国际贸易理论复习题

国际贸易理论复习题Ⅰ.Make the best choice1. is seen as a way to stimulate gains in economic efficiency by giving new private owners a powerful incentive—the reward of greater profits—to search for increases in productivity, to enter new markets, and to exit losing ones.A.deregulationB. creation of a legal systemC. privatizationD.others2.We can identify three broad types of economic systems，which is not right for the following？:A. a market economyB. a command economyC. a green economyD. a mixed economy3.The first theory of international trade, , emerged in England in the mid-16th century.parative advantage theoryB. absolute advantage theoryC.H-O theoryD. mercantilism4.There are three main types of legal systems---or legal traditions ---in use around the world，for the following which is not right？A. common lawB. civil lawC. theocratic lawD. continent law5.In a , certain sectors of the economy are left to private ownership and free market mechanisms while other sectors have significant state ownership and government planning.A.Planed economyB. mixed economyC. command economyD. central economy6.In a mixed economy, certain sectors of the economy are left to private ownership and free market mechanisms while other sectors have significant state ownership and government planning.A.Planed economyB. mixed economyC. command economyD. central economy7.A local content requirement is a requirement that some specific fraction of a good be .A.produced domesticallyB. produced in abroadC. produced at homeD. produced globally8.A system tends to be less adversarial than a common law system, since the judges rely upon …detailed legal codes rather than interpreting tradition, precedent, and custom.A. theocratic lawB. common lawC. continent lawD. civil law9.A subsidy is a to a domestic producer.A.Personal paymentB. producer paymentC. government paymentD. firm payment10.A subsidy is a government payment to a domestic producer.A. Personal paymentB. producer paymentC. government paymentD. firm payment11.To understand about an import tariff is who suffers and who gains, which is correct ？A. The government loseB. Domestic producers gainC. Consumers gainsD. Domestic producers lose12. is based on tradition, precedent, and custom.A. theocratic lawB. common lawC. continent lawD. civil law13.Dumping is defined as selling goods in a foreign market at their costs of production or as selling goods in a foreign market at below their “fair” market value.A. uponB. belowC. equalD. others14.The WTO was founded in the year ofA.1949B.1986C.1994D.199515.Cooperation between management and labor can be achieved at a lower cost in a culture where the value system emphasizes .A. the virtue of braveB. the virtue of self-confidentC. the virtue of loyaltyD. love16. refers to the establishment of a new operation in a foreign country.A. mergeringB. acquiringC. greenfield investmentD.FDI17.To understand about an import tariff is who suffers and who gains, which is correct ？A.The government loseB. Domestic producers gainC. Consumers gainsD. Domestic producers lose18.Paul Krugman developed what has come to be known as the .A. comparative advantage theoryB. absolute advantage theoryC.H-O theoryD. new trade theory19. Raymond V ernon initially proposed the theory in themid-1960s.A. Comparative advantageB. H-O theoryC. product life-cycleD.new trade theory20.An import quota is a on the quantity of some good that may be imported into a country.A. direct restrictionB. indirect restrictionC. direct regulationD. indirect regulation21. points out the importance of country factors such as domestic demand and domestic rivalry in explaining a nation‟s dominance in the production and export of particular products.A. SmithB. RicardoC. Heckscher-OhlinD. Porter22.The ultimate objective of antidumping is to protest domestic producers from .A. fair domestic competitionB. unfair domestic competitionC. fair foreign competitionD. unfair foreign competition23.The WTO was founded in the year ofA.1949B.1986C.1994D.199524.FDI occurs when a firm invests directly in facilities to produce or market a product in a foreign country.A. International tradeB. FDIC. Capital outflowD. Capital inflow25.Which is not the part of the WTO agreements？A. TRIPsB.GATsC.TRIMsD. NAFTA26.David Ricardo took Adam Smith‟s theory one step further to develop a new theory called .A. new trade theoryB. absolute advantage theoryC. Comparative AdvantageD. others27.Dumping is defined as selling goods in a foreign market at below their costs of production or as selling goods in a foreign market at below their “fair” market value.A. uponB. belowC. equalD. others-Pacific Economic Cooperation (APEC) was founded in at the suggestion of Australia.A.1970B.1980C.1990D.200029.The main tenet of mercantilism was that it was in a country‟s best interests to maintain a , to export more than it imported.A. trade budgetB. trade gainsC. trade deficitD. trade surplus30.Which of the following is the regional trade agreement for north America？