 model tends to beA)incomplete in both countriescomplete in both countriesB)complete in the small country but incomplete in the largeC)countrycomplete in the large country but incomplete in the smallD)countryNone of the above.E)CAnswer:Previous EditionQuestionStatus:11) A nation engaging in trade according to the Ricardian modelwill find its consumption bundleA)inside its production possibilities frontier.on its production possibilities frontier.B)outside its production possibilities frontier.C)inside its trade-partner's production possibilitiesD)frontier.on its trade-partner's production possibilities frontier.E)CAnswer:Previous EditionQuestionStatus:12) In the Ricardian model, if a country's trade is restricted,this will cause all except which?limit specialization and the division of laborA)reduce the volume of trade and the gains from tradeB)cause nations to produce inside their productionC)possibilities curvesmay result in a country producing some of the product ofD)its comparative disadvantageNone of the above.E)AnsweCr:Previous Edition QuestionStatus:13) If a very small country trades with a very large countryaccording to the Ricardian model, thenthe small country will suffer a decrease in economicA)welfare.the large country will suffer a decrease in economicB)welfare.the small country only will enjoy gains from trade.C)the large country will enjoy gains from trade.D)None of the above.E)CAnswer:Previous EditionQuestionStatus:14) If the world terms of trade for a country are somewherebetween the domestic cost ratio of H and that of F, then country H but not country F will gain from trade.A)country H and country F will both gain from trade.B)neither country H nor F will gain from trade.C)only the country whose government subsidizes its exportsD)will gain.None of the above.E)AnsweBr:Previous EditionQuestionStatus:15) If the world terms of trade equal those of country F, thencountry H but not country F will gain from trade.A)country H and country F will both gain from trade.B)neither country H nor F will gain from trade.C)only the country whose government subsidizes its exportsD)will gain.None of the above.E)AnsweAr:Previous EditionQuestionStatus:16) If the world terms of trade equal those of country H, thencountry H but not country F will gain from trade.A)country H and country F will both gain from trade.B)neither country H nor F will gain from trade.C)only the country whose government subsidizes its exportsD)will gain.None of the above.E)EAnswer:Previous EditionQuestionStatus:17) According to Ricardo, a country will have a comparativeadvantage in the product in which itslabor productivity is relatively low.A)labor productivity is relatively high.B)labor mobility is relatively low.C)D)labor mobility is relatively high.None of the above.E)BAnswer:Previous EditionQuestionStatus:18) Assume that labor is the only factor of production and thatwages in the United States equal $20 per hour while wages in Japan are $10 per hour. Production costs would be lower in the United States as compared to Japan ifU.S. labor productivity equaled 40 units per hour andA)Japan's 15 units per hour.U.S. productivity equaled 30 units per hour whereasB)Japan's was 20.C)U.S. labor productivity equaled 20 and Japan's 30.U.S. labor productivity equaled 15 and Japan's 25 unitsD)per hour.E)None of the above.AAnswer:Previous EditionQuestionStatus:19) If two countries engage in Free Trade following theprinciples of comparative advantage, thenneither relative prices nor relative marginal costsA)(marginal rates of transformation-MRTs) in one countrywill equal those in the other country.B)both relative prices and MRTs will become equal in bothcountries.relative prices but not MRTs will become equal in bothC)countries.MRTs but not relative prices will become equal in bothD)countries.None of the above.E)CAnswer:QuestionPrevious EditionStatus:20) Let us define the real wage as the purchasing power of onehour of labor. In the Ricardian 2X2 model, if two countries under autarky engage in trade thenthe real wage will not be affected since this is aA)financial variable.the real wage will increase only if a country attainsB)full specialization.the real wage will increase in one country only if itC)decreases in the other.D)the real wage will rise in both countries.None of the above.E)DAnswer:QuestionPrevious EditionStatus:21) In a two country and two product Ricardian model, a smallcountry is likely to benefit more than the large countrybecausethe large country will wield greater political power, andA)hence will not yield to market signals.the small country is less likely to trade at price equalB)or close to its autarkic (domestic) relative prices.the small country is more likely to fully specialize.C)the small country is less likely to fully specialize.D)None of the above.E)AnsweBr:QuestionNewStatus:22) In the Ricardian model, comparative advantage is not likelybe due toscale economies.A)home product taste bias.B)greater capital availability per worker.C)All of the above.D)None of the above.E)AnsweDr:QuestionNewStatus:23) An examination of the Ricardian model of comparativeadvantage yields the clear result that trade is (potentially) beneficial for each of the two trading partners since itallows for an expanded consumption choice for each. However, for the world as a whole the expansion of production of one product must involve a decrease in the availability of theother, so that it is not clear that trade is better for the world as a whole as compared to an initial situation of non-trade (but efficient production in each country). Are there in fact gains from trade for the world as a whole? Explain.Answe r: If we were to combine the production possibilityfrontiers of the two countries to create a single world production possibility frontier, then it is true thatany change in production points (from autarky to specialization with trade) would involve a tradeoff of one good for another from the world's perspective. In other words, the new solution cannot possibly involvethe production of more of both goods. However, since we know that each country is better off at the new solution, it must be true that the original points were not on the trade contract curve between the two countries, and it was in fact possible to make some people better off without making others worse off, so that the newsolution does indeed represent a welfare improvementfrom the world's perspective.QuestionStatus:Previous Edition24) It is generally claimed that a movement from autarky to freetrade consistent with Ricardian comparative advantageincreases the economic welfare of each of the trade partners.However, it may be demonstrated that under certaincircumstances, not everyone in each country is made betteroff. Illustrate such a case.Answe r: (a) If inter-generational, or economic growth considerations are taken into account, then a country may end up specializing in a good that has no or few growth linkages with the rest of the economy (e.g. an "enclave" sector).(b) If some of the residents of a country have tastes biased toward their exportable, then they may suffer due to the trade-affected increase in the market price of the exportable good.QuestionStatus:Previous Edition25) It is generally claimed that state trading, or centrallycontrolled trading will tend to reach a lower economicwelfare than would be reached by allowing market forces to determine trade flow directions and terms of trade.Illustrate a counter-example to this proposition.Answe r: In general, if we begin with any suboptimal distortion, the theory of the second best tells us that anadditional "distortion" may move a country in thecorrect direction of a welfare improvement. For example, If a country has an overvalued exchange rate (that is, its currency is overpriced in the foreign exchange markets), it is possible that it will find itself in an autarkic equilibrium (that is, it might "overpriceitself out of the international market"). In such a case it is easy to demonstrate that if the government exports the goods in which the country enjoys comparative advantage, and imports the other (bypassing market prices and mechanisms), the country's economic welfare will improve.Question Status:Previous Edition26) The Ricardian proposition that international trade willbenefit any country ("gains from trade") as long as theworld terms of trade do not equal its autarkic relativeprices is a straightforward and powerful concept.Nevertheless, it is impossible to demonstrate empirically.Why?Answe r: This is because there is no way of knowing exactly what are, or would have been, the autarky MRTs or MRSs. Thisis because there is no single example in the world of a country that is totally unengaged in international trade.QuestionStatus:Previous Edition27) Given the information in the table above. What is theopportunity cost of Cloth in terms of Widgets in Foreign?One half a widget.Answer:Previous EditionQuestionStatus:28) Given the information in the table above. If these twocountries trade these two goods in the context of theRicardian model of comparative advantage, then what is thelower limit of the world equilibrium price of widgets?Answe1/2 Cloths.r:Previous EditionQuestionStatus:29) Given the information in the table above. If these twocountries trade these two goods with each other in contextof the Ricardian model of comparative advantage, what is the lower limit for the price of cloth?AnsweOne half a widget.r:Previous EditionQuestionStatus:30) Given the information in the table above. What is theopportunity cost of cloth in terms of Widgets in Foreign?2 widgets.Answer:Previous EditionQuestionStatus:3.4Mi sconceptions About Comparative Advantage1) If a production possibilities frontier is bowed out (concaveto the origin), then production occurs under conditions of constant opportunity costs.A)increasing opportunity costs.B)decreasing opportunity costs.C)infinite opportunity costs.D)E)None of the above.BAnswer:QuestionPrevious EditionStatus:2) If the production possibilities frontier of one the tradepartners ("Country A") is bowed out (concave to the origin), then increased specialization in production by that country willincrease the economic welfare of both countries.A)increase the economic welfare of only Country A.B)decrease the economic welfare of Country A.C)decrease the economic welfare of Country B.D)E)None of the above.AAnswer:QuestionPrevious EditionStatus:3) If two countries have identical production possibilityfrontiers, then trade between them is not likely if their supply curves are identical.A)their cost functions are identical.B)C)their demand conditions are identical.their incomes are identical.D)None of the above.E)EAnswer:Previous EditionQuestionStatus:4) If two countries have identical production possibilityfrontiers, then trade between them is not likely ifA)their supply curves are identical.their cost functions are identical.B)their demand functions differ.C)their incomes are identical.D)None of the above.E)CAnswer:QuestionPrevious EditionStatus:5) If one country's wage level is very high relative to theother's (the relative wage exceeding the relativeproductivity ratios), then if they both use the samecurrencyneither country has a comparative advantage.A)only the low wage country has a comparative advantage.B)only the high wage country has a comparative advantage.C)consumers will still find trade worth while from theirD)perspective.None of the above.E)AnsweEr:Previous EditionQuestionStatus:6) If one country's wage level is very high relative to theother's (the relative wage exceeding the relativeproductivity ratios), thenit is not possible that producers in each will findA)export markets profitable.it is not possible that consumers in both countries willB)enhance their respective welfares through imports.it is not possible that both countries will find gainsC)from trade.it is possible that both will enjoy the conventionalD)gains from trade.E)None of the above.DAnswer:QuestionPrevious EditionStatus:7) If one country's wage level is very high relative to theother's (the relative wage exceeding the relativeproductivity ratios) then it is probable thatfree trade will improve both countries' welfare.A)free trade will result in no trade taking place.B)free trade will result in each country exporting the goodC)in which it enjoys comparative advantage.free trade will result in each country exporting the goodD)in which it suffers the greatest comparative disadvantage.None of the above.E)BAnswer:QuestionPrevious Edition Status:8) In a two-country, two-product world, the statement "Germanyenjoys a comparative advantage over France in autos relative to ships" is equivalent toFrance having a comparative advantage over Germany inA)ships.France having a comparative disadvantage compared toB)Germany in autos and ships.Germany having a comparative advantage over France inC)autos and ships.France having no comparative advantage over Germany.D)None of the above.E)AAnswer:Previous EditionQuestionStatus:9) If the United States' production possibility frontier wasflatter to the widget axis, whereas Germany's was flatter to the butter axis, we know thatthe United States has no comparative advantageA)Germany has a comparative advantage in butter.B)C)the U.S. has a comparative advantage in butter.Not enough information is given.D)None of the above.E)AnsweBr:Previous EditionQuestionStatus:10) Suppose the United States' production possibility frontierwas flatter to the widget axis, whereas Germany's wasflatter to the butter axis. We now learn that the Germanmark sharply depreciates against the U.S. dollar. We nowknow thatA)the United States has no comparative advantageGermany has a comparative advantage in butter.B)the United States has a comparative advantage in butter.C)D)Not enough information is given.None of the above.E)BAnswer:QuestionPrevious EditionStatus:11) Suppose the United states production possibility frontierwas flatter to the widget axis, whereas Germany's wasflatter to the butter axis. We now learn that the Germanwage doubles, but U.S. wages do not change at all. We now know thatthe United States has no comparative advantage.A)Germany has a comparative advantage in butter.B)the United States has a comparative advantage in butter.C)D)Not enough information is given.None of the above.E)BAnswer:QuestionPrevious EditionStatus:12) Which of the following statements is true?Free trade is beneficial only if your country is strongA)enough to stand up to foreign competition.Free trade is beneficial only if your competitor does notB)pay unreasonably low wages.Free trade is beneficial only if both countries haveC)access to the same technology.All of the above.D)None of the above.E)AnsweEr:Previous Edition QuestionStatus:13) Mahatma Ghandi exhorted his followers in India to promoteeconomic welfare by decreasing imports. This approach makes no sense.A)makes no economic sense.B)is consistent with the the Ricardian model of comparativeC)advantage.is not consistent with the Ricardian model of comparativeD)advantage.E)None of the above.DAnswer:Previous EditionQuestionStatus:14) The Country of Rhozundia is blessed with rich copperdeposits. The cost of Copper produced (relative to the cost of Widgets produced) is therefore very low. From thisinformation we know thatA)Rhozundia has a comparative advantage in CopperRhozundia should export Copper and import WidgetsB)Rhozundia should export Widgets and export CopperC)Both A and B are true.D)None of the above.E)EAnswer:QuestionPrevious EditionStatus:15) We know that in antiquity, China exported silk because no-one in any other country knew how to produce this product.From this information we learn thatA)China enjoyed a comparative advantage in silk.China enjoyed an absolute advantage, but not aB)comparative advantage in silk.no comparative advantage exists because technology wasC)not diffused.China should have exported silk even though it had noD)comparative advantage.E)None of the above.AAnswer:Previous EditionQuestionStatus:16) The pauper labor theory, and the exploitation argumentare theoretical weaknesses that limit the applicabilityA)of the Ricardian concept of comparative advantage.are theoretically irrelevant to the Ricardian model, andB)do not limit its logical cogency.are not relevant because the Ricardian model is based onC)the labor theory of value.are not relevant because the Ricardian model allows forD)different technologies in different countries.E)None of the above.BAnswer:NewQuestionStatus:17) If labor productivities were exactly proportional to wagelevels internationally, this wouldnot negate the logical basis for trade in the RicardianA)model.render the Ricardian model theoretically correct butB)practically useless.negate the logical basis for trade in the Ricardian model.C)negate the applicability of the Ricardian model if theD)number of products were greater than the number of。