A.APECB.NAFTAC.EUD. UNⅡ. Fill in the blanks.1.The political, economic, and legal systems of a country can have a profound impact on the level of and hence on the attractiveness of a country as a possible market or production location for a firm.2.In a, the government plans the goods and services that a country produces, the quantity in which they are produced, and the prices at which they are sold.3.Islamic Law is the most widely practiced system in the modern world.4. is based on tradition, precedent, and custom.5.In a pure market economy, all productive activities are, as opposed to being owned by the state. The goods and services that a country produces are not planned by anyone.6. refers to property that is the product of intellectual activity, such as computer software, a music score, or the chemical formula for a new drug.7. broadly include not just new products but also new processes, new organizations, new management practices, and new strategies.8.There is wide agreement that innovation and entrepreneurialactivity are the engines of long-run economic growth.9.In a market economy, any individual who has an innovative idea is free to try to make money out of that idea by starting a business.10. Innovation and entrepreneurial activity help to increase economic activity by creating new products and makets that did not previously exist.11.David Ricardo‟s theory of comparative advantage offers an explanation in terms of international differences in labor productivity.12. The shift toward a maket based economic system often entails a number of steps: deregulation, privatization, and creation of a legal system to safeguard property rights.13.Paul Krugman developed what has come to be known as the new trad theory.14.Michael Porter developed a theory referred to as the theory of national competitive advantage.15. In modern organizations based in confucian cultures, the loyalty that binds employees to the heads of their organization can reduce the conflict between management and labor that we find in more class-conscious societies.16.In his 1776 landmark book the wealth of nations, Adam Smith attacked the mercantilist assumption that trade is a zero-sum game. Smith argued that countries differ in their ability to produce goods efficiently.17. Cooperation between management and labor can be achieved at a lower cost in a culture where the value system emphasizes the virtue of loyalty.18.According to Smith, countries should specialize in the production of goods for which they have an absolute advantage and then trade these for goods produced by other countries.19. economies of scale are a major source of cost reductions in many industries, from computer software to automobiles and from pharmaceuticals to aerospace.20. The theories of Smith, Ricardo, and Heckscher-Ohlin help to explain the that we observe in the world economy.21.trade policy uses seven main instruments: tariffs, subsidies, import quotas, voluntary export restraints, local content requirements, administrative policies, and antidumping duties.22. new trade theorystresses that in some cases countries specialize in the production and export of particular products not because of underlying differences in factor endowments, but because in certain industries the world market can support only a limited number of firms.23.Subsidies take many forms, including cash grants, low interest loans, tax breaks, and government equity participation in domestic firms.24.Antidumping Policies are designed to punish foreign firms that engage in dumping.25. The main tenet of mercantilism was that it was in a country‟s best interests tomaintain a trade surplus, to export more than it imported.26.A tariff is a tax levied on imports (or exports).27The new trade theory began to emerge in the 1970s when a number of economists pointed out that the ability of firms to attain economies of scale might have important implications for international trade.28.free trade refers to a situation in which a government does not attempt to restrict what its citizens can buy from or sell to another country.29.Dumping is defined as selling goods in a foreign market at below their costs of production or as selling goods in a foreign market at below their fair maket value. 30.Antidumping duties are often call countervailing dutiesⅢ.Please briefly define or explain the following:1.Free trade：refers to a situation that a government does not attempt to restrict what its citizens can buy from or sell to another country.2.market economy ：In a pure maker economy, all productive activities are privately owned, as opposed to being owned by the state, the goods and services a country produces are not planned by anyone.parative Advantage:4.Economies of scale are a major source of cost reductions in many industries,from computer software to autormobiles anf from pharmaceuticals to aerospace.5.Intellectual property ：refers to property that is a product of intellectual activity, such as computer software, a music score, the chemical formula for a new drug.6.Mercantilism：the tenet of mercantilism was that is in a country’best interest to maintain a trade surplus, to export morn than it imported.mand economy ：Ⅳ.Case Analysis.1.Starbuck's Foreign Direct InvestmentThirty years ago, Starbucks was a single store in Seattle's Pike Place Market selling premium roasted coffee. Today it is a global roaster and retailer of coffee with some 13000 stores, more than 3750 of which are to be found in 38 foreign countries. Starbucks Corporation set out on its current course in the 1980s when the company's director of marketing, Howard Schultz, came back from a trip to Italy enchanted with the Italian coffeehouse experience. Schultz, who later became CEO, persuaded thecompany's owners to experiment with the coffeehouse format-- and the Starbucks experience was born. The strategy was to sell the company's own premium roasted coffee and freshly brewed espresso-style