Quiz for Chapter 12Ⅰ. Fill the following blanks with the proper word or expression1. Y-( )=CA2、National income equals GNP less ( ),plus ( ),less ( ).3. GNP equals GDP ( ) net receipts of factor income from the rest of the world.4. The national income identity for an open economy is ( ).5. When a country 's exports exceed its imports, we say the country has a current account ( ).6. The current account includes ( )7. Any transaction resulting in a payment to foreigners is entered in the balance of payment account as a ( ).8. In a closed economy, national saving always equals ( ).9.When official reserves increase, this will be recorded in the ( ), with ( )sign.10. When debit is bigger than net decrease of the reserve, the difference will go to the ( ).Ⅱ. True or false1. The balance of payments accounts always balance in practice as they must in theory.( )2. Net unilateral transfers are considered part of the current accounts but not a part of national income .( )3. The GNP a country generates over some time period must equal its national income ,the income earned in that period by its factors of production. ( )4. When you buy a share of Microsoft stock , you are buying neither a good or a service , so your purchase dose not show up in GNP. ( )5. If the government deficit rises and private saving and investment do not change much ,the current account surplus must fall by roughly the same account as the increase in the fiscal deficit. ( )6. We include income on foreign investment in the current account because that income really is compensation for the services provided by foreign investments.( )7. Remember that foreign borrowing may not always be a bad idea :a country that borrows abroad to undertake profitable domestic investment can pay its creditors and still have money left over.( )8. Government agencies including central banks can freely hold foreign reserves and intervene officiallyin exchange market.( )9. When the United States lends abroad, a payment is made to foreigners and the capital account is credited.10. One reason intervention is important is that central banks use it as a way of altering the amount of money in circulation.Ⅲ. Answer the following questions:1.Why account keepers adds the account a statistical discrepancy to the balance of payment?2.The nation of Pecunia had a current account deficit of ＄1 billion and a nonreserve financial account surplusof ＄550 million in 2005.(1)What was the balance of payments of Pecunia in that year? What happened to the country’s net foreignassets?(2)Assume that foreign central banks neither buy nor sell Pecunian assets. How did the Pecunian central bankshad purchased ＄600 million of Pecunian assets in 2005? How would this official intervention show up in the balance of payments accounts?(3)How would your answer to (2) change if you learned that foreign central banks had purchased enter foreignbalance of payments accounts?Ⅳ. Fill the following blanks:China's balance of payment in 2000Quiz for Chapter 13Ⅰ. Fill the following blanks with the proper word or expression1. Changes in exchange rates are described asor .2. Foreign exchange deals sometimes specify a value date farther away than two-days-30 days, 90days, 180 days, or even several years. The exchange rates quoted in such transactions are called3. is the most liquid of assets4. The ease with which the asset can be sold or exchange for goods, we call the character is5. A foreignis a spot sale of a currency combined with a forward repurchase of the currency.6. The foreign exchange market is inwhen deposits of all currencies offer the same expected rate of return.7. The price of one currency in terms of another is called an8. All else equal, ain the expected future exchange rate causes a rise in the current exchange rate.9. is the percentage increase in value, it offers over some time period.10. All else equal, anin the interest paid on deposits of a currency causes that currency to appreciate againstforeign currencies.Ⅱ. True or false1. A rate of appreciation of the dollar against the euro is the rate of depreciation of the euro against dollar.( )2. The exchange rate quoted as the price of foreign currency in terms of domestic currency is called direct quotation. ( )3. all else equal, an appreciation of a country's currency makes its goods cheaper for foreigners. ( )4. The foreign exchange market is in equilibrium when deposits of all currencies offer the same expected rate of return. ( )5. All else equal., When a country's currency depreciated, domestic residents find that imports from abroad are more expensive. ( )6. Central bank is at the center of the foreign exchange market.( )7. A depreciation of the dollar against euro today makes euro deposit less attractive on the condition that expected future dollar/euro rate and interest rates do not change.( )8. all else equal, a decrease of the interest paid on deposit of US dollars causes dollars to appreciate against foreign currency.( )9. New York. is the largest foreign exchange market in the world. ( )10. A fall in the expected future exchange rate causes a fall in the current exchange rate.Ⅲ. Answer the following questions:1. Currently, the spot exchange rate is US$1=SF1.50 and the expected exchange rate for six month is SF1.55. the interest rate is 8% in the US per annum and 10% in the Switzerland per annum. （1）Determine whether interest rate parity is currently holding.（2）If it is not holding, what will happen in the foreign exchange market?.（3）If the expected exchange rate is unchanged, what is the spot rate when foreign exchange rate is inequilibrium?2.Suppose the dollar interest rate and the pound sterling interest rate are the same, 5 percent per year. What is the relation between the current equilibrium ＄/￡exchange rateand its expected future level? Suppose the expected future ＄/￡exchange rate, ＄1.52 per pound, remains constant as Britain’s interest rate rises to 10 percent per year. If the U.S. interest rate also remains constant, what is the new equilibrium ＄/￡exchange rate?Quiz for Chapter 14Ⅰ. Fill the following blanks with the proper word or expression1. M1 includes __________.2. An economy 's money supply is controlled by _________________.3. Three main factors that determine aggregate money demand are4. When money supply equals money demand, we say that the money market is _______________________.5. A rise in the average value of transactions carried out by a household or firm cause its demand for money to.6. is an important phenomenon because it helps explain why exchange rates move so sharply from day to day.7. If the economy is initially at full employment, a permanent increase in the money supply eventually be followed byin the price level.8. Overshooting is a direct consequence of the short-run9. An economy’sis the position it would eventually reach if no new economic shocks occurred during the adjustment to full employment.10. All else equal, a permanent in a country’s money supply causes a proportional long-rundepreciation of its currency against foreign currencies.Ⅱ. True or false1. An increase in real output lowers the interest rate. ( )2. In the short run, a reduction in a country's money supply causes its currency to appreciate in the foreign exchange market. ( )3. All else equal, an increase in a country 's money supply causes a proportional increase in its price level in the long run. ( )3. All else equal, a rise in the interest rate causes the demand for money to fall. ( )4. If there is initially an excess demand of money, the interest rate falls in the short-run. ( )5. A rise in the average value of transactions carried out by a household or firm causes its demand for money to fall. ( )6. Given the price level and out put, an increase in the money supply lowers the interest rate. ( )7. A change in the supply of money has effect on the long-run values of the interest rate or real output. ( )8.The higher the interest rate, the more you sacrifice by holding wealth in the form of money. ( )9. An increase in real output lowers the interest rate, given the price level and the money supply( )10. An economy experiences inflation when its price level is falling. ( )Ⅲ. Answer the following questions:1. What is the short-run effect on the exchange rate when US government increases the money supply? (expectations about future exchange rate are unchanged)2.Please draw a group of pictures to show the time paths of U.S. economic variables after a permanent increase in the U.S. money supply growth rate according to the following:(1)The u.s. decided to increase the money supply growth rate permanently.The vertical axis is money supply and the horizontal axis is time.(2)The interest rate change,. The vertical axis is Dollar interest rate and the horizontal axis is time.(3)The price level change. The vertical axis is U.S price level and the horizontal axis is time.(4)The exchange rate change,. The vertical axis is the Dollar/Euro exchange rate and the horizontal axis is time.Ⅳ. CALCULATIONSuppose that the spot rate is €1 = US$1.2468 －78 and the six-month forward rate is €1 = US$1.2523－33, the interest rate per annum is 4% in the euro zone and 6% in the US. After carrying out interest arbitrage with €5,000,000 borrowed at the above-mentioned rate, please calculate your net interest arbitrage profit ( other costs ignored ).Quiz for Chapter 15Ⅰ. Fill the following blanks with the proper word or expression1. The equation for real interest parity is.2. The long-run relationship between inflation and interest rates is called .3. The equation for absolute PPP is _________________________.4. The equation for relative PPP is _________________________.5. The law of_______________ states that under free competition and in the absence of trade impediments, a good must sell for a single price regardless of where in the world it is sold.6. Equation$/$/()/E US q E P P ∈∈=⨯ shows that at unchanged output prices, nominal depreciation implies real.7. According to Fisher effect, if U.S. inflation were to rise, then U.S. dollar interest rates would_________________.8. _________________is the relative price of two output baskets, while _________________is the relative price of two currencies.9. Transport costs and government trade restrictions make it expensive to move goods between markets located in different countries and therefore weaken the _________________mechanism underlying PPP. 10. refer to those goods and services that can never be traded internationally at a profit.Ⅱ. True or false1. According to monetary approach, a rise in the interest rate on dollar will lead to the depreciation of the dollar in the long run.( )2. According to monetary approach, a rise in European output causes the Euro to appreciate. ( )3. When demand for American products rises, there will be a long-run real depreciation of the dollar. ( )4. According to monetary approach, a rise in European output causes the Euro to appreciate. ( )5. When European output supply increases, there will be an appreciation of the euro. ( )6. Expected real interest rates are the same in different countries when relative PPP is expected to hold. ( )7. Based on the monetary approach, other things equal, a permanent rise in the U.S. money supply causes a proportional long-run appreciation of the dollar against euro. ( )8. At unchanged output prices, nominal depreciation implies real appreciation. ( )9. Departures from PPP may be even greater in the short run than in the long run because many prices in the economy are sticky and take time to adjust fully. ( )10. If all U.S. prices increase by 10% and the dollar depreciates against foreign currencies by 10%, absolute PPP will be satisfied (assuming there are no changes abroad) for any domestic and foreign choices of price level indexes. ( )Ⅲ. Answer the following questions :1. Suppose America’s inflation rate is 6% over one year, but the inflation rate in Italy is 12%. According to relative PPP, what should happen over the year to the dollar ’s exchange rate against the lira?2.How to explain the problems with PPP? Give the reasons.Quiz for Chapter 16Ⅰ. Fill the following blanks with the proper word or expression1. The aggregate demand for an open economy’s output consists of four components:2. The current account balance is determined by two main factors: and3. Equilibrium in the economy as a whole requires equilibrium in theas well as in the4. An temporary increase in the money supply causes aof the domestic currency, of output,and thereforein employment.5. Given a fixed exchange rate, when government demand increases, DD schedule will shift6. A reduction in money demand would shift AA ___________.7. __________ policy works through changes in government spending or taxes.8. If the economy starts at long-run equilibrium, a permanent change in fiscal policy has no net effect on .9. J-curve effects amplify the of exchange rates10. Because a permanent fiscal expansion changes exchange-rate expectations, the effect on output isif the economy stats in long-run equilibrium.Ⅱ. True or false1. If there is a decline in investment demand, the DD schedule will shift to the right. ( )2. The effect of real exchange rate increase on IM is ambiguous. ( )3. A temporary increase in the money supply, which does not alter the long-run expected exchange rate, causes a depreciation of the currency and a rise in output. Temporary fiscal expansion also has the same result. ( )4. Other things equal, a real depreciation of the home currency lowers aggregate demand for home output. ( )5. The DD Schedule shows all exchange rate and output levels at which the outputmarket is in short-run equilibrium. DD Schedule slopes upward. ( )6. A permanent fiscal expansion does not changes exchange-rate expectations. ( )7. Since the effect is the same of that of an increase in G, an increase in T must cause the DD Schedule to shift rightward. ( )8. A rise in R* causes an upward shift of AA. ( )9. Either an increase in the money supply or temporary fiscal ease can be used to maintain full employment. The two polices have no different effects at all. ( )10.If exports and imports adjust gradually to real exchange rate changes, the current account may follow a J-curve pattern after a real currency appreciation, first worsening and then improving. ( )11. The greater the upward shift of the asset market equilibrium schedule, the greater the appreciation of the currency. ( )12. Monetary expansion causes the current account balance to decrease in the short run. ( )13. Expansionary fiscal policy reduces the current account balance. ( )Ⅲ. Answer the following questions:1. A new government is elected and announces that once it is inaugurated, it will increase the money supply. Use the DD-AA model to study the economy’s response to this announcement.2. Please use AA and DD schedules to describe “The adjustment to a permanent increase in the money supply. ” The original point is at full employment.The vertical axis is exchange rate, the horizontal axis is output.3. If an economy does not start out at full employment,is it still true that a permanent change in fiscal policy has no current effect on output? Please use AA and DD schedules to describe it.Quiz for Chapter 17Ⅰ. Fill the following blanks with the proper word or expression1. Any central bank purchase of assets automatically results in an in the domestic money supply.2. The condition of the foreign exchange market equilibrium under a fixed exchange rate is .3. Under a fixed exchange rate, central bankpolicy tools is more effective.4. The expectation of a future devaluation causes ain the home interest rate above the world level.5. The main factor that may lead to imperfect asset substitutability in the foreign exchange market is .6. Between the end of World War II and 1973, was the main reserve currency.7. Under a gold standard, each country fixes the price of its currency in terms of .8. Under a _________, central bank monetary policy tools are powerless to affect the economy’s money supply or its output.9. A system which governments may attempt to moderate exchange rate movements without keeping exchangerates rigidly fixed is____________.10. Half way between the gold standard and a pure reserve currency standard is the __________.Ⅱ. True or false1. Any central bank sale of assets automatically causes the money supply to decline. ( )2. If central banks are not sterilizing and the home country has a balance of payments surplus, any increase in the home central bank’s foreign assets implies an decreased home money supply. ( )3. Under a fixed exchange rate, central bank monetary policy tools are powerful to affect the economy’s money supply. ( )4. The expectation of a future revaluation causes a rise in foreign reserves. ( )5 When domestic and foreign currency bonds are imperfect substitutes, equilibrium in the foreign market requires that the domestic interest rate equal the expected domestic currency return on foreign bonds subtract a risk premium. ( )6. Between the end of World War II and 1973, the exchange rate system was one in which exchange rate between any two currencies were floating. ( )7.Under the reserve currency standard, the center country has to intervene the exchange rate. ( )8. The central bank can negate the money supply effect of intervention through sterilization.( )9. A system of managed floating allows the central bank to retain some ability to control the domestic money supply, but at the cost of greater exchange rate instability.( )10. A world system of fixed exchange rates in which countries peg the prices of their currencies in terms of a reserve currency does not involve a striking asymmetry.()Ⅲ. Answer the following questions:1. Why governments sometimes choose to devalue their currencies?2. How does fiscal expansion affect a country’s output and the central bank’s balance sheet under fixed exchange rate?3. Can you think of reasons why a government might willingly sacrifice some of its ability to use monetary policy so that it can have stable exchange rates?4. Explain why temporary and permanent fiscal expansions do not have different effects under fixed exchange rates, as they do under floating.Quiz for Chapter 18—21Ⅰ. Fill the following blanks with the proper word or expression1. The channels of interdependence depend, in turn, on the monetary and exchange rate arrangements that countries adopt-a set of institutions called the （）.2. In open economies, policymakers are motivated by the goals of internal and external balance. Simply defined, ( )requires the full employment of a country’s resources and domestic price level stability.3. A country is said to be in( ) when the sum of its current and its no reserve capital accounts equals zero, so that the current account balance is financed entirely by international lending without reserve movements.4. The gold standard contains some powerful automatic mechanisms that contribute to the simultaneous achievement of balance of payments equilibrium by all countries .That mechanisms is( ).5. ( ) is one currency that may be freely exchanged for foreign currencies.6、Under the Bretoon Woods system ,( ) or ( )can be used to influence output and thus help the government achieve its internal goal of full employment.7、Fiscal policy is also called ( ),because it alters the level of the economy’s total demand for goods and services.; The accompanying exchange rate adjustment is called ( ), Because it changes the direction of demand ,shifting it between domestic output and imports.8、Bretton Woods system give ( )the leading position in the world economy.9、Bretton Woods system require that other currency should peg with ( )10、Under the fixed rate system, if the exchange rate change, the foreign reserves will ( )11、( ) symmetry and exchange rate as automatic stabilizers are the advantages of floating rate system.12、( ) predict the collapse of the Bretton Woods system.13、The level of ( ) in the European Union is too small to cushion member countries from adverse economic events.14、The ( ) schedule shows the relationship between the monetary efficiency gain and the degree of economic integration.Ⅱ. True or false1. In an open economy, macroeconomic policy has two basic goals, internal balance (full employment with price stability) and external balance (avoiding excessive imbalances in international payments)( )2. The gold standard era starts in 1861 and end in 1914.( )3. The countries with the weak investment opportunities should be net importers of currently available output (and thus have current account surpluses), while countries with the good investment opportunities should be net exporters of current output (and have current account deficits).( )4. Each member of IMF contributed to the Fund an amount of gold equal in value to three-fourth of its quota. The remaining one-fourths of its quota took the form of a contribution of its own national currency. ( )5、Balance of payment crisis became increasingly frequent and violent throughout the 1960 and early 1970s.The events led to the Bretoon Woods system’s collapse.（）6、One interpretation of the Bretoon Woods system’s collapse is that the foreign countries were forced to import US. Inflation through the mechanism to stabilize their price levels and regain internal balance, they had toabandon fixed exchange rates and allow their currency to float.（）7、Speculation on changes in exchange rats could lead to instability in foreign exchange markets . （）8.Under the fixed rate system, the government is required to use foreign reserve to stabilize exchange rate.（）9.The U.S. Federal Reserve played the leading role in determining their owns domestic money supply.（）10.Advocates of floating argued that floating rates would allow each country to choose its own desired long-run inflation rate rather than passively importing the inflation rate established abroad. （）11.The eight original participant in the EMS’s exchange rate mechanism------France, German, Italy, Belgium, Denmark, Ireland, Luxembourg, and the Netherlands. ( )。

I. Objective Questions1. Which of the following is not an assumption of factor proportions theory?(a) firms are price takers in both factor and commodity markets.(b) factors are immobile between countries.(c) the price of each factor is the same in the two countries.(d) factors are mobile within each country.2. Automobile manufacturing is capital intensive and rug manufacturing is labor intensive. TheU.S. has 100 million workers and $3,000 billion of capital. Peru has 20 million workers and $400 billion of capital. According to the factor proportions theory this implies that(a) the U.S. will specialize in producing automobiles, and Peru in producing rugs.(b) the U.S. will specialize in producing rugs, and Peru in producing automobiles.(c) neither country will specialize or trade with the other.(d) the U.S. will export both goods.3. If country A is labor abundant and country B is capital abundant, factor proportions theorypredicts free trade will cause(a) wages to fall in country A, and the return to capital to rise in country B.(b) wages to rise in country A, and the return to capital to fall in country B.(c) wages to rise in country A, and the return to capital to rise in country B.(d) wages to fall in country A, and the return to capital to fall in country B.4. Which of the following is not a criticis m of the factor proportions theory?(a) it assumes international factor immobility.(b) it focuses almost entirely on supply conditions and ignores demand.(c) it is limited by the assumption of constant returns to scale.(d) it considers labor as the only factor of production.5. A large home market can lead to a comparative advantage in goods produced under conditionsof(a) increasing returns to scale.(b) decreasing returns to scale.(c) constant returns to scale.(d) none of the above.6. If a country's growth is biased towards imports, as its economy grows its terms of trade will(a) improve.(b) deteriorate.(c) stay the same.(d)either improve or deteriorate, but we cannot say which.7. The main empirical finding that led to the articulation of the Leontief paradox was(a) import-substitutes embodied more capital relative to labor than U.S. exports.(b) the output of the U.S. agricultural sector was greater than that of the U.S.manufacturing sector.(c) U.S. farmers earn more than U.S. factory workers.(d) the capital/labor ratio of U.S. exports was greater than that of U.S. imports.8. The shift of the structure of Japan's exports since World War II is illustrative of(a) the dynamic nature of comparative advantage.(b) the durability of static comparative advantage.(c) the effect of U.S. direct foreign investment in Japan.(d) deindustrializtion.9. The exchange of automobiles between developed countries is an example of(a) intra-industry trade.(b) the factor proportions hypothesis.(c) interindustry trade.(d) the Leontief paradox.10. If a country is well-endowed with labor relative to capital, the factor proportions theory predictsthat it will(a) export labor intensive goods and import capital intensive goods.(b) import labor intensive goods and export capital intensive goods.(c) have a growth pattern biased to capital intensive goods.(d) have low interest rates and high wage rates.11. Which of the following might serve as a partial explanation for the Leontief paradox?(a) U.S. labor is more highly skilled than foreign labor.(b) U.S. exports are more skill intensive than U.S. imports.(c) a large part of U.S. imports are natural-resource-intensive.(d) all of the above.12. The U.S. auto industry can improve its competitive position in the world marketplace by(a) increasing factor productivity and reducing production costs.(b) reducing the size of production facilities.(c) seeking government assi stance in the form of tariffs.(d) delaying the introduction of new technology to save costs.13. The scope for mutually beneficial trade is greater the(a) more similar the demand patterns.(b) more similar the factor endowments.(c) more divergent the two country's cost ratios.(d) more similar the production functions for the two goods.14. Factor proportions theory identifies the comparative advantage source as(a) differences in relative factor endowments between countries.(b) similarities in tastes.(c) identical production functions.(d) similar relative factor endowments.15. Factor proportions theory is most successful in explaining trade between(a) industrial countries.(b) developing countries.(c) industrial and developing countries.(d) centrally planned economies.16. International trade tends to(a) have no effect on factor prices.(b) cause all factor prices to fall.(c) cause the price of the scarce factor to rise and the price of the abundant factor to fall.(d) cause the price of the scarce factor to fall and the price of the abundant factor to rise.17. Which factor stands to gain most from free trade in the long run?(a) factor intensive in the import competing good.(b) factor intensive in the nontraded good.(c) factor intensive in the export sector.(d) relatively scarce factor.18. Which factor stands to gain most from free trade in the short run?(a) factor intensive in the import-competing good.(b) factor specific to the export sector.(c) factor intensive in the export sector.(d) relatively scarce factor.19. Exchange between countries of totally different types of goods i s(a) intra-industry trade.(b) interindustry trade.(c) extraindustry trade.(d) countertrade.20. Intra-industry trade arises from(a) differences in relative factor endowments.(b) monopolistic competition and scale economies.(c) technology differences between countries.(d) homogeneous products.21. Intra-industry trade is a relatively large component of total trade flows between the U.S. and(a) Japan.(b) Mexico.(c) China.(d) Eastern Europe.22. The impact of trade on economic growth is termed(a) static gains.(b) exchange gains.(c) dynamic gains.(d) specialization gains.23. The U.S. relative factor abundance is most pronounced in(a) physical capital.(b) skilled labor.(c) semiskilled labor.(d) unskilled labor.24. The relatively scarce U.S. productive factor is(a) physical capital.(b) skilled labor.(c) semiskilled labor.(d) unskilled labor.25. The relatively abundant productive factor in Mexico is(a) physical capital.(b) skilled labor.(c) semiskilled labor.(d) unskilled labor.26. Which of the following is the most unskilled labor intensive in the U.S.?(a) wheat.(b) machine tools.(c) apparel.(d) oil field machinery.27. A country that is integrated into the world economy will enjoy benefits of(a) technological spillover.(b) foreign investment inflows.(c) lower prices for consumer goods.(d) all of the above.28. Economic growth is usually represented by a nonsymmetrical outward shift of th e productionpossibilities curve because(a) consumer tastes change.(b) growth is either export or import-biased.(c) technology is constant.(d) factor supplies are fixed.。

International Economics, 8e (Krugman)Chapter 1 Introduction1.1 What Is International Economics About?1)Historians of economic thought often describe written by and published in asthe first real exposition of an economic model.A)"Of the Balance of Trade/' David Hume, 1776B)"Wealth of Nations," David Hume, 1758C)"Wealth of Nations," Adam Smith, 1758D)"Wealth of Nations," Adam Smith, 1776E)"Of the Balance of Trade/' David Hume, 1758Answer: EQuestion Status: Previous Edition2)From 1959 to 2004,A)the U.S. economy roughly tripled in size.B)U.S. imports roughly tripled in size.C)the share of US Trade in the economy roughly tripled in size.D)U.S. Imports roughly tripled as compared to U.S. exports.E)U.S. exports roughly tripled in size.Answer: CQuestion Status: Previous Edition3)The United States is less dependent on trade than most other countries becauseA)the United States is a relatively large country.B)the United States is a ''Superpower.*'C)the military power of the United States makes it less dependent on anything.D)the United States invests in many other countries.E)many countries invest in the United States.Answer: AQuestion Status: Previous Edition4)Ancient theories of international economics from the 18th and 19th Centuries areA)not relevant to current policy analysis.B)are only of moderate relevance in today*s modern international economy.C)are highly relevant in today*s modern international economy.D)are the only theories that actually relevant to modern international economy.E)are not well understood by modern mathematically oriented theorists.Answer: CQuestion Status: Previous Edition5)An important insight of international trade theory is that when countries exchange goods and services one withthe other itA)is always beneficial to both countries.B)is usually beneficial to both countries.C)is typically beneficial only to the low wage trade partner country.D)is typically harmful to the technologically lagging country.E)tends to create unemployment in both countries.Answer: BQuestion Status: Previous Edition6)If there are large disparities in wage levels between countries, thenA)trade is likely to be harmful to both countries.B)trade is likely to be harmful to the country with the high wages.C)trade is likely to be harmful to the country with the low wages.D)trade is likely to be harmful to neither country.E)trade is likely to have no effect on either country.Answer: DQuestion Status: Previous Edition7)Benefits of international trade are limited toA)tangible goods.B)intangible goods.C)all goods but not services.D)services.E)None of the above.Answer: EQuestion Status: Previous Edition8)Which of the following does not belong?A)NAFTAB)Uruguay RoundC)World Trade OrganizationD)None Tariff BarriersE)None of the above.Answer: DQuestion Status: Previous Edition9)International economics does not use the same fundamental methods of analysis as other branches ofeconomics, becauseA)the level of complexity of international issues is unique.B)the interactions associated with international economic relations is highly mathematical.C)international economics takes a different perspective on economic issues.D)international economic policy requires cooperation with other countries.E)None of the above.Answer: EQuestion Status: New10)Because the Constitution forbids restraints on interstate trade,A)the U.S. may not impose tariffs on imports from NAFTA countries.B)the U.S. may not affect the international value of the $ U.S.C)the U.S. may not put restraints on foreign investments in California if it involves a financial intermediaryin New York State.D)the U.S. may not impose export duties.E)None of the aboveAnswer: EQuestion Status: New11)Which of the following is not a major concern of international economic theory?A)protectionismB)the balance of paymentsC)exchange rate determinationD)Bilateral trade relations with ChinaE)None of the aboveAnswer: DQuestion Status: New12)"Trade is generally harmful if there are large disparities between countries in wages."A)This is generally true.B)This is generally false.C)Trade theory has nothing to say about this issue.D)This is true if the trade partner ignores child labor laws.E)This is true if the trade partner uses prison labor.Answer: BQuestion Status: New13)Who sells what to whomA)has been a major preoccupation of international economics.B)is not a valid concern of international economics.C)is not considered important for government foreign trade policy since such decisions are made in theprivate competitive market.D)is determined by political rather than economic factors.E)None of the aboveAnswer: AQuestion Status: New14)The insight that patterns of trade are primarily determined by international differences in labor productivity wasfirst proposed byA)Adam Smith.B)David Hume.C)David Ricardo.D)Eli Heckscher.E)Lerner and Samuelson.Answer: CQuestion Status: New15)Since the mid 1940s, the United States, has pursued a broad policy ofA)strengthening "Fortress America" protectionism.B)removing barriers to international trade.C)isolating Iran and other axes of evil.D)protecting the U.S. from the economic impact of oil producers.E)None of the above.Answer: BQuestion Status: New16)The balance of payments has become a central issue for the United States becauseA)when the balance of payments is not balanced, society is unbalanced.B)the U.S. economy cannot grow when the balance of payments is in deficit.C)the U.S. has run huge trade deficits in every year since 1982.D)the U.S. never experienced a surplus in its balance of payments.E)None of the above.Answer: CQuestion Status: New17)The euro, a common currency for most of the nations of Western Europe, was introducedA)before 1900.B)before 1990.C)before 2000.D)in order to snub the pride of the U.S.E)None of the above.Answer: CQuestion Status: New18)During the first three years of its existence, the euroA)depreciated against the $U.S.B)maintained a strict parity with the $U.S.C)strengthened against the $U.S.D)proved to be an impossible dream.E)None of the above.Answer: AQuestion Status: New19)The study of exchange rate determination is a relatively new part of international economics, since,A)for much of the past century, exchange rates were fixed by government action.B)the calculations required for this were not possible before modern computers became available.C)economic theory developed by David Hume demonstrated that real exchange rates remain fixed overtime.D)dynamic overshooting asset pricing models are a recent theoretical development.E)None of the aboveAnswer: AQuestion Status: New20) A fundamental problem in international economics is how to produceA) a perfect degree of monetary harmony.B)an acceptable degree of harmony among the international trade policies of different countries.C) a world government that can harmonize trade and monetary policiesD)a counter-cyclical monetary policy so that all countries will not be adversely affected by a financial crisisin one country.E)None of the above.Answer: BQuestion Status: New21)For the 50 years preceding 1994, international trade policies have been governedA)by the World Trade Organization.B)by the International Monetary Fund.by the World.D)by an international treaty known as the General Agreement on Tariffs and Trade (GATT).E)None of the above.Answer: DQuestion Status: New22)The international capital market isA)the place where you can rent earth moving equipment anywhere in the world.B)a set of arrangements by which individuals and firms exchange money now for promises to pay in thefuture.C)the arrangement where banks build up their capital by borrowing from the Central Bank.D)the place where emerging economies accept capital invested by banks.E)None of the above.Answer: BQuestion Status: New23)International capital markets experience a kind of risk not faced in domestic capital markets, namelyA)"economic meltdown" risk.B)Flood and hurricane crisis risk.C)the risk of unexpected downgrading of assets by Standard and Poor.D)exchange rate risk.E)None of the above.Answer: DQuestion Status: New24)Since 1994, trade rules have been enforced byA)the WTO.B)the GIO.C)the GATT.D)The U.S. Congress.E)None of the above.Answer: AQuestion Status: New25)In 1998 an economic and financial crisis in South Korea caused it to experienceA) a surplus in their balance of payments.B) a deficit in their balance of payments.C) a balanced balance of payments.D)an unbalanced balance of payments.E)None of the above.Answer: AQuestion Status: New26)In 1999, demonstrators representing a mix of traditional and new ideologies disrupted a major internationaltrade meeting in Seattle ofA)the OECD.B)NAFTA.C)WTO.D)GATT.E)None of the above.Answer: CQuestion Status: New27)International Economists cannot discuss the effects of international trade or recommend changes in governmentpolicies toward trade with any confidence unless they knowA)their theory is the best available.B)their theory is internally consistent.C)their theory passes the "reasonable person*' legal criteria.D)their theory is good enough to explain the international trade that is actually observed.E)None of the above.Answer: DQuestion Status: New28)Trade theorists have proven that the gains from tradeA)must raise the economic welfare of every country engaged in trade.B)must raise the economic welfare of everyone in every country engaged in trade.C)must harm owners of ''specific" factors of production.D)will always help "winners" by an amount exceeding the losses of "losers."E)None of the above.Answer: EQuestion Status: New1.2 International Economics: Trade and Money1)Cost-benefit analysis of international tradeA)is basically useless.B)is empirically intractable.C)focuses attention primarily on conflicts of interest within countries.D)focuses attention on conflicts of interests between countries.E)None of the above.Answer: CQuestion Status: Previous Edition2)An improvement in a country's balance of payments means a decrease in its balance of payments deficit, or anincrease in its surplus. In fact we know that a surplus in a balance of paymentsA)is good.B)is usually good.C)is probably good.D)may be considered bad.E)is always bad.Answer: DQuestion Status: Previous Edition3)The GATT wasA)an international treaty.B)an international U.N. agency.C)an international IMF agency.D) a U.S. government agency.E) a collection of tariffs.Answer: AQuestion Status: Previous Edition4)The international debt crisis of early 1982 was precipitated when could not pay its internationaldebts.A)RussiaB)MexicoC)BrazilD)MalaysiaE)ChinaAnswer: BQuestion Status: Previous Edition5)International economics can be divided into two broad sub-fieldsA)macro and micro.B)developed and less developed.C)monetary and barter.D)international trade and international money.E)static and dynamic.Answer: DQuestion Status: Previous Edition6)International monetary analysis focuses onA)the real side of the international economy.B)the international trade side of the international economy.C)the international investment side of the international economy.D)the issues of international cooperation between Central Banks.E)None of the above.Answer: EQuestion Status: New7)The distinction between international trade and international money is not useful sinceA)real developments in the trade accounts have monetary implications.B)the balance of payments includes both real and financial implications.C)developments caused by purely monetary changes have real effects.D)trade models focus on real, or barter relationships.E)None of the above.Answer: EQuestion Status: New8)It is argued that small countries tend have more open economies than large ones. Is this empirically verified?What are the logical underpinnings of this argument?Answer: Yes. They do not have sufficient resources to satisfy consumption needs; and also do not have a sufficiently large market to enable their industries to avail themselves of scale economy possibilities.Another answer would rely on a location argument. Assume that the "natural" market for any givenplant is a circle with a radius of n miles with the plant at its center. Assuming that the production plantsare located randomly throughout the country, then the probability that the typical circular market willencompass some foreign country is greater the smaller is the country.Question Status: Previous Edition9)It is argued that if a rich high wage country such as the United States were to expand trade with a relatively poorand low wage country such as Mexico, then U.S. industry would migrate south, and U.S. wages would fall to the level of Mexico's. What do you think about this argument?Answer: The student may think anything. The purpose of the question is to set up a discussion, which will lead to the models in the following chapters.Question Status: Previous Edition10)Some patterns of international trade are easier to explain than others. Give several examples and explain.Answer: Historical circumstance can explain some patterns such as the relatively large trade flows from West Africa to France. The relatively sparse trade between countries within South America seems curious.Question Status: Previous Edition11)International trade tends to prove that international trade is beneficial to all trading countries. However, casualobservation notes that official obstruction of international trade flows is widespread. How might you reconcile these two facts?Answer: This question is meant to allow students to offer preliminary discussions of issues, which will be explored in depth later in the book.Question Status: Previous Edition12)It is argued that small countries tend have more open economies than large ones. Is this empirically verified?What are the logical underpinnings of this argument?Answer: Yes. They do not have sufficient resources to satisfy consumption needs; and also do not have a sufficiently large market to enable their industries to avail themselves of scale economy possibilities.Another answer would rely on a location argument. Assume that the "natural" market for any givenplant is a circle with a radius of n miles with the plant at its center. Assuming that the production plantsare located randomly throughout the country, then the probability that the typical circular market willencompass some foreign country is greater the smaller is the country.Question Status: Previous Edition13)It is argued that if a rich high wage country such as the United States were to expand trade with a relatively poorand low wage country such as Mexico, then U.S. industry would migrate south, and U.S. wages would fall to the level of Mexico's. What do you think about this argument?Answer: The student may think anything. The purpose of the question is to set up a discussion, which will lead to the models in the following chapters.Question Status: Previous Edition14)Some patterns of international trade are easier to explain than others. Give several examples and explain.Answer: Historical circumstance can explain some patterns such as the relatively large trade flows from West Africa to France. The relatively sparse trade between countries within South America seems curious.Question Status: Previous Edition15)International trade tends to prove that international trade is beneficial to all trading countries. However, casualobservation notes that official obstruction of international trade flows is widespread. How might you reconcile these two facts?Answer: This question is meant to allow students to offer preliminary discussions of issues, which will be explored in depth later in the book.Question Status: Previous Edition16)International Trade theory is one of the oldest areas of applied economic policy analysis. It is also an area for whichdata was relatively widely available very early on. Why do you suppose this is the case?Answer: In ancient times, public finance was not well developed. Most of the population was not producing and consuming within well-developed market economies, so that income and sales taxes were not efficient. Oneof the most convenient ways for governments to obtain resources was to set up custom posts at borders andtax. Hence international trade was of great policy interest to princes and kings, as was precise data of theirmain tax base.Question Status: Previous Edition(SP-ICUA bsWine Million Liters17)The figure above is the Production Possibility Frontier (PPF) of Baccalia, where only two products are produced,clothing and wine. In fact Baccalia is producing on its PPF at point A. By and large the people of Baccalia are content, as both their external and internal needs for warmth are satisfied in the most economically efficient manner possible, given their available productive resources (and known technology). How much wine is being produced? How much cloth? If a person in this country wanted to purchase a liter of wine, what would be the price he or she would have to pay?Judging from what you learned in the previous paragraph, can you indicate at which point (if at all) the Community Indifference Curve is tangent to the Production Possibility Frontier? Explain your reasoning. Answer: 6 million liters of wine are being produced.3 million square yards of cloth are being produced.The price of 1 liter of wine is one half of a square yard of cloth.The tangency is at point A. We know this because otherwise the country would not be producing at thepoint of maximum economic efficiency.Question Status: Previous Edition18) One day, Baccalia joined the WTO and joined the Global Village. They discovered that in the LWE (London WineExchange), 1 liter of wine is worth 1 square yard of cloth. What is the logical production point they should strive for? (See figure.)Answer: 10 million liters of wine.Question Status: Previous Edition19) Baccalia wishes to enjoy to the fullest from the gains from trade, but is not willing to give up imbibing even one dropof wine from the 6 million liters they consumed in their original autarkic state. If their new consumption point is a point we shall designate as point b, describe where this point would be found. (See figure.)Answer: Vertically above point aQuestion Status: Previous Edition20) Where is the Community Indifference Curve family of curves tangent to their new Consumption Possibility Frontier?Answer: At point b.Question Status: Previous Edition21) How can you prove that Baccalia has in fact gained from the availability of trade, and that their new situation issuperior to the pre-trade situation (with which they were quite content)?Answer: The country was consuming at point a before trade. It is now consuming at point b with trade. Point brepresents a superior welfare combination of goods as compared to point a, since at b the country has moreof each of the goods.Question Status: Previous Edition6 10Wine Million Liters(SP 」EA 另UO=M)。

国际经济学英文题库（最全版附答案）【国际经济学】英文题库Chapter 1: IntroductionMultiple-Choice Questions1. Which of the following products are not produced at all in the United States *A. Coffee, tea, cocoaB. steel, copper, aluminumC. petroleum, coal, natural gasD. typewriters, computers, airplanes2. International trade is most important to the standard of living of:A. the United States*B. SwitzerlandC. GermanyD. England3. Over time, the economic interdependence of nations has:*A. grownB. diminishedC. remained unchangedD. cannot say4. A rough measure of the degree of economic interdependence of a nation is giv en by:A. the size of the nations' populationB. the percentage of its population to its GDP*C. the percentage of a nation's imports and exports to its GDPD. all of the above5. Economic interdependence is greater for:*A. small nationsB. large nationsC. developed nationsD. developing nations6. The gravity model of international trade predicts that trade between two nat ions is largerA. the larger the two nationsB. the closer the nationsC. the more open are the two nations*D. all of the above7. International economics deals with:A. the flow of goods, services, and payments among nationsB. policies directed at regulating the flow of goods, services, and paymentsC. the effects of policies on the welfare of the nation*D. all of the above8. International trade theory refers to:*A. the microeconomic aspects of international tradeB. the macroeconomic aspects of international tradeC. open economy macroeconomics or international financeD. all of the above9. Which of the following is not the subject matter of international financeA. foreign exchange marketsB. the balance of payments*C. the basis and the gains from tradeD. policies to adjust balance of payments disequilibria10. Economic theory:A. seeks to explain economic eventsB. seeks to predict economic eventsC. abstracts from the many detail that surrounds aneconomic event*D. all of the above11. Which of the following is not an assumption generally made in the study of international economicsA. two nationsB. two commodities*C. perfect international mobility of factorsD. two factors of production12. In the study of international economics:A. international trade policies are examined before the bases for tradeB. adjustment policies are discussed before the balance of paymentsC. the case of many nations is discussed before the two-nations case*D. none of the above13. International trade is similar to interregional trade in that both must ove rcome:*A. distance and spaceB. trade restrictionsC. differences in currenciesD. differences in monetary systems14. The opening or expansion of international trade usually affects all members of society:A. positivelyB. negatively*C. most positively but some negativelyD. most negatively but some positively15. An increase in the dollar price of a foreign currency usually:A. benefit . importers*B. benefits . exportersC. benefit both . importers and . exportersD. harms both . importers and . exporters16. Which of the following statements with regard to international economics is trueA. It is a relatively new field*B. it is a relatively old fieldC. most of its contributors were not economistsD. none of the above思考题：1.为什么学习国际经济学非常重要2.列举体现当前国际经济学问题的一些重要事件，它们为什么重要3.当今世界面临的最重要的国家经济问题是什么全球化的利弊各是什么Chapter 2: The Law of Comparative AdvantageMultiple-Choice Questions1. The Mercantilists did not advocate:* tradeB. stimulating the nation's exportsC. restricting the nations' importsD. the accumulation of gold by the nation2. According to Adam Smith, international trade was based on:*A. absolute advantageB. comparative advantageC. both absolute and comparative advantageD. neither absolute nor comparative advantage3. What proportion of international trade is based onabsolute advantageA. AllB. most*C. someD. none4. The commodity in which the nation has the smallest absolute disadvantage is the commodity of its:A. absolute disadvantageB. absolute advantageC. comparative disadvantage*D. comparative advantage5. If in a two-nation (A and B), two-commodity (X and Y) world, it is establish ed that nation A has a comparative advantage in commodity X, then nation B must have:A. an absolute advantage in commodity YB. an absolute disadvantage in commodity YC. a comparative disadvantage in commodity Y*D. a comparative advantage in commodity Y6. If with one hour of labor time nation A can produce either 3X or 3Y while na tion B can produce either 1X or 3Y (and labor is the only input):A. nation A has a comparative disadvantage in commodity XB. nation B has a comparative disadvantage in commodity Y*C. nation A has a comparative advantage in commodity XD. nation A has a comparative advantage in neither commodity7. With reference to the statement in Question 6:A. Px/Py=1 in nation AB. Px/Py=3 in nation BC. Py/Px=1/3 in nation B*D. all of the above8. With reference to the statement in Question 6, if 3X is exchanged for 3Y:A. nation A gains 2X*B. nation B gains 6YC. nation A gains 3YD. nation B gains 3Y9. With reference to the statement of Question 6, the range of mutually benefic ial trade between nation A and B is:A. 3Y < 3X < 5YB. 5Y < 3X < 9Y*C. 3Y < 3X < 9YD. 1Y < 3X < 3Y10. If domestically 3X=3Y in nation A, while 1X=1Y domestically in nation B:A. there will be no trade between the two nationsB. the relative price of X is the same in both nationsC. the relative price of Y is the same in both nations*D. all of the above11. Ricardo explained the law of comparative advantage on the basis of:*A. the labor theory of valueB. the opportunity cost theoryC. the law of diminishing returnsD. all of the above12. Which of the following statements is trueA. The combined demand for each commodity by the two nations is negatively slop edB. the combined supply for each commodity by the two nations is rising stepwiseC. the equilibrium relative commodity price for each commodity with trade isgiven by the intersection of the demand and supply of each commod ity by the two nations*D. all of the above13. A difference in relative commodity prices between two nations can be based upon a difference in:A. factor endowmentsB. technologyC. tastes*D. all of the above14. In the trade between a small and a large nation:A. the large nation is likely to receive all of the gains from trade*B. the small nation is likely to receive all of the gains from tradeC. the gains from trade are likely to be equally sharedD. we cannot say15. The Ricardian trade model has been empirically*A. verifiedB. rejectedC. not testedD. tested but the results were inconclusive思考题：比较优势原理所带来的贸易所得是从何而来的贸易利益又是如何分配的现实世界中比较优势是如何度量的你认为目前中国具有比较优势的商品有哪些这意味着什么比较优势会不会发生变化什么样的原因可能会导致其变化经济学家是如何验证比较优势原理的Chapter 3: The Standard Theory of International TradeMultiple-Choice Questions1. A production frontier that is concave from the origin indicates that the nat ion incurs increasing opportunity costs in the production of:A. commodity X onlyB. commodity Y only*C. both commoditiesD. neither commodity2. The marginal rate of transformation (MRT) of X for Y refers to:A. the amount of Y that a nation must give up to produce each additional unit o f XB. the opportunity cost of XC. the absolute slope of the production frontier at the point of production*D. all of the above3. Which of the following is not a reason for increasing opportunity costs:*A. technology differs among nationsB. factors of production are not homogeneousC. factors of production are not used in the same fixed proportion in the produ ction of all commoditiesD. for the nation to produce more of a commodity, it must use resources that ar e less and less suited in the production of the commodity4. Community indifference curves:A. are negatively slopedB. are convex to the originC. should not cross*D. all of the above5. The marginal rate of substitution (MRS) of X for Y in consumption refers to the:A. amount of X that a nation must give up for one extra unit of Y and still rem ain on the same indifference curve*B. amount of Y that a nation must give up for one extra unit of X and still re main on the same indifference curveC. amount of X that a nation must give up for one extra unit of Y to reach a hi gher indifference curveD. amount of Y that a nation must give up for one extra unit of X to reach a hi gher indifference curve6. Which of the following statements is true with respect to the MRS of X for YA. It is given by the absolute slope of the indifference curveB. declines as the nation moves down an indifference curveC. rises as the nation moves up an indifference curve*D. all of the above7. Which of the following statements about community indifference curves is t rueA. They are entirely unrelated to individuals' community indifference curvesB. they cross, they cannot be used in the analysis*C. the problems arising from intersecting community indifference curves can be overcome by the application of the compensation principleD. all of the above.8. Which of the following is not true for a nation that is in equilibrium in isolation*A. It consumes inside its production frontierB. it reaches the highest indifference curve possible with itsproduction front ierC. the indifference curve is tangent to the nation's production frontierD. MRT of X for Y equals MRS of X for Y, and they are equal to Px/Py9. If the internal Px/Py is lower in nation 1 than in nation 2 without trade:A. nation 1 has a comparative advantage in commodity YB. nation 2 has a comparative advantage in commodity X*C. nation 2 has a comparative advantage in commodity YD. none of the above10. Nation 1's share of the gains from trade will be greater:A. the greater is nation 1's demand for nation 2's exports*B. the closer Px/Py with trade settles to nation 2's pretrade Px/PyC. the weaker is nation 2's demand for nation 1's exportsD. the closer Px/Py with trade settles to nation 1's pretrade Px/Py11. If Px/Py exceeds the equilibrium relative Px/Py with tradeA. the nation exporting commodity X will want to export more of X than at equilibriumB. the nation importing commodity X will want to import less of X than atequilibriumC. Px/Py will fall toward the equilibrium Px/Py*D. all of the above12. With free trade under increasing costs:A. neither nation will specialize completely in productionB. at least one nation will consume above its production frontierC. a small nation will always gain from trade*D. all of the above13. Which of the following statements is falsegains from trade can be broken down into the gains from exchange and the ga ins from specializationB. gains from exchange result even without specialization*C. gains from specialization result even without exchangeD. none of the above14. The gains from exchange with respect to the gains from specialization are a lways:A. greaterB. smallerC. equal*D. we cannot say without additional information15. Mutually beneficial trade cannot occur if production frontiers are:A. equal but tastes are notB. different but tastes are the sameC. different and tastes are also different*D. the same and tastes are also the same.思考题：国际贸易的标准理论与大卫.李嘉图的比较优势原理有何异同两国仅仅由于需求偏好不同可以进行市场分工和狐狸贸易吗两国仅仅由于要素禀赋不同和/或生产技术不同可以进行分工和贸易吗Chapter 4: Demand and Supply, Offer Curves, and the T erms of TradeMultiple Choice Questions1. Which of the following statements is correctA. The demand for imports is given by the excess demandfor the commodityB. the supply of exports is given by the excess supply of the commodityC. the supply curve of exports is flatter than the total supply curve of the co mmodity*D. all of the above2. At a relative commodity price above equilibriumA. the excess demand for a commodity exceeds the excess supply of the commodityB. the quantity demanded of imports exceeds the quantity supplied of exports*C. the commodity price will fallD. all of the above3. The offer curve of a nation shows:A. the supply of a nation's importsB. the demand for a nation's exportsC. the trade partner's demand for imports and supply of exports*D. the nation's demand for imports and supply of exports4. The offer curve of a nation bulges toward the axis measuring the nationsA. import commodity*B. export commodityC. export or import commodityD. nontraded commodity5. Export prices must rise for a nation to increase its exports because the nat ion:A. incurs increasing opportunity costs in export productionB. faces decreasing opportunity costs in producing import substitutesC. faces decreasing marginal rate of substitution in consumption*D. all of the above6. Which of the following statements regarding partial equilibrium analysis is falseA. It relies on traditional demand and supply curvesB. it isolates for study one market*C. it can be used to determine the equilibrium relative commodity price but no t the equilibrium quantity with tradeD. none of the above7. Which of the following statements regarding partial equilibrium analysis is trueA. The demand and supply curve are derived from the nation's production frontie r and indifference mapB. It shows the same basic information as offer curvesC. It shows the same equilibrium relative commodity prices as with offer curves *D. all of the above8. In what way does partial equilibrium analysis differ from general equilibr ium analysisA. The former but not the latter can be used to determine the equilibrium price with tradeB. the former but not the latter can be used to determine the equilibrium quant ity with tradeC. the former but not the latter takes into consideration the interaction among all markets in the economy*D. the former gives only an approximation to the answer sought.9. If the terms of trade of a nation are in a two-nation world, those of the t rade partner are:A. 3/4*B. 2/3C. 3/2D. 4/310. If the terms of trade increase in a two-nation world, those of the trade pa rtner:*A. deteriorateB. improveC. remain unchangedD. any of the above11. If a nation does not affect world prices by its trading, its offer curve:A. is a straight lineB. bulges toward the axis measuring the import commodity*C. intersects the straight-line segment of the world's offer curveD. intersects the positively-sloped portion of the world's offer curve12. If the nation's tastes for its import commodity increases:A. the nation's offer curve rotates toward the axis measuring its import commod ityB. the partner's offer curve rotates toward the axis measuring its import commo dityC. the partner's offer curve rotates toward the axis measuring its export commo dity*D. the nation's offer curve rotates toward the axis measuring its export commo dity13. If the nation's tastes for its import commodity increases:A. the nation's terms of trade remain unchanged*B. the nation's terms of trade deteriorateC. the partner's terms of trade deteriorateD. any of the above14. If the tastes for a nation import commodity increases, trade volume:*A. increasesB. declinesC. remains unchangedD. any of the above15. A deterioration of a nation's terms of trade causes the nation's welfare t o:A. deteriorateB. improveC. remain unchanged*D. any of the above思考题：提供曲线如何推导有何用途两国贸易时的均衡商品价格是如何决定的受哪些因素影响贸易条件的含义是贸易条件的改善意味着什么哪些因素可能导致贸易条件的改善Chapter 5: Factor Endowments and the Heckscher-Ohlin TheoryMultiple-Choice Questions1. The H-O model extends the classical trade model by:A. explaining the basis for comparative advantageB. examining the effect of trade on factor prices*C. both A and BD. neither A nor B2. Which is not an assumption of the H-O model:A. the same technology in both nationsB. constant returns to scale*C. complete specializationD. equal tastes in both nations3. With equal technology nations will have equal K/L in production if: *A. factor prices are the sameB. tastes are the sameC. production functions are the sameD. all of the above4. We say that commodity Y is K-intensive with respect to X when:A. more K is used in the production of Y than XB. less L is used in the production of Y than X*C. a lower L/K ratio is used in the production of Y than XD. a higher K/L is used in the production of X than Y5. When w/r falls, L/KA. falls in the production of both commodities*B. rises in the production of both commoditiesC. can rise or fallD. is not affected6. A nation is said to have a relative abundance of K if it has a:A. greater absolute amount of KB. smaller absolute amount of LC. higher L/K ratio*D. lower r/w7. A difference in relative commodity prices between nations can be based ona difference in:A. technologyB. factor endowmentsC. tastes*D. all of the above。

绪论1.全世界对于经济全球化的看法是一致的。

答案:错2.发达国家在同一阵营，彼此之间没有利益冲突。

答案:错3.经济全球化程度随着科学技术水平的提高而日益加深。

答案:对第一章1.Sovereign nations:答案:Often ignore the interests of foreigners.2.Politicians do not erect barriers to trade with other countries because theyare also concerned with the well-being of foreigners.答案:错bor may be internationally mobile, but capital and land do not migratefrom one country to another.答案:对4.国家的贸易政策是国家利益的体现，而国家利益是一国内部利益集团公共选择的结果。

答案:对5.资源在世界范围内的配置由大国的力量决定，大国可以凌驾于小国之上。

答案:错6.一国的贸易政策是动态变化的，国家与国家间的经济关系也是动态变化的。

答案:对第二章1.An increase in demand will lead to:答案:An increase in price.2.All of the following can lead to an increase in the demand for ice cream, anormal good, EXCEPT:答案:A decrease in income.bor may be internationally mobile, but capital and land do not migratefrom one country to another.答案:错4.生产可能性边界的形状取决于该国的技术水平、资源禀赋以及两种商品之间的边际转换率。

国际经济学题库(英文版)Part Ⅰ. Fill in the blank with suitable content.1.Seven themes recur throughout the study of international economics. These are the gains from trade , the pattern of trade , protectionism the balance of payments, exchange rate determination, international policy coordination, international capital market.2. Countries engage in international trade for two basic reasons : comparative advantage and economics of scale .3. A country has a comparative advantage in producing a good if the opportunity cost of producing that good in terms of other goods is lower in that country than it is in other countries.4. Labor is the only one factor of production. LC a 、LW a and *LC a 、*LW a are the unit labor requirement in cheese and wine at Home and Foreign, respectively. If aLC/aLW<aLC*/aLW* , Home has a comparative advantage in cheese. C p /W p is the relative price of cheese, whenaLC/aLW< Pc/Pw<aLC*/aLW* Home and Foreign specialize in producing cheese and wine , respectively.5. Labor is the only one factor of production. LC a 、LW a and *LC a 、*LW a are the unit labor requirement in cheese and wine at Home and Foreign, respectively. L and L*are Home’s and Foreign’s laborforce. If LC a /LW a <C p /W p <*LC a /*LW a , the world relative supply of cheese equals （L/aLC ）/(L*/aLW*) . Home’s gains from indirectly producing wine can be shown as (1/aLC)(Pc/Pw)－1/aLW6. In specific factors model(Q M =Q M (K, L M ); Q F =Q F (T, L F ); L=L M +L F ), if Home produces and trades manufactured goods for food , the overall comparison of the five change rate of goods price andfactor price MP ˆ、F P ˆ、K r ˆ、T r ˆ、W ˆinside Home is T F M K r P W P r ∧∧∧∧∧〉〉〉〉 . That is, the real income of capitalists increase, it can be shown as ↑M K P r ↑↑M K P r .7. There are two main reasons why international trade has strong effects on the distribution ofincome. First, resources can ’t move immediately or costlessly form one industry to another Second Industries differ in the factors of production they demand.8. In the Heckscher-Ohlin model,Comparative advantage is influenced by the interaction between relative abundance and relative intensity9.According to stolper-sammelson effect if the relative price of a good rises, the real income of the factor which intensively used in that good will rise, while the real income of the other factor will fall.10.According to 罗布津斯基效应 Rybczynski effect , at unchanged relative goods price, if the supply of a factor of production increases, the output of the good that are intensive in that factor will rise, while the output of the other good will fall.11.According to H-O 模型H-O proposition , owners of a country’s abundant factors gain from trade, but owners of a country’s scare factors lose.12.According to 要素价格均等化命题 Factor price equalization proposition , international trade produces a convergence （收敛） of relative goods prices. This convergence, in turns, causes the convergence of the relative factor prices. Trade leads to complete equalization of factor prices.（完整的要素价格均等化）13. Three assumptions （假设） crucial to the prediction of factor price equalization are in reality untrue. These assumptions are (1) 两个国家都生产两种产品 both countries produce both goods (2) 两国技术相同 technologies are the same (3) 存在贸易壁垒：天然壁垒和人为壁垒There are barriers to trade: natural barriers and artificial barriers .14.“U.S. exports w ere less capital-intensive than U.S. imports” is known as 里昂惕夫悖论 Leontief paradox .15.The Ricardian Model , the Specific Factor model and the H-O model may be viewed as special cases （特殊情况） of 标准贸易模型 standard trade models16.The standard trade model derives （派生 推导） a world relative supply curve （曲线） fromproduction possibilities and a world relative demand curve from preferences . 17.To export-biased growth, if the decline （下降） of the welfare caused by the deterioration （恶化） of the terms of trade swap over （交换） the rise of the welfare caused by growth, the growth is immiserizing growth (贫困化增长).18. Some economists argued that export-biased growth by poor nations would worsen their term of trade so much that they would be worse off than if they had not grown at all. This situation is known as immiserizing growth (贫困化增长).19.Immiserizing growth demands strict conditions, these conditions are economic growth is strongly export-biased , the growing country is large enough to affect the world price , RS and RD must be very steep .20.According to “ 梅茨勒悖论Metzle paradox ”, t ariffs and export subsidies （补贴） might have perverse （有害的） effects on internal price. 21.In the model of “Monopolistic （垄断） Competition and Trade”, firms of an individual nation face the trade-off between economies of scale and variety of products .22. Marshall argued that there were three main reasons why a cluster of firms （企业集群）may be more efficient than an individual firm in isolation: specialized supplies , labor market pooling ,knowledge spillovers (知识溢出)23.The pattern of intraindustry （产业内） trade itself is unpredicted, history and accident determine the details of the trade pattern.39. When there is external economies （外部经济）, the pattern of international trade is determined by economics of scale interact with comparative advantage .24. The indexes （指标）of intrainindustry trade of a industry can be calculated by the standard formula:25. Interindustry trade and intrainindustry （产业内） trade are the sources of gains from trade . When countries are similar in their relative factor supplies 、scale economies and product differentiations are important , intrainindustry trade is the dominant source （主要来源） of gains from trade, everyone gains from trade. 26.The argument of temporary （暂时的） protection of industries to enable them to gain experience is known as 幼稚产业论the infant industry argument27. If we add together the gains and losses from a tariff, We find the net effect on national welfarecan be separated into two parts: terms of trade gain and efficiency loss 28.Why do countries adopt trade policies such as tariff or import quota, which produce more costs than benefits?—— trade politics29.In the political economy of trade policy （贸易政策的政治经济学） , government are assumed to （被假定为）maximize 政治成功political success rather than 国家福利 national welfare . 30.Deviations from free trade can sometimes increase national welfare. These arguments include the term of trade argument for a tariff and the domestic market failure argument31.According to “Specific rule (对症规则)”, domestic market failure should be corrected by domestic policies aimed directly at the problem’s sources.32. Although market failures are probably common, the domestic market failure argument against free trade should not be applied too freely.First domestic market failure should be corrected bydomestic policies aimed directly at the problems ’ sources ;Second economists cannot diagnose market failure well enough to prescribe policy .33. International trade often produces losers as well as winners. In the actual politics of trade policy,exp 1exp orts importsI orts imports -=-+income distribution is of crucial importance. 集体行动问题The problem of collective action can explain why policies that not only seem to produce more costs than benefits but that also seem to hurt far more voters them they can help can nonetheless be adopted.34.The WTO includes four aspects content: GATT 1994, GATS , TRIPS , TRIMS35.“Nondiscriminatory” principles （非歧视性原则）include most favored nation principle and national treatment principle 36.For preferential （优惠） trading agreements, such as customs union , countries must cede part of their sovereignty to supranational entity （必须放弃部分主权的超国家实体）37.Whether a customs union （关税同盟） is desirable （可取） or undesirable depends on whether it largely leads to trade creation or trade diversion .38.Trade policy in developing countries is concerned with two objectives （涉及两个目标）: promoting industrialization and Coping with the problem of the dual economy . industrialization and coping with the problems of the dual economy. Correspondingly, there are two main arguments for developing countries to pursue policy of import-substituting industrialization. The two arguments are the infant industry argument t and market failure justification for infant industry protection .40. Sophisticated proponents of the infant industry argument have identified two market failures as reasons why infant industry protection may be a good idea: The imperfect capital markets justification and The appropriability argument .Part Ⅱ. True or False (true and false are denoted by “T” and “F”, respectively) 1. If a LW */a L C *<a LW /a L C , Home’s relative productivity in cheese is higher. (T )2. According to the Ricardian model, it is precisely because the relative wage is between the relative productivities that each country ends up with a cost advantage in one good.The good for which *Li a /Li a>w /*w will be produced in Foreign. ( F )3. It is precisely because the relative wage is between the relative productivities that each country ends up with a cost advantage in one good. ( T )4.Long-run convergence(长期收敛) in productivity （生产力）produces long-run convergence inwages. ( T )5. “Korean workers earn only $2.50 an hour; if we allow Korea to export as much as it likes to the United States, our workers will be f orced down to the same level. You can’t import a $5 shirt without importing the $2.50 wage that goes with it.” (F )6.The proposition that trade is beneficial is unqualified(不合格). That is, there is no requirement that a country be “competitive” or that the trade be “fair”. ( T)7. Free trade is beneficial only if your country is strong enough to stand up to foreign competition.( F )8. Foreign competition is unfair and hurts other countries when it is based on low wages. （F ） 9. Trade exploits a country and make it worse off if its workers receive much lower wage than workers in other nations. (F )10.The Ricardian Model predicts an extreme degree(预测一个极端的程度) of specialization(专业化). ( T )11.The Ricardian Model neglects(忽略) the effects on income distribution. (T )12. The basic prediction of the Ricardian model has been strongly confirmed by a number of studies over years. ( T )13. The Ricardian Model predicts that countries tend to export those goods in which their productivity is relative high. ( T )14. We can think of factor specificity as a matter of time. ( T )15.The opportunity cost of manufacture in terms of food is denoted by(表示) MPL M /MPL F . ( F ) 16.A equal proportional change in price have no real effects on the real wage, real income of capital owner and land owner. ( T )17. Trade benefits the factor that is specific to the import-competing sectors of each country buthurts the factor to the export sectors, with ambiguous effects on mobile factors. ( F )18.It is possible in principle for a country’s government to use taxes and subsidies(补贴) to redistribute（重新分配）income to give each individual more of both goods. ( T )19. Although international trade has strong effects on income distribution, there are still possible in principle to make each individual better off. ( T )20. Typically, those who gain from trade in any particular product are a much more concentrated, informed, and organized group than those who lose. ( F )21. Conflicts of interest(利益冲突) within nations are usually more important in determining trade policy than conflicts of interest between nations. ( T )22. Generally, economists do not regard the income distribution effects of trade as a good reason to limit trade. ( T )23.The formulation of trade policy(贸易政策的制定) is a kind of political process(政治进程). ( T )24. “The world’s poorest countries can’t find anything to export. There is no r esource that is abundant—certainly not capital or land, and in small poor nations not even labor is abundant.” ( F ) 25. Wage inequality in U.S. increased between the late 1970s and the early 1990s, economists attribute the change to the growing exports of manufactured goods from NIEs. ( T )26. If the factor-proportion theory was right, a country would always export factors for which the income share exceeded the factor share, import factors for which it was less. ( F )27.The H-O model can predict not only the direction but the volume of trade(贸易量). ( T )28.Factor trade in general turns out to be much smaller than the H-O model predicts. ( T )29. According to an influential recent paper, the H-O model can predict not only the direction but the volume of trade. Factor trade in general turn out to be t he same a s the H-O model predicts.( F )30. Only by dropping the Heckscher-Ohlin assumption that technologies are the same across the countries can the overall pattern of international trade be well predicted by the H-O model.( T )31.If a country want to maximize its national welfare, the consumption point is where the highest isovalue line is tangent to the highest reachable indifference curve. ( T )32.A rise in the terms of trade increases a country’s welfare, while a decline in the terms of trade reduces its welfare. ( T )33.Export-biased growth tends to improve the growing country’s terms of trade at the rest of the world’s expense.( F )34.If the two countries allocate(分配) their change in spending in the same proportions, there will not be a terms of trade effect. ( T )35. If the country receiving a transfer spends a higher proportion of an increase income on its export good than the giver, a transfer raises world relative demand for the recipient’s export good and thus improve its terms of trade. ( T )36.A transfer worsens the donor’s terms of trade if the donor has a higher mariginal propensity to spend on its export good than the recipient(受体). ( T )37.A transfer improves the donor’s terms of trade, worsens recipient’s terms of trade. ( F )38.A transfer of income——say foreign aid——could conceivably leave the recipient worse off. ( T )39.A tariff improves Home’s terms of trade and worsens Foreign’s, while a Home export subsidy worsens Home’s terms of trade and improve Foreign’s.( T )40. Where there is economies of scale, there is imperfectly competitive market structure. ( F )41.If intraindustry trade is the dominant source of gains from trade, everyone gains from trade. ( T )42.Effect on the distribution of income within countries often weight more heavily on policy than terms of trade concerns. ( T )43.The usual market structure in industries characterized by internal economies of scale is monopolistic competition. ( F )44.Today, antidumping(反倾销) may be a device of protectionism. ( T )45.Reciprocal(相互) dumping tends to increase the volume of trade in goods that are quite identical（一致）. ( F )46.It is possible that reciprocal dumping increase national welfare. ( T )47.Strong external(外部) economies tend to “locked in” the existing patterns of interindustry trade, even if the patterns are run counter to(背道而驰) comparative advantage. ( T )48.A trading country can conceivably lose from trade is potentially justify protectionism. ( T )49.Like static external economies, dynamic external economies can lock in an initial advantage in an industry. ( T )50.The stratigic trade policy is related to the model of “Monopolistic competition, differentiate products and intraindustry trade”. ( F )51.The model “Oligopoly, homogeneous products and intraindustry trade” is first developed by Krugman and Helpman . ( F )52.Trade in factors is very much like trade in goods, it occurs for much the same reasons and produces similar results. ( T )53.Trade in factors is an alternative(替代) to trade in goods for the allocation of resources. ( T )54.Wh en a country borrows, it’s intertemporal PPF is biased toward Q P.( F )55.The relative price of future consumption goods Q P is (1+r). ( T )56.The dynamic path of TNC s’ enter foreign market：FDI→Export→Licence. (F )57.Tariffs may have very different effects on different stages of production of a good. ( T )58.Nominal(名义)tariff reflects the effective rate of protection(有效保护率). (F)59.The costs and benefits analysis of a tariff is correct if only the direct gains to producers and consumers in a given market accurately measure the social gains. ( T )60.The costs and benefits analysis of a tari ff is correct if only a dollar’s worth of benefits to each group is the same. ( T )61.A VER is exactly like an import quota which the license are assigned to foreign government.( T )62.VER S are much more costly than tariffs. ( T )63.Local content laws have been widely used by developing countries trying to shift their manufacturing from assembly back into intermediate goods. ( T )64. A political argument for free trade reflects the fact that a political commitment to free trade may be a good idea in practice even though there may be better policies in principle. ( T )65.Deviations from free trade can sometimes increase national welfare. (T )66.For a sufficiently small tariff the terms of trade gain of small country must outweigh theefficiency loss.( F )67.The domestic market failure argument against free trade is intellectually impeccable but of doubtful usefulness. (F )68. “U.S. farm exports don’t just mean higher incomes for farmers — they mean higher income for everyone who sell goods and services to the U.S. farm sector”. This remark is a potential valid argument for export subsidy. ( T )69.Most deviations from free trade are adopted not because their benefit exceed their costs but because the public fails to understand their true costs. ( T )70.If there is marginal social costs rather than marginal social benefits, domestic market failure reinforce the case for free trade. ( T )71.The electoral competition model believes political competition will drive both parties to propose tariffs close to t M, the tariff preferred by the medium voter. ( T )72.The problem of collective action can best be overcome when a group is large and/or well organized. （F ）73.Trade policy that produce more costs than benefits, hurt more consumers than producers can’t be adopted.( F )74. As a violation of the MFN(“most favored nation”) principle, the WTO for bids preferential trading agreements in general, but allows them if they lead to free trade between the agreeing countries. ( T )75.The infant industry argument violates (违背)the principle of comparative advantage ( T )76.Import substituting industrialization(进口替代工业化) violates the principle of comparativeadvantage.( T )77. “Import quotas on capital-intensive industrial goods and subsidies for the import of capital equipment were meant to create manufacturing jobs in many developing countries. Unfortunately, they have probably helped create the urban unemployment problem.” ( T )78.The East Asian Miracle proved that industrialization and development must be based on import substitution. ( F )79.It is impossible for country to make itself worse off by joining accustoms union(联盟). ( F ) PartⅢ. Choose the ONLY one collect answer in each question.1. An important insight（启示）of international trade theory is that when countries exchange goods and services one with the other itA.is always beneficial to both countries.B.is usually beneficial to both countries.C.is typically beneficial only to the lowwage trade partner country .D.is typically harmful to thetechnologically lagging country.E.tends to create unemployment in bothcountries.2. If there are large disparities（差距）in wage levels between countries, thenA. trade is likely to be harmful to both countries.B. trade is likely to be harmful to the country with the high wages.C. trade is likely to be harmful to the country with the low wages.D. trade is likely to be harmful to neither country.E. trade is likely to have no effect on either country.3.Cost-benefit analysis of international trade（成本收益分析）A.is basically useless.B.is empirically intractable.C.focuses attention on conflicts of interestwithin countries.D.focuses attention on conflicts of interestsbetween countries.E.None of the above.4. A primary reason why nations conduct international trade is because of differences inA.historical perspective.B.location.C.resource availabilities.D.tastes.E.incomes. 5. Arguments for free trade are sometimes disregarded（忽视）by the political process becauseA.economists tend to favor highly protecteddomestic markets.B.economists have a universally accepteddecisive power over the political decisionmechanism.C.maximizing consumer welfare may not bea chief priority（优先）for politicians. 扩大消费者福利不是最主要的D.the gains of trade are of paramountconcern to typical consumers.E.None of the above.6.Proponents（支持）of free trade claim allof the following as advantages except＿＿A. relatively high wage levels for all domestic workers.B. a wider selection of products for consumersC. increased competition for world producers.D. the utilization of the most efficient production processes.E. None of the above.In order to know whether a country has a comparative advantage in the production of one particular product we need information on at least ____unit labor requirementsA.oneB.twoC.threeD fourE five7. A country engaging in trade according tothe principles of comparative advantagegains from trade because itD.is producing exports indirectly moreefficiently than it could alternatively.E.is producing imports indirectly moreefficiently than it could domestically.F.is producing exports using fewer laborunits.G.is producing imports indirectly usingfewer labor units.H.None of the above.8. A nation engaging in trade according tothe Ricardian model will find itsconsumption bundle（消费约束）A.inside its production possibilitiesfrontier.B.on its production possibilities frontier.C.outside its production possibilitiesfrontier（生产可能性边界）.D.inside its trade-partner's productionpossibilities frontier.E.on its trade-partner's productionpossibilities frontier.9.If a very small country trades with a verylarge country according to the Ricardianmodel, thenA.the small country will suffer a decreasein economic welfare.B.the large country will suffer a decreasein economic welfare.C.the small country will enjoy gains fromtrade.D.the large country will enjoy gains fromtrade.E.None of the above.10.If the world terms of trade for a countryare somewhere between the domestic cost ratio of H and that of F, thenA.country H but not country F will gainfrom trade.B.country H and country F will both gainfrom trade.C.neither country H nor F will gain fromtrade.D.only the country whose governmentsubsidizes its exports will gain.E.None of the above.11.If a production possibilities frontier isbowed out (concave to the origin) )(上凸，凹面向原点), then production occursunder conditions ofA.constant opportunity costs.B.increasing opportunity costs.C.decreasing opportunity costs.D.infinite opportunity costs.E.None of the above.12.If two countries have identical productionpossibility frontiers, then trade betweenthem is not likely ifA.their supply curves are identical.B.their cost functions are identical.C.their demand conditions identical.D.their incomes are identical.E.None of the above.13.Assume that labor is the only factor ofproduction and that wages in the UnitedStates equal $20 per hour while wages inJapan are $10 per hour. Production costs would be lower in the United States ascompared to Japan ifA.U.S. labor productivity equaled 40 unitsper hour and Japan's 15 units per hour.B.U.S. productivity equaled 30 units perhour whereas Japan's was 20.C.U.S. labor productivity equaled 20 andJapan's 30.D.U.S. labor productivity equaled 15 andJapan's 25 units per hour.E.None of the above.14.International trade has strong effects onincome distributions. Therefore,international tradeA.is beneficial to everyone in both tradingcountries.B.will tend to hurt one trading country.C.will tend to hurt some groups in eachtrading country.D.will tend to hurt everyone in bothcountries.E.will be beneficial to all those engaged ininternational trade.15.If the price of the capital intensive productrises, wages willA.rise but by less than the price of thecapital-intensive product.（工资刚性，变动较慢）B.rise by more than the rise in the price ofthe capital-intensive product.C.remain proportionally equal to the priceof the capital-intensive product.D.fall, since higher prices cause lessdemand.E.None of the above.16.If Australia has more land per worker, andBelgium has more capital per worker, then if trade were to open up between these two countries,A.the real income of capital owners inAustralia would rise.B.the real income of labor in Australiawould clearly rise.C.the real income of labor in Belgiumwould clearly rise.D.the real income of landowners inBelgium would fall. 贸易知识使一国丰富要素部门得利，稀缺要素部门受损）E.the real incomes of capital owners inboth countries would rise.17.If the price of manufactures and the priceof food increase by 25%, thenA.the economy moves down its aggregatesupply curve.B.the economy moves back along itsaggregate demand curve.C.the relative quantities（相对数量）ofmanufactures and food remainunchanged.D.the relative quantities of productschange by 25%.E.None of the above.18.If the price of manufactures rises, thenA.the price of food also rises.B.the quantity of food produced falls.C.the quantity of both manufactures andfood falls.D.the purchasing power of labor in termsof food falls.E.None of the above.18.Groups that lose from trade tend to lobby(游说)the government to（贸易失利者游说政府）A.shift the direction of comparativeadvantage.B.abolish the Specific Factor model frompractical application.C.provide public support for the relativelyefficient sectors.D.provide protection for the relativelyinefficient sectors.E.None of the above.19.The specific factor model argues that ifland can be used both for food productionand for manufacturing, then a quota thatprotects food production willA.clearly help landowners.B.clearly hurt landowners.C.clearly help manufacture but hurt foodproduction.D.have an ambiguous effect on the welfareof landowners.E.None of the above.20.If, relative to its trade partners, Gambiniahas many workers but very little land andeven less productive capital, then,following the specific factor model, weknow that Gambinia has a comparativeadvantage inA.manufactures.B.food.C.both manufactures and food.D.neither manufactures nor food.E.None of the above.21.In the 2-factor, 2 good Heckscher-Ohlinmodel, an influx of workers from acrossthe border would（劳动者越过国境流入）A.move the point of production along theproduction possibility curve.B.shift the production possibility curveoutward, and increase the production ofboth goods.C.shift the production possibility curveoutward and decrease the production ofthe labor-intensive product.D.shift the production possibility curveoutward and decrease the production ofthe capital-intensive product.（资本密集型产品产量下降，扩展了生产可能性曲线，相当于扩展了消费的总量）E.None of the above.22.The 1987 study by Bowen, Leamer andSveikauskasA.supported the validity of the LeontieffParadox.B.supported the validity of theHeckscher-Ohlin model.ed a two-country and two-productframework.D.demonstrated that in fact countries tendto use different technologies.E.proved that the U.S.'s comparativeadvantage relied on skilled labor.23.The Case of the Missing Trade refers toA.the 9th volume of the Hardy Boys'Mystery series.B.the fact that world exports does notequal world imports.C.the fact that factor trade is less thanpredicted by the Heckscher-Ohlintheory.D.the fact that the Heckscher Ohlin theorypredicts much less volume of trade thanactually exists.E.None of the above.24.One way in which the Heckscher-Ohlinmodel differs from the Ricardo model ofcomparative advantage is by assumingthat _技术相同__ is (are) identical in all。

中南财经政法大学——学年第—-学期期末考试试卷国际经济学（闭卷）卷学院专业年级班级课堂号姓名（单选，共20题，每题2分）1, Under Ricardian model, If one country's wage level is very high relative to the other's (the relative wage exceeding the relative productivity ratios), then ( )A.it is not possible that producers in each will find export markets profitable.B.it is not possible that consumers in both countries will enhance their respectivewelfares through imports.C.it is not possible that both countries will find gains from trade.D.it is possible that both will enjoy the conventional gains from trade.2, According to Ricardo, a country will have a comparative advantage in the product in which its ( )bor productivity is relatively low.bor productivity is relatively high.bor mobility is relatively low.bor mobility is relatively high.3, If Australia has more land per worker, and Belgium has more capital per worker, then if trade were to open up between these two countries, ( )A.Australia would export the land-intensive product.B.Belgium would import the capital-intensive product.C.Both countries would export some of each product.D.Trade would not continue since Belgium is a smaller country.4, Under The Specific Factors model, At the production point the production possibility frontier is tangent to a line whose slope is ( )A.the price of manufactures.B.the relative wage.C.the real wage.D.the relative price of manufactures.5, The Heckscher-Ohlin model predicts all of the following except:A.which country will export which product. ( )B.which factor of production within each country will gain from trade.C.the volume of trade.D.that wages will tend to become equal in both trading countries.6, If P C / P F were to increase in the international marketplace, then ( )A.all countries would be better off.B.the terms of trade of cloth exporters improve.C.the terms of trade of food exporters improve.D.the terms of trade of all countries improve.7, When the production possibility frontier shifts out relatively more in one direction, we have ( )A.biased growth.B.unbiased growth.C.immiserizing growth.D.balanced growth.8, If Slovenia were a large country in world trade, then if it instituted a large set of subsidies for its exports, this must ( )A.cause retaliation on the part of its trade partners.B.harm Slovenia's real income.C.improve Slovenia's real income.D.improve the real income of its trade partners.9, A lower tariff on imported steel would most likely benefit ( )A.foreign producers at the expense of domestic consumers.B.domestic manufacturers of steel.C.domestic consumers of steel.D.workers in the steel industry.10, If the poor AID(aid of international development) recipient countries have a higher marginal propensity to consume each and every product than does the United States, then such aid will ( )A.worsen the U.S. terms of trade.B.improve the U.S. terms of trade.C.leave the world terms of trade unaffected.D.worsen the terms of trade of both donor and recipient countries.11, A large country experiencing import-biased economic growth will tend to experience ( )A.no change in terms of trade.B.deteriorating terms of trade.C.improving terms of trade.D.immiserizing terms of trade.12, The most common form of price discrimination in international trade is ( )A.non-tariff barriers.B.V oluntary Export Restraints.C.dumping.D.preferential trade arrangements.13, An appreciation of a country’s currency ( )A.decreases the relative price of its exports and lowers the relative price ofits imports.B.raises the relative price of its exports and raises the relative price of itsimports.C.lowers the relative price of its exports and raises the relative price of itsimports.D.raises the relative price of its exports and lowers the relative price of itsimports.14, Under Purchasing Power Parity, ( )A.E$/E = P i US/ P i E.B.E$/E = P i E / P i US.C.E$/E = P US / P E.D.E$/E = P E / P US.15, Under the monetary approach to the exchange rate, ( )A. a reduction in the money supply will cause immediate currencydepreciation.B. a rise in the money supply will have no effect on exchange rate.C. a rise in the money supply will cause immediate currency appreciation.D. a rise in the money supply will cause a proportional long-run currencydepreciation.16, When EP*/P rises, ( )A.IM will rise.B.IM may rise or fall.C.IM will fall.D.IM is not affected.17, In the short run, a temporary increase in fiscal policy causes ( )A. a shift of the DD curve to the left, an increase in output, andcurrency appreciation.B. a shift of the DD curve to the right, an increase in output, andcurrency appreciation.C. a shift of the DD curve to the right, an increase in output, andcurrency depreciation.D. a shift of the DD curve to the left, a decrease in output, andcurrency depreciation.18, How does a rise in real income affect aggregate demand? ( )A.Y ↑→ Yd ↑→Im ↑→CA ↓→AD ↓, but Y ↑→ Yd ↑→ C ↑→ AD ↑ by more.B.Y ↑→ Yd ↑→Im ↓→CA ↓→AD ↓, but Y ↑→ Yd ↑→ C ↑→ AD ↑ by more.C.Y ↑→ Yd ↑→Im ↑→CA ↑→AD ↑, and Y ↑→ Yd ↑→ C ↑→ AD ↑.D.Y ↑→ Yd ↑→Im ↑→CA ↓→AD ↓, but Y ↑→ Yd ↑→ C ↑→ AD ↑ by less. 19, Under fixed rates, which one of the following statements is the most accurate? ( )A.Monetary policy can affect only output.B.Monetary policy can affect only employment.C.Monetary policy can affect only international reserves.D.Monetary policy can not affect international reserves.20, Under fixed exchange rate, which one of the following statements is the most accurate? ( )A.Devaluation causes a rise in output.B.Devaluation causes a decrease in output.C.Devaluation has no effect on output.共5题，每题6分)1,An Economy can produce goods A using labor and capital and goods B using labor and land. Calculate the effects of the fall in the relative price of goods B on the income of the specific factors capital and land.2, suppose that one country subsidizes its exports and the other country imposes a countervailing tariff that offsets its effect, so that in the end relative price in the second country are unchanged. What happens to the terms of trade? What about welfare in the two countries?3, Describe the pattern of trade under H-O model.4, International trade leads to complete equalization of factor prices. Discuss.5,What is the Fisher Effect? Provide an example.6,Suppose E is fixed at E0 and that the asset markets are in equilibrium.Suddenly output rises. What monetary measures keep the current exchange rate constant given unchanged expectations about the future rate?（共1题，10分）A small country imports peanuts at the price of $10 per bag. The demand curve is D=400-10P. The supply curve is S=50+5PDetermine the free trade equilibrium. Then calculate and graph the following effects: A: The increase in the domestic priceB: The quota rentsC: The consumption distortion lossD: The production distortion loss.四．Essay Questions（共2题，每题10分）1,Comparing the interindustry trade and intraindustry trade.2, Construct a table that will summarize the effects of money market and output market changes on the long-run nominal dollar/ euro exchange rate.中南财经政法大学---------学年第----学期期末考试答案和评分标准课程名称：《国际经济学》（）卷课程代号：_02013020_考试形式：闭卷使用对象：1,Because good B uses land, a fall in its relative price will result in a fall in rental rates on land, and an increase in the return to capital.2,The first country is worse off by subsidy and a foreign tariff while the second one is better off by subsidy in the first one and its own tariff.3, Countries tend to export goods whose production is intensive in factors with which they are abundantly endowed.4,This statement is typically "true…but". Under a strict and limited set of assumptions, such as the original Heckscher-Ohlin model which excludes country specific technologies; non- homothetic tastes; factor intensity reversals; large country differences in (relative) factor abundances, and more factors than goods, then it may be demonstrated that internal consistency demands that the above stated sentence is "true". However, the minute one relaxes any of the above listed assumptions one may easily identify solutions, which contradict the factor price equalization theorem.5, All else equal, a rise in a country’s expected inflation rate will eventually cause an equal rise in the interest rate that deposits of its currency offer. Similarly, a fall in the expected inflation rate will eventually cause a fall in the interest rate.6, •Since output rises, demand for domestic money ris es; this increase in money demand normally pushes the domestic interest rate upwards. To prevent appreciation of home currency (given E0is expected) the central bank buys foreign assets in foreign exchange market.•This eliminates excess demand for domes tic money because the central bank issues money to pay for the foreign assets it buys.•The bank increases the money supply in this way until asset markets clear with E = E0 and R = R*.三．计算题A: D-S=50,P=20（3分）B: (20-10)*50=500（3分）C: 100*10*0.5=500（2分）D:50*10*0.5=250（2分）四．论述题1, Interindustry trade reflect comparative advantage while intraindustry trade doesnot reflect comparative advantage.（4分）The pattern of intraindustry trade itself is unpredictable while interindustry trade is predictable.（3分）The relative importance of intraindustry and interindustry trade depends on how similar countries are.（3分）。

练习题二：Part A: Multiple Choice1. In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differ inA) tastes.B) military capabilities.C) size.D) relative availabilities of factors of production.E) labor productivities.2.The slope of a countryʹs PPF reflectsA) the opportunity cost of product S in terms of product T.B) the opportunity cost of T in terms of money prices.C) the opportunity cost of S or T in terms of S.D) Both A and B.E) Both A and C.3. According to the Heckscher-Ohlin model, the source of comparative advantage is a countryʹsA) technology.B) advertising.C) human capital.D) factor endowments.E) Both A and B.4. If Australia has relatively more land per worker, and Belgium has relatively more capital per worker, then if trade were to open up between these two countries,A) the relative price of the capital-intensive product would rise in Australia.B) the world price of the land-intensive product would be higher than it had been in Belgium.C) the world price of the land intensive product would be higher than it had been in Australia.D) the relative price of the land intensive product would rise in Belgium.E) None of the above.5. The Heckscher-Ohlin model predicts all of the following exceptA) which country will export which product.B) which factor of production within each country will gain from trade.C) the volume of trade.D) that wages will tend to become equal in both trading countries.E) None of the above.6. External economies of scale arise when the cost per unitA) rises as the industry grows larger.B) falls as the industry grows larger rises as the average firm grows larger.C) falls as the average firm grows larger.D) remains constant.E) None of the above.7. External economies of scaleA) may be associated with a perfectly competitive industry.B) cannot be associated with a perfectly competitive industry.C) tends to result in one huge monopoly.D) tends to result in large profits for each firm.E) None of the above.8. The simultaneous export and import of widgets by the United States is an example ofA) increasing returns to scale.B) imperfect competition.C) intra-industry trade.D) inter-industry trade.E) None of the above.9. Intra-industry trade can be explained in part byA) transportation costs within and between countries.B) problems of data aggregation and categorization.C) increasing returns to scale.D) A ll of the above.E) None of the above.10. Intra-industry trade will tend to dominate trade flows when which of the following exist s?A) large differences between relative country factor availabilitiesB) small differences between relative country factor availabilitiesC) homogeneous products that cannot be differentiatedD) constant cost industriesE) None of the above.11. The larger the number of firms in a monopolistic competition situation,A) the larger are that countryʹs exports.B) the higher is the price charged.C) the fewer varieties are sold.D) the lower is the price charged.E) None of the above.12. The larger the number of firms in a monopolistic competition situation,A) the larger are that countryʹs exports.B) the higher is the price charged.C) the fewer varieties are sold.D) the lower is the price charged.E) None of the above.DADCC BACDB DDPart B：Short Questions1.ʹThe H.O. model remains useful as a way to predict the income distribution effects of trade.ʹDiscuss.Answer: T he Stolper-Samuelson theorem, one of the basic theorems arising from theHeckscher-Ohlin model yields an elegant demonstration of the fact that changes in product prices (such as will occur when trade is expanded or curtailed) telescopes its effects onto factor prices, so that not only do relative factor returns mirror product prices, but that actual returns to factors may either rise or fall in real terms. Hence, as a policy framework, the disproportionate effect trade may have on real incomes of sectors, such as skilled-labor is quite useful both theoretically and practically (or polemically)2.International trade leads to complete equalization of factor prices. Discuss.T his statement is typically ʹtrue . . . but.ʹ Under a strict and limited set of assumptions, such as the original Heckscher-Ohlin model which excludes country specific technologies; non- homothetic tastes; factor intensity reversals; large country differences in (relative) factor abundances, more factors than goods, and an equilibrium solution within the ʹcone of specializationʹ; then it may be demonstrated that internal consistency demands that the above stated sentence is ʹtrue.ʹ However, the minute one relaxes any of the above listed assumptions one may easily identify solutions, which contradict the factor price equalization theorem.3.If a scale economy is the dominant technological factor defining or establishing comparativeadvantage, then the underlying facts explaining why a particular country dominates world markets in some product may be pure chance, or historical accident. Explain, and compare this with the answer you would give for the Heckscher-Ohlin model of comparative advantage.T his statement is true, since the reason the seller is a monopolist may be that it happened to have been the first to produce this product in this country. It may have no connection to any supply or demand related factors; nor to any natural or man-made availability. This is all exactly the opposite of the Heckscher-Ohlin Neo-Classical modelʹs explanation of the determinants of comparative advantage.。

Quiz for Chapter 12Ⅰ. Fill the following blanks with the proper word or expression1. Y-( )=CA2、National income equals GNP less ( ),plus ( ),less ( ).3. GNP equals GDP ( ) net receipts of factor income from the rest of the world.4. The national income identity for an open economy is ( ).5. When a country 's exports exceed its imports, we say the country has a current account ( ).6. The current account includes ( )7. Any transaction resulting in a payment to foreigners is entered in the balance of payment account as a ( ).8. In a closed economy, national saving always equals ( ).9.When official reserves increase, this will be recorded in the ( ), with ( )sign.10. When debit is bigger than net decrease of the reserve, the difference will go to the ( ).Ⅱ. True or false1. The balance of payments accounts always balance in practice as they must in theory.( )2. Net unilateral transfers are considered part of the current accounts but not a part of national income .( )3. The GNP a country generates over some time period must equal its national income ,the income earned in that period by its factors of production. ( )4. When you buy a share of Microsoft stock , you are buying neither a good or a service , so your purchase dose not show up in GNP. ( )5. If the government deficit rises and private saving and investment do not change much ,the current account surplus must fall by roughly the same account as the increase in the fiscal deficit. ( )6. We include income on foreign investment in the current account because that income really is compensation for the services provided by foreign investments.( )7. Remember that foreign borrowing may not always be a bad idea :a country that borrows abroad to undertake profitable domestic investment can pay its creditors and still have money left over.( )8. Government agencies including central banks can freely hold foreign reserves and intervene officially in exchange market.( )9. When the United States lends abroad, a payment is made to foreigners and the capital account is credited.10. One reason intervention is important is that central banks use it as a way of altering the amount of money in circulation.Ⅲ. Answer the following questions:1.Why account keepers adds the account a statistical discrepancy to the balance of payment?2.The nation of Pecunia had a current account deficit of ＄1 billion and a nonreserve financial account surplusof ＄550 million in 2005.(1)What was the balance of payments of Pecunia in that year? What happened to the country’s net foreignassets?(2)Assume that foreign central banks neither buy nor sell Pecunian assets. How did the Pecunian central bankshad purchased ＄600 million of Pecunian assets in 2005? How would this official intervention show up in the balance of payments accounts?(3)How would your answer to (2) change if you learned that foreign central banks had purchased enter foreignbalance of payments accounts?Ⅳ. Fill the following blanks:China's balance of payment in 2000Quiz for Chapter 13Ⅰ. Fill the following blanks with the proper word or expression1. Changes in exchange rates are described as or .2. Foreign exchange deals sometimes specify a value date farther away than two-days-30 days, 90days, 180 days, or even several years. The exchange rates quoted in such transactions are called3. is the most liquid of assets4. The ease with which the asset can be sold or exchange for goods, we call the character is5. A foreign is a spot sale of a currency combined with a forward repurchase of the currency.6. The foreign exchange market is in when deposits of all currencies offer the same expected rate ofreturn.7. The price of one currency in terms of another is called an8. All else equal, a in the expected future exchange rate causes a rise in the current exchange rate.9. is the percentage increase in value, it offers over some time period.10. All else equal, an in the interest paid on deposits of a currency causes that currency toappreciate against foreign currencies.Ⅱ. True or false1. A rate of appreciation of the dollar against the euro is the rate of depreciation of the euro against dollar.( )2. The exchange rate quoted as the price of foreign currency in terms of domestic currency is called direct quotation. ( )3. all else equal, an appreciation of a country's currency makes its goods cheaper for foreigners. ( )4. The foreign exchange market is in equilibrium when deposits of all currencies offer the same expected rate of return. ( )5. All else equal., When a country's currency depreciated, domestic residents find that imports from abroad are more expensive. ( )6. Central bank is at the center of the foreign exchange market.( )7. A depreciation of the dollar against euro today makes euro deposit less attractive on the condition that expected future dollar/euro rate and interest rates do not change.( )8. all else equal, a decrease of the interest paid on deposit of US dollars causes dollars to appreciate against foreign currency.( )9. New York. is the largest foreign exchange market in the world. ( )10. A fall in the expected future exchange rate causes a fall in the current exchange rate.Ⅲ. Answer the following questions:1. Currently, the spot exchange rate is US$1=SF1.50 and the expected exchange rate for six month is SF1.55. the interest rate is 8% in the US per annum and 10% in the Switzerland per annum. （1）Determine whether interest rate parity is currently holding.（2）If it is not holding, what will happen in the foreign exchange market?.（3）If the expected exchange rate is unchanged, what is the spot rate when foreign exchange rate is in equilibrium?2.Suppose the dollar interest rate and the pound sterling interest rate are the same, 5 percent per year. What is the relation between the current equilibrium ＄/￡exchange rate and its expected future level? Suppose the expected future ＄/￡exchange rate, ＄1.52 per poun d, remains constant as Britain’s interest rate rises to 10 percent per year. If the U.S. interest rate also remains constant, what is the new equilibrium ＄/￡exchange rate?Quiz for Chapter 14Ⅰ. Fill the following blanks with the proper word or expression1. M1 includes __________.2. An economy ' s money supply is controlled by _________________.3. Three main factors that determine aggregate money demand are4. When money supply equals money demand, we say that the money market is _______________________.5. A rise in the average value of transactions carried out by a household or firm cause its demand for money to .6. is an important phenomenon because it helps explain why exchange rates move so sharply from day to day.7. If the economy is initially at full employment, a permanent increase in the money supply eventually be followed by in the price level.8. Overshooting is a direct consequence of the short-run9. An economy’s is the position it would eventually reach if no new economic shocks occurred during the adjustment to full employment.10. All else equal, a permanent in a country’s money supply causes a proportional long-run depreciation of its currency against foreign currencies.Ⅱ. True or false1. An increase in real output lowers the interest rate. ( )2. In the short run, a reduction in a country's money supply causes its currency to appreciate in the foreign exchange market. ( )3. All else equal, an increase in a country 's money supply causes a proportional increase in its price level in the long run. ( )3. All else equal, a rise in the interest rate causes the demand for money to fall. ( )4. If there is initially an excess demand of money, the interest rate falls in the short-run. ( )5. A rise in the average value of transactions carried out by a household or firm causes its demand for money to fall. ( )6. Given the price level and out put, an increase in the money supply lowers the interest rate. ( )7. A change in the supply of money has effect on the long-run values of the interest rate or real output. ( )8.The higher the interest rate, the more you sacrifice by holding wealth in the form of money. ( )9. An increase in real output lowers the interest rate, given the price level and the money supply( )10. An economy experiences inflation when its price level is falling. ( )Ⅲ. Answer the following questions:1. What is the short-run effect on the exchange rate when US government increases the money supply? (expectations about future exchange rate are unchanged)2. Please draw a group of pictures to show the time paths of U.S. economic variables after a permanent increase in the U.S. money supply growth rate according to the following:(1)The u.s. decided to increase the money supply growth rate permanently.The vertical axis is money supply and the horizontal axis is time.(2)The interest rate change,. The vertical axis is Dollar interest rate and the horizontal axis is time.(3)The price level change. The vertical axis is U.S price level and the horizontal axis is time.(4)The exchange rate change,. The vertical axis is the Dollar/Euro exchange rate and the horizontal axis is time.Ⅳ. CALCULATIONSuppose that the spot rate is €1 = US$1.2468 －78 and the six-month forward rate is €1 = US$1.2523－33, the interest rate per annum is 4% in the euro zone and 6% in the US. After carrying out interest arbitrage with €5,000,000 borrowed at the above-mentioned rate, please calculate your net interest arbitrage profit ( other costs ignored ).Quiz for Chapter 15Ⅰ. Fill the following blanks with the proper word or expression1. The equation for real interest parity is .2. The long-run relationship between inflation and interest rates is called .3. The equation for absolute PPP is _________________________.4. The equation for relative PPP is _________________________.5. The law of_______________ states that under free competition and in the absence of trade impediments, a good must sell for a single price regardless of where in the world it is sold.6. Equation $/$/()/E US q E P P ∈∈=⨯ shows that at unchanged output prices, nominal depreciation implies real .7. According to Fisher effect, if U.S. inflation were to rise, then U.S. dollar interest rates would_________________.8. _________________is the relative price of two output baskets, while _________________is the relative price of two currencies.9. Transport costs and government trade restrictions make it expensive to move goods between markets located in different countries and therefore weaken the _________________mechanism underlying PPP.10. refer to those goods and services that can never be traded internationally at a profit.Ⅱ. True or false1. According to monetary approach, a rise in the interest rate on dollar will lead to the depreciation of the dollar in the long run.( )2. According to monetary approach, a rise in European output causes the Euro to appreciate. ( )3. When demand for American products rises, there will be a long-run real depreciation of the dollar. ( )4. According to monetary approach, a rise in European output causes the Euro to appreciate. ( )5. When European output supply increases, there will be an appreciation of the euro. ( )6. Expected real interest rates are the same in different countries when relative PPP is expected to hold. ( )7. Based on the monetary approach, other things equal, a permanent rise in the U.S. money supply causes a proportional long-run appreciation of the dollar against euro. ( )8. At unchanged output prices, nominal depreciation implies real appreciation. ( )9. Departures from PPP may be even greater in the short run than in the long run because many prices in the economy are sticky and take time to adjust fully. ( )10. If all U.S. prices increase by 10% and the dollar depreciates against foreign currencies by 10%, absolute PPP will be satisfied (assuming there are no changes abroad) for any domestic and foreign choices of price level indexes. ( )Ⅲ. Answer the following questions:1. Suppose America’s inflation rate is 6% over one year, but the inflation rate in Italy is 12%. According to relative PPP, what should happen over the year to the dollar’s exchange rate against the lira?2.How to explain the problems with PPP? Give the reasons.Quiz for Chapter 16Ⅰ. Fill the following blanks with the proper word or expression1. The aggregate demand for an open economy’s output consists of four components:2. The current account balance is determined by two main factors: and3. Equilibrium in the economy as a whole requires equilibrium in the as well as in the4. An temporary increase in the money supply causes a of the domestic currency, of output, and therefore in employment.5. Given a fixed exchange rate, when government demand increases, DD schedule will shift6. A reduction in money demand would shift AA ___________.7. __________ policy works through changes in government spending or taxes.8. If the economy starts at long-run equilibrium, a permanent change in fiscal policy has no net effect on .9. J-curve effects amplify the of exchange rates10. Because a permanent fiscal expansion changes exchange-rate expectations, the effect on output isif the economy stats in long-run equilibrium.Ⅱ. True or false1. If there is a decline in investment demand, the DD schedule will shift to the right. ( )2. The effect of real exchange rate increase on IM is ambiguous. ( )3. A temporary increase in the money supply, which does not alter the long-run expected exchange rate, causes a depreciation of the currency and a rise in output. Temporary fiscal expansion also has the same result. ( )4. Other things equal, a real depreciation of the home currency lowers aggregate demand for home output. ( )5. The DD Schedule shows all exchange rate and output levels at which the output market is in short-run equilibrium. DD Schedule slopes upward. ( )6. A permanent fiscal expansion does not changes exchange-rate expectations. ( )7. Since the effect is the same of that of an increase in G, an increase in T must cause the DD Schedule to shift rightward. ( )8. A rise in R* causes an upward shift of AA. ( )9. Either an increase in the money supply or temporary fiscal ease can be used to maintain full employment. The two polices have no different effects at all. ( )10.If exports and imports adjust gradually to real exchange rate changes, the current account may follow a J-curve pattern after a real currency appreciation, first worsening and then improving. ( )11. The greater the upward shift of the asset market equilibrium schedule, the greater the appreciation of the currency. ( )12. Monetary expansion causes the current account balance to decrease in the short run. ( )13. Expansionary fiscal policy reduces the current account balance. ( )Ⅲ. Answer the following questions:1. A new government is elected and announces that once it is inaugurated, it will increase the money supply. Use the DD-AA model to study the economy’s response to this announcement.2. Please use AA and DD sch edules to describe “The adjustment to a permanent increase in the money supply. ” The original point is at full employment.The vertical axis is exchange rate, the horizontal axis is output.3. If an economy does not start out at full employment, is it still true that a permanent change in fiscal policy has no current effect on output? Please use AA and DD schedules to describe it.Quiz for Chapter 17Ⅰ. Fill the following blanks with the proper word or expression1. Any central bank purchase of assets automatically results in an in the domestic money supply.2. The condition of the foreign exchange market equilibrium under a fixed exchange rate is .3. Under a fixed exchange rate, central bank policy tools is more effective.4. The expectation of a future devaluation causes a in the home interest rate above the world level.5. The main factor that may lead to imperfect asset substitutability in the foreign exchange market is .6. Between the end of World War II and 1973, was the main reserve currency.7. Under a gold standard, each country fixes the price of its currency in terms of .8. Under a _________, central bank monetary policy tools are powerless to affect the economy’s money supply or its output.9. A system which governments may attempt to moderate exchange rate movements without keeping exchangerates rigidly fixed is____________.10. Half way between the gold standard and a pure reserve currency standard is the __________.Ⅱ. True or false1. Any central bank sale of assets automatically causes the money supply to decline. ( )2. If central banks are not sterilizing and the home country has a balance of payments surplus, any increase in the home central bank’s foreign asse ts implies an decreased home money supply. ( )3. Under a fixed exchange rate, central bank monetary policy tools are powerful to affect the economy’s money supply. ( )4. The expectation of a future revaluation causes a rise in foreign reserves. ( )5 When domestic and foreign currency bonds are imperfect substitutes, equilibrium in the foreign market requires that the domestic interest rate equal the expected domestic currency return on foreign bonds subtract a risk premium. ( )6. Between the end of World War II and 1973, the exchange rate system was one in which exchange rate between any two currencies were floating. ( )7. Under the reserve currency standard, the center country has to intervene the exchange rate. ( )8. The central bank can negate the money supply effect of intervention through sterilization.( )9. A system of managed floating allows the central bank to retain some ability to control the domestic money supply, but at the cost of greater exchange rate instability.( )10. A world system of fixed exchange rates in which countries peg the prices of their currencies in terms of a reserve currency does not involve a striking asymmetry.()Ⅲ. Answer the following questions:1. Why governments sometimes choose to devalue their currencies?2. How does fiscal expansion affect a country’s output and the central bank’s balance sheet under fixed exchange rate?3. Can you think of reasons why a government might willingly sacrifice some of its ability to use monetary policy so that it can have stable exchange rates?4. Explain why temporary and permanent fiscal expansions do not have different effects under fixed exchange rates, as they do under floating.Quiz for Chapter 18—21Ⅰ. Fill the following blanks with the proper word or expression1. The channels of interdependence depend, in turn, on the monetary and exchange rate arrangements that countries adopt-a set of institutions called the （）.2. In open economies, policymakers are motivated by the goals of internal and external balance. Simply defined, ( )requires the full employment of a country’s resources and domestic price level stability.3. A country is said to be in( ) when the sum of its current and its no reserve capital accounts equals zero, so that the current account balance is financed entirely by international lending without reserve movements.4. The gold standard contains some powerful automatic mechanisms that contribute to the simultaneous achievement of balance of payments equilibrium by all countries .That mechanisms is( ).5. ( ) is one currency that may be freely exchanged for foreign currencies.6、Under the Bretoon Woods system ,( ) or ( )can be used to influence output and thus help the government achieve its internal goal of full employment.7、Fiscal policy is also called ( ),because it alters the level of the economy’s total demand for goods and services.; The accompanying exchange rate adjustment is called ( ), Because it changes the direction of demand ,shifting it between domestic output and imports.8、Bretton Woods system give ( )the leading position in the world economy.9、Bretton Woods system require that other currency should peg with ( )10、Under the fixed rate system, if the exchange rate change, the foreign reserves will ( )11、( ) symmetry and exchange rate as automatic stabilizers are the advantages of floating rate system.12、( ) predict the collapse of the Bretton Woods system.13、The level of ( ) in the European Union is too small to cushion member countries from adverse economic events.14、The ( ) schedule shows the relationship between the monetary efficiency gain and the degree of economic integration.Ⅱ. True or false1. In an open economy, macroeconomic policy has two basic goals, internal balance (full employment with price stability) and external balance (avoiding excessive imbalances in international payments)( )2. The gold standard era starts in 1861 and end in 1914.( )3. The countries with the weak investment opportunities should be net importers of currently available output (and thus have current account surpluses), while countries with the good investment opportunities should be net exporters of current output (and have current account deficits).( )4. Each member of IMF contributed to the Fund an amount of gold equal in value to three-fourth of its quota. Theremaining one-fourths of its quota took the form of a contribution of its own national currency. ( )5、Balance of payment crisis became increasingly frequent and violent throughout the 1960 and early 1970s.The events led to the Bretoon Woods system’s collapse.（）6、One interpretation of the Bretoon Woods system’s collapse is that the foreign countries were forced to import US. Inflation through the mechanism to stabilize their price levels and regain internal balance, they had to abandon fixed exchange rates and allow their currency to float.（）7、Speculation on changes in exchange rats could lead to instability in foreign exchange markets . （）8.Under the fixed rate system, the government is required to use foreign reserve to stabilize exchange rate.（）9.The U.S. Federal Reserve played the leading role in determining their owns domestic money supply.（）10.Advocates of floating argued that floating rates would allow each country to choose its own desired long-run inflation rate rather than passively importing the inflation rate established abroad. （）11.The eight original participant in the EMS’s exchange rate mechanism------France, German, Italy, Belgium, Denmark, Ireland, Luxembourg, and the Netherlands. ( )。

Chapter 7: Economies of Scale, Imperfect Competition, and International Trade1. External economies of scale arise when the cost per unitA. rises as the industry grows larger.B. falls as the industry grows larger rises as the average firm grows larger.C. falls as the average firm grows larger.D. remains constant.E. None of the above.2. Internal economies of scale arise when the cost per unitA. rises as the industry grows larger.B. falls as the industry grows larger.C. rises as the average firm grows larger.D. falls as the average firm grows larger.E. None of the above.3. External economies of scaleA. may be associated with a perfectly competitive industry.B. cannot be associated with a perfectly competitive industry.C. tends to result in one huge monopoly.D. tends to result in large profits for each firm.E. None of the above.4. Internal economies of scaleA. may be associated with a perfectly competitive industry.B. cannot be associated with a perfectly competitive industry.C. are associated only with sophisticated products such as aircraft.D. cannot form the basis for international trade .E. None of the above.5. A monopolistic firmA. can sell as much as it wants for any price it determines in the market.B. cannot determine the price, which is determined by consumer demand.C. will never sell a product whose demand is inelastic at the quantity sold.D. cannot sell additional quantity unless it raises the price on each unit.E. None of the above.6. Monopolistic competition is associated withA. cut-throat price competition.B. product differentiation.C. explicit consideration at firm level of the feedback effects of other firms' pricing decisions.D. high profit margins.E. None of the above.7. The most common market structure isA. perfect competition.B. monopolistic competition.C. small-group oligopoly.D. perfectly vertical integration.E. None of the above.8. Modeling trade in monopolistic industries is problematic becauseA. there is no one generally accepted model of oligopoly behavior.B. there are no models of oligopoly behavior.C. it is difficult to find an oligopoly in the real world.D. collusion among oligopolists makes usable data rare.E. None of the above.9. Where there are economies of scale, the scale of production possible in a country is constrained byA. the size of the country.B. the size of the trading partner's country.C. the size of the domestic market.D. the size of the domestic plus the foreign market.E. None of the above.10. Where there are economies of scale, an increase in the size of the market willA. increase the number of firms and raise the price per unit.B. decrease the number of firms and raise the price per unit.C. increase the number of firms and lower the price per unit.D. decrease the number of firms and lower the price per unit.E. None of the above.11. The simultaneous export and import of widgets by the United States is an example ofA. increasing returns to scale.B. imperfect competition.C. intra-industry trade.D. inter-industry trade.E. None of the above.12. If output more than doubles when all inputs are doubled, production is said to occur under conditions ofA. increasing returns to scale.B. imperfect competition.C. intra-industry trade.D. inter-industry trade.E. None of the above.13. Intra-industry trade can be explained in part byA. transportation costs within and between countries.B. problems of data aggregation and categorization.C. increasing returns to scale.D. All of the above.E. None of the above.14. If some industries exhibit internal (firm specific) increasing returns to scale in each country, we should not expect to seeA. intra-industry trade between countries.B. perfect competition in these industries.C. inter-industry trade between countries.D. high levels of specialization in both countries.E. None of the above.15. Intra-industry trade is most common in the trade patterns ofA. developing countries of Asia and Africa.B. industrial countries of Western Europe.C. all countries.D. North-South trade.E. None of the above.16. International trade based on scale economies is likely to be associated withA. Ricardian comparative advantage.B. comparative advantage associated with Heckscher-Ohlin factor-proportions.C. comparative advantage based on quality and service.D. comparative advantage based on diminishing returns.E. None of the above.17. International trade based on external scale economies in both countries is likely to be carried out by aA. relatively large number of price competing firms.B. relatively small number of price competing firms.C. relatively small number of competing oligopolists.D. monopoly firms in each country/industry.E. None of the above.18. International trade based solely on internal scale economies in both countries is likely to be carried out by aA. relatively large number of price competing firms.B. relatively small number of price competing firms.C. relatively small number of competing oligopolists.D. monopoly firms in each country/industry.E. None of the above.19. A monopoly firm engaged in international trade willA. equate average to local costs.B. equate marginal costs with foreign marginal revenues.C. equate marginal costs with the highest price the market will bear.D. equate marginal costs with marginal revenues in both domestic and in foreign markets.E. None of the above.20. A monopoly firm will maximize profits byA. charging the same price in domestic and in foreign markets.B. producing where the marginal revenue is higher in foreign markets.C. producing where the marginal revenue is higher in the domestic market.D. equating the marginal revenues in domestic and foreign markets.E. None of the above.21. A firm in monopolistic competitionA. earns positive monopoly profits because each sells a differentiated product.B. earns positive oligopoly profits because each firm sells a differentiated product.C. earns zero economic profits because it is in perfectly or pure competition.D. earns zero economic profits because of free entry.E. None of the above.22. The larger the number of firms in a monopolistic competition situation,A. the larger are that country's exports.B. the higher is the price charged.C. the fewer varieties are sold.D. the lower is the price charged.E. None of the above.23. The monopolistic competition model is one in which there is/areA. a monopoly.B. perfect competition.C. economies of scale.D. government intervention in the market.E. None of the above.24. In industries in which there are scale economies, the variety of goods that a country can produce is constrained byA. the size of the labor force.B. anti-trust legislationC. the size of the market.D. the fixed cost.25. An industry is characterized by scale economies, and exists in two countries. Should these two countries engage in trade such that the combined market is supplied by one country's industry, thenA. consumers in both countries would suffer higher prices and fewer varieties.B. consumers in the importing country would suffer higher prices and fewer varieties.C. consumers in the exporting country would suffer higher prices and fewer varieties.D. consumers in both countries would enjoy fewer varieties available but lower prices.E. None of the above.26. An industry is characterized by scale economies and exists in two countries. In order for consumers of its products to enjoy both lower prices and more variety of choice,A. each country's marginal cost must equal that of the other country.B. the marginal cost of this industry must equal marginal revenue in the other.C. the monopoly must lower prices in order to sell more.D. the two countries must engage in international trade one with the other.E. None of the above.27. A product is produced in a monopolistically competitive industry with scale economies. If this industry exists in two countries, and these two countries engage in trade one with the other, then we would expectA. the country in which the price of the product is lower will export the product.B. the country with a relative abundance of the factor of production in which production of the product is intensive will export this product.C. each of the countries will export different varieties of the product to the other.D. neither country will export this product since there is no comparative advantage.E. None of the above.28. The reason why one country may export a product which is produced with positive scale economies isA. its labor productivity will tend to be higher.B. it enjoys a relative abundance of the factor intensely used in the product's production.C. its demand is biased in favor of the product.D. its demand is biased against the product.E. None of the above.29. Two countries engaged in trade in products with no scale economies, produced under conditions of perfect competition, are likely to be engaged inA. monopolistic competition.B. inter-industry trade.C. intra-industry trade.D. Heckscher-Ohlin trade.30. Two countries engaged in trade in products with scale economies, produced under conditions of monopolistic competition, are likely to be engaged inA. price competition.B. inter-industry trade.C. intra-industry trade.D. Heckscher-Ohlinean trade.E. None of the above.31. History and accident determine the details of trade involvingA. Ricardian and Classical comparative advantage.B. Heckscher-Ohlin model consideration.C. taste reversals.D. scale economies.E. None of the above.32. We often observe intra-industry North-South trade in "computers and related devices." This is due toA. classification and aggregation ambiguities.B. monopolistic competition.C. specific factors issues.D. scale economies.E. None of the above.33. We often observe "pseudo-intra-industry trade" between the United States and Mexico. Actually, such trade is consistent withA. oligopolistic markets.B. comparative advantage associated with Heckscher-Ohlin model.C. optimal tariff issues.D. huge sucking sound.E. None of the above.34. Intra-industry trade will tend to dominate trade flows when which of the following exists?A. Large differences between relative country factor availabilitiesB. Small differences between relative country factor availabilitiesC. Homogeneous products that cannot be differentiatedD. Constant cost industriesE. None of the above.35. The most common form of price discrimination in international trade isA. non-tariff barriers.B. Voluntary Export Restraints.C. dumping.D. preferential trade arrangements.E. None of the above.Essay Questions1. Why is it that an industry is operating under conditions of domestic internal scale economies (applies to firm in the country) - then the resultant equilibrium cannot be consistent with the pure competition model?2. Is it possible that if positive scale economies characterize an industry, that its equilibrium may be consistent with purely competitive conditions ? Explain how this could happen.3. If a scale economy is the dominant technological factor defining or establishing comparative advantage, then the underlying facts explaining why a particular country dominates world markets in some product may be pure chance, or historical accident. Explain, and compare this with the answer you would give for the Heckscher-Ohlin model of comparative advantage.4. It is possible that trade based on external scale economies may leave a country worse off than it would have been without trade. Explain how this could happen.5. If scale economies were not only external to firms, but were also external to individual countries. That is, the larger the worldwide industry (regardless of where firms or plants are located), the cheaper would be the per-unit cost of production. Describe what world trade would look like in this case.Quantitative/Graphing Problems1. The figure above represents the demand and cost functions facing a Brazilian Steel producing monopolist. If it were unable to export, and was constrained by its domestic market, what quantity would it sell at what price?2. Now the monopolist discovers that it can export as much as it likes of its steel at the world price of $5/ton. It will therefore expand for- export production up to the point where its marginal cost equals $5. How much steel will the monopolist sell, and at what price?3. Given the opportunity to sell at world prices, the marginal (opportunity) cost of selling a ton domestically is what?4. While selling exports it would also maximize its domestic sales by equating its marginal (opportunity) cost to its marginal revenue of $5. How much steel would the firm sell domestically, and at what price?5. The Brazilian firm is charging its foreign (U.S.) customers one half the price it is charging its domestic customers. Is this good or bad for the real income or economic welfare of the United States? Is the Brazilian firm engaged in dumping? Is this predatory behavior on the part of the Brazilian steel company?。

【国际经济学】英文题库ChaPter 1: IntroductionMultiple-Choice QUeStiO ns1. WhiCh of the following PrOdUCtS are not PrOdUCed at all in the United States?*A. Coffee, tea, cocoaB. steel, copper, aluminumC. petroleum, coal, natural gasD. typewriters, computers, airpla nes2. InternatiOnal trade is most important to the Standard of living of:A. the United StateS*B. SWitZerIandC. Germa nyD. England3. OVer time, the economic interdependence of natiOnS has:*A. grownB. dimi nishedC. rema ined Un Cha ngedD. Cannot Say4. A rough measure of the degree of economic interdependence of a natiOn is given by:A. the SiZe of the nations' populationB. the PerCentage of its population to its GDP*C. the PerCentage of a nation's imports and exports to its GDPD. all of the above5. EConomic interdependence is greater for:*A. small natiOnSnations isB. large natiOnSC. developed n atio nsD. develop ing n ati OnS6. The gravity model of internatiOnal trade PrediCtS that trade between twoIargerA. the Iarger the two natiOnSB. the closer the nationsC. the more open are the two natiOnS*D. all of the above7. InternatiOnal economics deals with:A. the flow of goods, services, and Payments among natiOnSB. policies directed at regulating the flow of goods, services, and PaymentsC. the effects of policies On the WeIfare of the natiOn*D. all of the above8. InternatiOnal trade theory refers to:*A. the microecOnomic aspects of internatiOnal tradeB. the macroecOnomic aspects of internatiOnal tradeC. open economy macroecOnomics or international financeD. all of the above9. WhiCh of the following is not the SUbjeCt matter of internatiOnal finance?A. foreign exchange marketsB. the balance of Payments*C. the basis and the gains from tradeD. policies to adjust balance of Payments disequilibria10. EConomic theory:A. SeekS to explain economic eventsB. SeekS to PrediCt economic eventsC. abstracts from the many detail that surro UndS an econo mic eve nt*D. all of the above11. WhiCh of the follow ing is not an assumpti On gen erally made in the StUdy of in ter natiOnal economics?A. two natiOnSB. two commodities*C. PerfeCt international mobility of factorsD. two factors of PrOdUCtion12. In the StUdy of internatiOnal economics:A. internatiOnal trade policies are examined before the bases for tradeB. adjustment policies are discussed before the balance of PaymentsC. the CaSe of many natiOnS is discussed before the two-natiOnS CaSe*D. none of the above13. InternatiOnal trade is SimiIar to interregiOnal trade in that both must overcome:*A. distance and SPaCeB. trade restrictiOnSC. differe nces in CUrre nciesD. differe nces in mon etary SyStemS14. The opening or expansion Of internatiOnal trade usually affects all members of so ciety:A. POSitiVeIyB. negatively*C. most POSitiVeIy but some negativelyD. most negatively but Some PoSitiVely15. An inCreaSe in the dollar PriCe of a foreign CUrrency usually:A. ben efit U.S. importers*B. ben efits U.S. exportersC. ben efit both U.S. importers and U.S. exportersD. harms both U.S. importers and U.S. exporters16. WhiCh of the following Statements With regard to internatiOnal economics is true?A. It is a relatively new field*B. it is a relatively old fieldC. most of its Con tributors Were not econo mistsD. none of the above思考题:1. 为什么学习国际经济学非常重要？2. 列举体现当前国际经济学问题的一些重要事件，它们为什么重要？3. 当今世界面临的最重要的国家经济问题是什么？全球化的利弊各是什么?ChaPter 2: The LaW of COmParatiVe AdVantageMultiple-Choice QUeStiO ns1. The MerCantilists did not advocate:*A.free tradeB. StimUIating the nation's exportsC. restricting the nations' importsD. the accumulatiOn Of gold by the natiOn2. ACCOrding to Adam Smith, international trade WaS based on: *A. absolute advantageB. COmParatiVe advantageC. both absolute and COmParatiVe advantageD. neither absolute nor ComParatiVe advantage3. What proport ion Of intern ati Onaltrade is based On absolute adva ntage?A. AllB. most*C. someD. none 4. The commodity in WhiCh the natiOn has the smallest absolute disadvantage is the commodity of its:A. absolute disadvantageB. absolute advantageC. COmParatiVe disadva ntage*D. COmParatiVe advantageB. an absolute disadvantageC. a COmParatiVe disadva ntage in commodity Y*D. a COmParatiVe advantage in commodity Y6. If With One hour of labor time natiOn A Can PrOdUCe either 3X or 3Y while natiOn B Can PrOdUCe either 1X or 3Y (and labor is the Only in put):A. nation A has a COmParatiVe disadvantage in commodity XB. natiOn B has a COmParatiVe disadvantage in commodity Y*C. natiOn A has a COmParatiVe advantage in commodity XD. nation A has a COmParatiVe advantage in neither commodity7. With reference to the Statement in QUeStiOn 6:A. Px∕Py=1 in nation A5. If in a two-natiOn (A and B), two-commodity (X and Y) world, it is established tha t natiOn A has a COmParatiVeadvantage in commodity X, then natiOn B must have: A. an absolute advantage in commodity Yin commodity YB. Px∕Py=3 in nation BC. Py∕Px=1∕3 in nation B*D. all of the above8. With reference to the Statement in QUeStiOn 6, if 3X is exchanged for 3Y:A. nation A gains 2X*B. nation B gains 6YC. nation A gains 3YD. nation B gains 3Y9. With reference to the Statement of QUeStiOn 6, the range of mutually beneficial tra de between natiOn A and B is:A. 3Y < 3X < 5YB. 5Y < 3X < 9Y*C. 3Y < 3X < 9YD. 1Y < 3X < 3Y10. If domestically 3X=3Y in nation A, while 1X=1Y domestically in nation B:A. there will be no trade between the two natiOnSB. the relative PriCe of X is the Same in both nationsC. the relative PriCe of Y is the Same in both nations*D. all of the above11. RiCardO explained the law of COmParatiVe advantage On the basis of:*A. the labor theory of valueB. the opportUnity cost theoryC. the law of diminishing returnsD. all of the above12. WhiCh Of the following Statements is true?A. The comb ined dema nd for each commodity by the two n ati OnS is n egatively slope dB. the combined SUPPIy for each commodity by the two natiOnS is rising StePWiSeC. the equilibrium relative commodity PriCe for each commodity With trade is giv en by the in tersecti On Of the dema nd and SUPPIy of each commodity by the two n ati OnS *D. all of the above13. A difference in relative commodity PriCeS between two natiOnS Can be based upo n a difference in:A. factor endowmentsB. tech no IogyC. tastes *D. all of the above14. In the trade between a small and a large nation:A. the large natiOn is likely to receive all of the gains from trade *B. the small natiOn is likely to receive all of the gains from tradeC. the gains from trade are likely to be equally SharedD. We Cannot Say15. The RiCardian trade model has been empirically*A. VerifiedB. rejectedC. not testedD. tested but the results Were inconCIUSiVe思考题:比较优势原理所带来的贸易所得是从何而来的？贸易利益又是如何分配的?现实世界中比较优势是如何度量的？你认为目前中国具有比较优势的商品有哪些？这意味着什么？比较优势会不会发生变化？什么样的原因可能会导致其变化？经济学家是如何验证比较优势原理的？ChaPter 3: The Standard Theory Of InternatiOnal TradeMUItiPle-ChoiCe QUeStiO ns1. A PrOdUCtiOn frontier that is ConCaVe from the origin indicates that the nation inCUrS inCreaSing opportUnity costs in the PrOdUCtion of:A. commodity X OnlyB. commodity Y OnIy*C. both commoditiesD. neither commodity2. The marginal rate of tranSfOrmatiOn (MRT) of X for Y refers to:A. the amount of Y that a natiOn must give UP to PrOdUCe each additiOnal Unit of XB. the opportUnity cost of XC. the absolute slope of the PrOdUCtiOn frontier at the Point of PrOdUCtion*D. all of the above3. WhiCh of the following is not a reasOn for inCreaSing opportUnity costs:*A. tech no Iogy differs among n atio nsB. factors of PrOdUCtion are not homogeneousC. factors of PrOdUCtion are not USed in the Same fixed proportiOn in the PrOdUCtiOnof all commoditiesD. for the natiOn to PrOdUCe more of a commodity, it must USe resources that are leSS and less SUited in the PrOdUCtion Of the commodity4. Community indifference curves:A. are negatively slopedB. are ConVeX to the OriginC. should not cross*D. all of the above5. The marginal rate of SUbStitUtiOn (MRS) of X for Y in ConSUmPtiOn refers to the:A. amount of X that a n ati On must give UP for One extra Un it of Y and still rema in o n the Same indifference CUrVe*B. amount of Y that a n ati On must give UP for One extra Un it of X and still rema in On the Same indifference CUrVeC. amount of X that a natiOn must give UP for One extra Unit of Y to reach a higher in differe nce CUrVeD. amount of Y that a natiOn must give UP for One extra Unit of X to reach a higher in differe nce CUrVe6. WhiCh of the following Statements is true With respect to the MRS of X for Y?A. It is given by the absolute slope of the indifference CUrVeB. declines as the natiOn moves down an indifference CUrVeC. rises as the natiOn moves UP an indifference CUrVe*D. all of the above7. WhiCh of the following Statements about community indifference CUrVeS is true?A. They are entirely Unrelated to individuals' community indifference CUrVeSB. they cross, they Cannot be USed in the analysis*C. the problems aris ing from in tersect ing com munity in differe nce CUrVeS Can be over come by the applicatiOn Of the compensatiOn PrincipleD. all of the above.8. WhiCh of the following is not true for a natiOn that is in equilibrium in isolation?*A. It ConSUmeS inSide its PrOdUCtiOn frontierB. it reaches the highest indifference CUrVe POSSibIe With its PrOdUCtiOn frontierC. the indifference CUrVe is tangent to the nation's PrOdUCtiOn frontierD. MRT Of X for Y equals MRS Of X for Y, and they are equal to Px/Py9. If the internal Px/Py is lower in natiOn 1 than in natiOnA. nation 1 has a COmParatiVe adva ntage in commodity YB. nation 2 has a COmParatiVe adva ntage in commodity X*C .n atiOn2 hasaCOmParatiVeadvantageir I commodity YD. none of the above2 WithOUt trade:10. NatiOn 1's Share of the gains from trade Will be greater:A. the greater is n ati On 1's dema nd for n atio n 2's exports*B. the closer Px/Py With trade SettIeS to natiOn 2's Pretrade Px/PyC. the Weaker is n ati On 2's dema nd for n atio n 1's exportsD. the closer Px/Py With trade SettIeS to natiOn 1's Pretrade Px/Py11. If Px/Py exceeds the equilibrium relative Px/Py With tradeA. the nation exporting commodity X will Want to export more of X than at ium equilibrB. the nation importing commodity X will Want to import less of X than atUmequilibri C. Px/Py will fall toward the equilibrium Px/Py*D. all of the above12. With free trade Under inCreaSing costs:A. neither nation will SPeCiaIiZe completely in PrOdUCtionB. at least One natiOn will ConSUme above its PrOdUCtiOn frontierC. a small natiOn will always gain from trade*D. all of the above13. WhiCh of the following Statements is false?A. The gains from trade Can be broken down into the gains from exchange and the gains from SPeCiaIiZatiOnB. gains from exchange result even WithOUt SPeCiaIiZatiOn*C. gains from SPeCiaIiZatiOn result even WithOUt exchangeD. none of the above14. The gains from exchange With respect to the gains from SPeCiaIiZatiOn are always:A. greaterB. smallerC. equal*D. We Cannot Say WithOUt additiOnal informatiOn15. MUtUaIIy beneficial trade Cannot occur if PrOdUCtion frontiers are:A. equal but tastes are notB. different but tastes are the SameC. different and tastes are also different*D. the Same and tastes are also the same.思考题：国际贸易的标准理论与大卫.李嘉图的比较优势原理有何异同？两国仅仅由于需求偏好不同可以进行市场分工和狐狸贸易吗？两国仅仅由于要素禀赋不同和/或生产技术不同可以进行分工和贸易吗？ChaPter 4: Demand and Supply, Offer Curves, and the TermS of TradeMUItiPIe ChOiCe QUeStiOnS1. WhiCh of the following Statements is correct?A. The dema nd for imports is give n by the excess dema nd for the commodityB. the SUPPIy of exports is given by the excess SUPPIy of the commodityC. the SUPPIy CUrVe of exports is flatter than the total SUPPIy CUrVe of the commodity*D. all of the above2. At a relative commodity PriCe above equilibriumA. the excess dema nd for a commodity exceeds the excess SUPPIy Of the commodityB. the quantity demanded of imports exceeds the quantity SUPPIied of exports*C. the commodity PriCe Will fallD. all of the above3. The offer CUrVe of a natiOn shows:A. the SUPPIy of a nation's importsB. the dema nd for a n ati on's exportsC. the trade Part ner's dema nd for imports and SUPPIy of exports*D. the n ati on's dema nd for imports and SUPPIy of exports4. The offer CUrVe of a nation bulges toward the axis measuring the natiOnSA. import commodity*B. export commodityC. export or import commodityD. non traded commodity5. EXPOrt PriCeS must rise for a nation to inCreaSe its exports because the nation:A. inCUrS inCreaSing opportUnity costs in export PrOdUCtiOnB. faces decreasing opportUnity costs in PrOdUCing import SUbStitUteSC. faces decreasing marginal rate of SUbStitUtiOn in ConSUmPtiOn*D. all of the above6. WhiCh of the following Statements regarding PartiaI equilibrium analysis is false?A. It relies On traditi Onal dema nd and SUPPIy CUrVeSB. it isolates for StUdy One market*C. it Can be USed to determine the equilibrium relative commodity PriCe but not the equilibrium quantity With tradeD. none of the above7. WhiCh of the following Statements regarding PartiaI equilibrium analysis is true?A. The dema nd and SUPPIy CUrVe are derived from the n atio n's PrOdUCt ion fron tier an d in differe nce mapB. It shows the Same basic informatiOn as offer CUrVeSC. It shows the Same equilibrium relative commodity PriCeS as With Offer CUrVeS*D. all of the above8. In What Way does PartiaI equilibrium analysis differ from general equilibrium analyA. The former but not the Iatter Can be USed to determine the equilibrium PriCe WithtradeB. the former but not the Iatter Can be USed to determine the equilibrium quantityWith tradeC. the former but not the Iatter takes in to Con Siderati On the in teractio n among all ma rkets in the economy*D. the former gives Only an approximation to the anSWer sought.9. If the terms of trade of a natiOn are 1.5 in a two-natiOn world, those of the trade Partner are:A. 3/4*B. 2/3C. 3/2D. 4/310. If the terms of trade inCreaSe in a two-natiOn world, those of the trade Partner:*A. deteriorateB. improveC. rema in Un Cha ngedD. any Of the above11. If a natiOn does not affect world PriCeS by its trading, its offer curve:A. is a Straight lineB. bulges toward the axis measuring the import commodity*C. in tersects the Straight-Ii ne Segme nt of the world's offer CUrVeD. in tersects the positively-sloped porti On Of the world's offer CUrVe12. If the n ati on's tastes for its import commodity in creases:A. the nation's offer CUrVe rotates toward the axis measuring its import commodityB. the Partner's OfferCUrVe rotatestoward the axismeasuring itsimport commodityC. the Partner's OfferCUrVe rotatestoward the axismeasuring itsexport commodity*D. the nation's offerCUrVe r otates toward the axis measuring its export commodity13. If the n ati on's tastes for its import commodity in creases:A. the n ati on's terms of trade rema in Un Cha nged*B. the nation's terms of trade deteriorateC. the Partner's terms of trade deteriorateD. any Of the above14. If the tastes for a n ati On import commodity in creases, trade volume:*A. inCreaSeSB. decli nesC. rema ins Un Cha ngedD. any Of the above15. A deterioratiOn Of a nation's terms of trade CaUSeS the nation's WeIfare to:A. deteriorateB. improveC. rema in Un Cha nged*D. any Of the above思考题：提供曲线如何推导？有何用途？两国贸易时的均衡商品价格是如何决定的？受哪些因素影响？贸易条件的含义是？贸易条件的改善意味着什么？哪些因素可能导致贸易条件的改善? ChaPter 5: FaCtOr Endowments and the HeCkSCher-OhIin TheOryMultiple-Choice QUeStiO ns1. The H-O model extends the CIaSSiCaI trade model by:A. explaining the basis for COmParatiVe advantageB. examining the effect of trade On factor PriCeS*C. both A and BD. neither A nor B2. WhiCh is not an assumptiOn Of the H-O model:A. the Same tech no Iogy in both n ati OnSB. ConStant returns to scale*C. complete SPeCiaIiZatiOnD. equal tastes in both nations3. With equal tech no Iogy n ati OnS will have equal K/L in PrOdUCt ion if:*A. factor PriCeS are the SameB. tastes are the SameC. PrOdUCtion functions are the SameD. all of the above4. We Say that commodity Y is K-intenSiVe With respect to X When:A. more K is USed in the ProdUCtion Of Y than XB. less L is USed in the PrOdUCtion Of Y than X*C. a lower L/K ratio is USed in the PrOdUCtion Of Y than XD. a higher KZL is USed in the PrOdUCtion Of X than Y5. When WZr falls, LZKA. falls in the PrOdUCtiOn Of both commodities*B. rises in the PrOdUCtion Of both CommoditiesC. Can rise or fallD. is not affeCted6. A natiOn is Said to have a relative abUndance of K if it has a:A. greater absolUte amoUnt of KB. smaller absolUte amoUnt of LC. higher LZK ratio*D. lower r/w7. A difference in relative commodity PriCeS between natiOnS Can be based On a diffe rence in:A. tech noIogyB. factor endowmentsC. tastes*D. all of the above8. In the H-O model, internatiOnal trade is based mostly On a difference in:A. tech noIogy*B. factor endowmentsC. economies of scaleD. tastes9. ACCOrding to the H-O model, trade reduces internatiOnalA. relative but not absolute factor PriCeSB. absolute but not relative factor PriCeS*C. both relative and absolute factor PriCeSD. neither relative nor absolute factor PriCeS10. ACCOrding to the H-O model, internatiOnal trade will:A. reduce intern ati Onal differe nces in Per CaPita in comesB. in CreaSeS intern ati Onal differe nces in Per CaPita in comes *C. may inCreaSe or reduce internatiOnal differences in PerD. lead to complete SPeCiaIiZatiOn11. The H-O model is a general equilibrium model becauseA. PrOdUCtion in both natiOnSB. ConSUmPtiOn in both natiOnSC. trade between the two natiOnS*D. all of the above12. The H-O model is a SimPIifiCatiOn Of the a truly generalbecause it deals with:A. two natiOnSB. two commoditiesC. two factors of PrOdUCtion*D. all of the above13. The Leontief ParadoX refers to the empirical finding that U.S. *A. import SUbStitUteS are more K-intenSiVe than exportsdiffere nces in:CaPita in comes it deals with:equilibrium modelB. imports are more K-intenSiVe than exportsC. exports are more L-intenSiVe than importsD. exports are more K-intenSiVe than import SUbStitUteS14. From empirical studies, We Conclude that the H-O theory:A. must be rejectedB. must be accepted WithOUt reservatiOnS*C. Can be accepted while awaiting further testingD. explains all internatiOnal trade15. For factor reversal to occur, two commodities must be PrOdUCed with: *A. SUffiCiently different elasticity of SUbStitUtiOn Of factorsB. the Same K/L ratioC. tech no IogiCally-fixed factor proport ionsD. equal elasticity of SUbStitUtiOn Of factors思考题：H-O理论有哪些假设？各假设的含义是什么？为什么要做出这些假设？如何检验H-O理论的正确性？H-O-S定理的假设条件又是什么？他与生产要素国际间的流动有何关系？如何检验H-O-S定理在现实中的可靠性？ChaPter 6: EConomies of Scale, ImPerfeCt COmPetition, and InternatiOnal TMultiple-Choice QUeSti ons:1. Relaxing the assumptions On WhiCh the HeCkSCher-OhIin theory rests:A. leads to reject ion Of the theoryB. IeaVeS the theory Unaffected*C. requires ComPlementary trade theoriesD. any Of the above.WhiCh of the following assumptiOnS of the HeCkSCher-OhIin theory, When relaxed, leav e the theory Unaffected?A. Two nations, two commodities, and two factorsB. both n ati OnS USe the Same tech no IogyC. the Same commodity is L-intenSiVe in both natiOnS*D. all of the aboveWhiCh of the following assumptiOnS of the HeCkSCher-OhIin theory, When relaxed, require new trade theories?*A. EConomies of scaleB. in complete SPeCiaIiZati OnC. SimiIar tastes in both nationsD. the existence of tranSPOrtatiOn costsInternatiOnal trade Can be based On economies of scale even if both natiOnS have ide ntical:A. factor endowmentsB. tastesC. tech no Iogy*D. all of the above5. A great deal of internatiOnal trade:A. is intra-industry tradeB. involves differentiated PrOdUCtSC. is based On monOPoliStiC COmPetitiOn*D. all Of the above6. The HeCkSCher-OhIin and new trade theories explains most of the trade:A. among in dustrial CoUn triesB. between developed and developing CoUntriesC. in in dustrial goods*D. all of the aboveThe theory that a nation exports those PrOdUCtS for WhiCh a large domesticXiStSWaS advaneed by:*A. LinderB. VernonC. Leon tiefD. Ohlin8. Intra-industry trade takes place:A. beCause PrOdUCtS are homogeneous*B. in Order to take advantage of economies of SCaleC. beCause PerfeCt COmPetitiOn is the PreVaIent form of market organiZatiOnD. all of the aboveIf a natiOn exports twice as muCh of a differentiated PrOdUCt that it imports, indUStry (T) index is eqUal to:A. 1.00B. 0.75*C. 0.50D. 0.2510. Trade based On tech no IogiCal gaps is closely related to:A. the H-O theory market e its intra-*B. the PrOdUCt-CyCIe theoryC. Linder's theoryD. all of the above11. WhiCh of the following Statements is true With regard to the PrOdUCt-CyCIe theor y?A. It depe nds On differe nces in tech no IogiCal Cha nges over time among CoUn triesB. it depe nds On the ope ning and the clos ing of tech no IogiCal gaps among CoUn triesC. it postulates that in dustrial CoUn tries export more adva need PrOdUCtS to less adva n Ced CoUntries*D. all of the above12. Transport costs:A. inCreaSe the PriCe in the importing CoUntryB. redUces the PriCe in the exporting CoUntry*C. both of the aboveD. neither A nor B.13. Transport costs Can be analyzed:A. With dema nd and SUPPIy CUrVeSB. PrOdUCtion frontiersC. offer CUrVeS*D. all of the above14. The Share of transport costs will fall less heavily On the nation:*A. With the more elastic dema nd and SUPPIy of the traded commodityB. With the less elastic dema nd and SUPPIy of the traded commodityC. export ing agricUltUral PrOdUCtSD. With the IargeSt domestic market15. A footloose industry is One in WhiCh the product:A. gains Weight in PrOCeSSingB. loses Weight in PrOCeSSingC. both Of the above*D. neither A nor B.思考题：本章的贸易理论与基于比较优势的贸易理论有哪些不同？这两类贸易理论是互相排斥的吗？H-O理论与心贸易理论之间有什么经验关联？运输成本对H-O定理和H-O-S定理有何影响？不同的环保标准时如何影响产业选址及国际贸易的？2009年底联合国哥本哈根气候大会中的议题与国际贸易有何关系？这对我国经贸发展有何影响？ChaPter 7: EConomic GrOWth and International TradeMultiple-Choice QUeStiO ns1. Dynamic factors in trade theory refer to Changes in:A. factor endowmentsB. tech no IogyC. tastes*D. all of the above2. Doubling the amount of L and K Under ConStant returns to scale:A. doubles the OUtPUt of the L-intenSiVe commodityB. doubles the OUtPUt of the K-intenSiVe commodityC. IeaVeS the ShaPe of the PrOdUCtiOn frontier UnChanged*D. all of the above.3. DoUbling Only the amount Of L available Under ConStant returns to scale:A. less than doubles the OUtPUt of the L-intenSiVe commodity*B. more than doubles the OUtPUt of the L-intenSiVe commodityC. doubles the OUtPUt of the K-intenSiVe commodityD. IeaVeS the OUtPUt of the K-intenSiVe commodity UnChanged4. The RybCZynSki theorem postulates that doubling L at ConStant relative commodity prices: ∣A. doubles the OUtPUt of the L-intenSiVe CommodityI*B. reduces the OUtPUt of the K-intenSiVe commodityC. inCreaSeS the OUtPUt of both commoditiesD. any Of the above5. Doubling L is likely to:A. inCreaSeS the relative PriCe of the L-intenSiVe commodityB. reduces the relative PriCe of the K-intenSiVe commodity*C. reduces the relative PriCe of the L-intenSiVe commodityD. any Of the aboveTeCh ni cal PrOgreSS that in CreaSeS the PrOdUCtiVity of L proport ion ately more tha n the PrOdUCtiVity of K is called:*A. CaPitaI SaVingB. labor SaVingC. n eutralD. any Of the above7. A 50 PerCent PrOdUCtiVity inCreaSe in the PrOdUCtiOn Of commodity Y:A. inCreaSeS the OUtPUt of commodity Y by 50 PerCentB. does not affect the OUtPUt of XC. ShiftS the ProdUCtion frontier in the Y directiOn Only *D. any Of the above8. Doubling L With trade in a small L-abUndant nation: *A. reduces the nation's social WeIfareB. reduces the nation's terms of tradeC. reduces the volume of tradeD. all of the above9. Doubling L With trade in a large L-abUndant nation:A. reduces the nation's social WeIfareB. reduces the nation's terms of tradeC. reduces the volume of trade*D. all of the abovenation's terms of trade Can be expected *A.deteriorateB. improveC. rema in Un Cha ngedD. any Of the aboveA proportiOnately greater inCreaSe in the nation's SUPPIy of labor than Of CaPitaI is likelyto result in a deterioratiOnin the nation's terms of trade if the natiOn exports:A. the K-intenSiVe commodity*B. the L-intenSiVe commodityC. either commodityD. both commodities12. TeChniCal ProgreSS in the nation's export commodity:*A. may reduce the nation's WeIfareB. will reduce the nation's WeIfareC. will inCreaSe the nation's WeIfareIf, at UnChangedterms of trade, a nation WantS to trade more after growth, then theto:D. IeaVeS the nation's WeIfare UnChanged13. Doubling K With trade in a large L-abUndant nation:A. inCreaSeS the nation's WeIfareB. improves the nation's terms of tradeC. reduces the volume of trade*D. all of the above14. An inCreaSe in tastes for the import commodity in both nations:A. reduces the volume of trade*B. inCreaSeS the volume of tradeC. IeaVeS the volume of trade UnChangedD. any Of the above15. An inCreaSe in tastes of the import commodity of NatiOn A and export in B:*A. will reduce the terms of trade of NatiOn AB. will inCreaSe the terms of trade of NatiOn AC. will reduce the terms of trade of NatiOn BD. any Of the above思考题：要素积累和技术进步如何影响一国的生产可能性曲线的形状和位置？何种类型的经济增长最可恩能够导致国家福利的下降？那种类型的经济增长最可能导致国家福利的改善?ChaPter 8: Trade ReStriCtions: TariffSMultiple-choice QUeSti OnS1. WhiCh of the followi ng Stateme nts is in correct?A. An ad valorem tariff is expressed as a PerCentage of the value of the traded com modityB. A SPeCifiC tar肝is expressed as a fixed SUm of the value of the traded commodity.C. EXPOrt tariffs are PrOhibited by the U.S. ConStitUtiOn。

Chapter 3 The Ricardian ModelMultiple Choice Questions1.Countries trade with each other because they are _______ and because of______.A. different, costsB. similar, scale economiesC. different, scale economiesD. similar, costsE.None of the above.2.Trade between two countries can benefit both countries ifA.each country exports that good in which it has a comparativeadvantage.B.each country enjoys superior terms of trade.C.each country has a more elastic demand for the imported goods.D.each country has a more elastic supply for the supplied goods.E.Both C and D.3.The Ricardian theory of comparative advantage states that a country has acomparative advantage in widgets ifA.output per worker of widgets is higher in that country.B.that country's exchange rate is low.C.wage rates in that country are high.D.the output per worker of widgets as compared to the output of someother product is higher in that country.E.Both B and C.4.In order to know whether a country has a comparative advantage in theproduction of one particular product we need information on at least ____unit labor requirementsA.oneB.twoC.threeD.fourE.five5. A country engaging in trade according to the principles of comparativeadvantage gains from trade because itA.is producing exports indirectly more efficiently than it couldalternatively.B.is producing imports indirectly more efficiently than it coulddomestically.C.is producing exports using fewer labor units.D.is producing imports indirectly using fewer labor units.E.None of the above.6.In a two product two country world, international trade can lead to increasesinA.consumer welfare only if output of both products is increased.B.output of both products and consumer welfare in both countries.C.total production of both products but not consumer welfare in bothcountriesD.consumer welfare in both countries but not total production of bothproducts.E.None of the above.7. A nation engaging in trade according to the Ricardian model will find itsconsumption bundleA.inside its production possibilities frontier.B.on its production possibilities frontier.C.outside its production possibilities frontier.D.inside its trade-partner's production possibilities frontier.E.on its trade-partner's production possibilities frontier.8.In the Ricardian model, if a country's trade is restricted, this will cause allexcept which?A.Limit specialization and the division of labor.B.Reduce the volume of trade and the gains from tradeC.Cause nations to produce inside their production possibilities curvesD.May result in a country producing some of the product of itscomparative disadvantageE.None of the above.9.If a very small country trades with a very large country according to theRicardian model, thenA.the small country will suffer a decrease in economic welfare.B.the large country will suffer a decrease in economic welfare.C.the small country will enjoy gains from trade.D.the large country will enjoy gains from trade.E.None of the above.10.If the world terms of trade for a country are somewhere between the domesticcost ratio of H and that of F, thenA.country H but not country F will gain from trade.B.country H and country F will both gain from trade.C.neither country H nor F will gain from trade.D.only the country whose government subsidizes its exports will gain.E.None of the above.11.If the world terms of trade equal those of country F, thenA.country H but not country F will gain from trade.B.country H and country F will both gain from trade.C.neither country H nor F will gain from trade.D.only the country whose government subsidizes its exports will gain.E.None of the above.12.If the world terms of trade equal those of country ,F thenA.country H but not country F will gain from trade.B.country H and country F will both gain from trade.C.neither country H nor F will gain from trade.D.only the country whose government subsidizes its exports will gain.E.None of the above.13.The earliest statement of the principle of comparative advantage is associatedwithA.David Hume.B.David Ricardo.C.Adam Smith.D.Eli Heckscher.E.Bertil Ohlin.14.If one country's wage level is very high relative to the other's (the relativewage exceeding the relative productivity ratios), thenA.it is not possible that producers in each will find export marketsprofitable.B.it is not possible that consumers in both countries will enhance theirrespective welfares through imports.C.it is not possible that both countries will find gains from trade.D.it is possible that both will enjoy the conventional gains from trade.E.None of the above.15.The Ricardian model is based on all of the following exceptA.only two nations and two products.B. no diminishing returns.bor is the only factor of production.D.product quality varies among nations.E.None of the above.16.According to Ricardo, a country will have a comparative advantage in theproduct in which itsbor productivity is relatively low.bor productivity is relatively high.bor mobility is relatively low.bor mobility is relatively high.E.None of the above.17.Assume that labor is the only factor of production and that wages in the UnitedStates equal $20 per hour while wages in Japan are $10 per hour. Production costs would be lower in the United States as compared to Japan ifA.U.S. labor productivity equaled 40 units per hour and Japan's 15 unitsper hour.B.U.S. productivity equaled 30 units per hour whereas Japan's was 20.C.U.S. labor productivity equaled 20 and Japan's 30.D.U.S. labor productivity equaled 15 and Japan's 25 units per hour.E.None of the above.。

练习题五：A E C A D C D D E D A D1．Which of the following statements is the most accurate? The law of one price states:A) in competitive markets free of transportation costs and official barrier to trade, identical goods sold in different countries must sell for the same price when their prices are expressed in terms of the same currency.B) in competitive markets free of transportation costs and official barrier to trade, identical goods sold in the same country must sell for the same price when their prices are expressed in terms of the same currency.C) in competitive markets free of transportation costs and official barrier to trade, identical goods sold in different countries must sell for the same price.D) identical goods sold in different countries must sell for the same price when their prices are expressed in terms of the same currency.E) None of the above.2. In order for the condition E$/HK$ = Pus/PHK to hold, what assumptions does the principle of purchasing power parity make?A) No transportation costs and restrictions on trade; commodity baskets that are a reliable indication of price level.B) Markets are perfectly competitive, i.e., P = MC.C) The factors of production are identical between countries.D) No arbitrage exists.E) A and B.3. Under Purchasing Power Parity,A) E$/E = PiUS/PiE.B) E$/E = PiE/PiUS.C) E$/E = PUS/PE.D) E$/E = PE/PES.E) None of the above.4. In the short run,A) the interest rate can rise when the domestic money supply falls.B) the interest rate can decrease when the domestic money supply falls.C) the interest rate stays constant when the domestic money supply falls.D) the interest rate rises in the same proportion as the domestic money supply falls.E) None of the above.5. The PPP theory fails in reality becauseA) transport costs and restrictions on trade.B) monopolistic or oligopolistic practices in goods markets.C) the inflation data reported in different countries are based on different commodity baskets.D) A, B, and C.E) A and B only.6. The PPP theory fails in reality becauseA) transport costs and restrictions on trade.B) monopolistic or oligopolistic practices in goods markets.C) the inflation data reported in different countries are based on different commodity baskets.D) A, B, and C.E) A and B only.7. A countryʹs domestic currencyʹs real exchange rate, q, is defined asA) E.B) E times P.C) E times P .D) (E times P )/P.E) P/(E times P ).8. In the short-run, any fall in EP /P, regardless of its causes, will causeA) an upward shift in the aggregate demand function and an expansion of outputB) an upward shift in the aggregate demand function and a reduction in outputC) a downward shift in the aggregate demand function and an expansion of outputD) an downward shift in the aggregate demand function and a reduction in outputE) an upward shift in the aggregate demand function but leaves output intact9. In the short-run, a temporary increase in money supplyA) shifts the DD curve to the right, increases output and appreciates the currency.B) shifts the AA curve to the left, increases output and depreciates the currency.C) shifts the AA curve to the left, decreases output and depreciates the currency.D) shifts the AA curve to the left, increases output and appreciates the currency.E) shifts the AA curve to the right, increases output and depreciates the currency.10. Temporary tax cuts would cause:A) the AA-curve to shift left.B) the AA-curve to shift right.C) the DD-curve to shift left.D) the DD-curve to shift right.E) a shift in the AA-curve, although the direction is ambiguous.11. In the short-run, a temporary increase in the money supplyA) shifts the AA curve to the right, increases output and depreciates the currency.B) shifts the AA curve to the left, increases output and depreciates the currency.C) shifts the AA curve to the left, decreases output and depreciates the currency.D) shifts the AA curve to the left, increases output and appreciates the currency.E) shifts the AA curve to the right, increases output and appreciates the currency.12. Assume the asset market is always in equilibrium. Therefore a fall in Y would result in:A) higher inflation abroad.B) a decreased demand for domestic products.C) a contraction of the money supply.D) a depreciation of the home currency.E) an appreciation of the home currency.13. What can explain the failure of relative PPP to hold in reality?Government measures of the price level differ from country to country. One reason for these differences is that people living in diffe rent countries spend their income in different ways. Because of this inherent difference among countries, certain baskets will be affected more by price changes given their consumptions basket. For example, consumers in country, X, eats more fish relative to another country. More than likely, the government, upon determining a commodity basket to reflect preference, will have an overwhelming representation of fish in their basket. Any price level change in the fish market will be felt particularly by country X, and their overall price level will reflect this. Thus, changes in the relative prices of basket components can cause relative PPP to become distorted.14. Using a figure show that under full employment, a temporary fiscal expansion would increase output (overemployment) but cannot increase output in the long run.A temporarily fiscal expansion will move the economy from DD1 to DD2, and output increases. A permanent fiscal expansion will also shift the AA curve to the left and down. The nominal exchange rate appreciates, i.e. E decreases.15. Using the DD model, explain what happens to out put when Government demands increase. Use a figure to explain when it is taking place.T he figure below shows the G1 to G2 raises output at every level of the exchange rate. The change shifts the DD to the right. Which in turns increases output to Y2.。