coffee beverages, along with a variety of pastries, coffee accessories, teas, and other products, in a tastefully designed coffeehouse setting. The company also focused on providing superior customer service. Reasoning that motivated employees provide the best customer service, Starbucks' executives devoted a lot of attention to employee hiring and training programs and progressive compensation policies that gave even part-time employees stock option grants and medical benefits. The formula led to spectacular success in the United States, where Starbucks went from obscurity to one of the best-known brands in the country in a decade.In 1995, with 700 stores across the United States, Starbucks began exploring foreign opportunities. Its first target market was Japan. Although Starbucks had resisted a franchising strategy in North America, where its stores are company owned, Starbucks initially decided to license its format in Japan. However, the company also realized that a pure licensing agreement would not give it the control needed to ensure that the Japanese licensees closely followed Starbucks' successful formula. So the company established a joint venture with a local retailer, Sazaby Inc. Each company held a 50 percent stake in the venture, Starbucks Coffee of Japan. Starbucks initially invested $10 million in this venture, its first foreign direct investment. The Starbucks format was then licensed to the venture, which was charged with taking over responsibility for growing Starbucks' presence in Japan.To make sure the Japanese operations replicated the "Starbucks experience" in North America, Starbucks transferred some employees to the Japanese operation. The licensing agreement required all Japanese store managers and employees to attend training classes similar to those given to U.S. Employees. The agreement also required that stores adhere to the design parameters established in the United States. In 2001, the company introduced a stock option plan for all Japanese employees, making it the first company in Japan to do so. Skeptics doubted that Starbucks would be able to replicate its North American success overseas, but by 2006 Starbucks had over 600 stores in Japan and planned to continue opening them at a brisk pace.After Japan, the company embarked on an aggressive foreign investment program. In 1998, it purchased Seattle Coffee, a British coffee chain with 60 retail stores, for $84 million. An American couple, originally from Seattle, had started Seattle Coffee with the intention of establishing a Starbucks-like chain in Britain. In the late 1990s, Starbucks opened stores in China, Singapore, Thailand, New Zealand, South Korea, and Malaysia.In Asia, Starbucks' most common strategy was to license its format to a local operator in return for initial licensing fees and royalties on store revenues. As in Japan, Starbucks insisted on an intensive employee training program and strict specifications regarding the format and layout of the store. However, Starbucks became disenchanted with some of the straight licensing arrangements and converted several into joint-venture arrangements or wholly owned subsidiaries. In Thailand, for example, Starbucks initially entered into a licensing agreement with Coffee Partners, a local Thai company. Under the terms of the licensing agreement，Coffee Partners were required to open at least 20 Starbucks coffee stores in Thailand within five years. However, Coffee Partners found it difficult to raise funds from Thai banks to finance this expansion. In July 2000, Starbucks acquired Coffee Partners for about $12 million. Its goal was to gain tighter control over the expansion strategy in Thailand.By 2002, Starbucks was pursing an aggressive expansion in mainland Europe. As its first entry point, Starbucks chose Switzerland. Drawing on its experience in Asia, the company entered into a joint venture with a Swiss company, Bon Appetit Group, Switzerland's largest food service company. Bon Appetit was to hold a majority stake in the Swiss company using a similar agreement to those it had used successfully in Asia. This was followed by a joint venture in other countries. In early 2006, Starbucks announced that it believed there was the potential for up to 15000 stores outside of the United States, with major opportunities in China, which the company no w views are the largest single market opportunity outside the United States.A. According to the case of Starbucks，make a definition of FDI.Foreign direct ivestment occurs when a firm invest directlyin facilities to produce or market a product in a foreigh country,when a firm undertakes FDI, it becomes a multinational enterprise.B. When Starbucks began to expand overseas？1995C. What is the form of FDI? And what form does Starbucks take？The first is a greenfield investment which involves the establishment of a new operation in a foreign country.The second is acquiring and merging with an existing firm in the foreign country.Most of startbucks’ expansion has been in the form of greenfield investment, although it did acquire Britain’s Seatle Coffee.2.W al-Mart’s Foreign ExpansionWal-Mart is the world‟s largest retailer. The company employs some 1.8 million people, operates 3900 stores in the United States and 2700 in the rest of the world, and generated sales of $345 billion in the fiscal year ending January 31, 2007. Some $77 billion of these sales were generated in 15 nations outside of the United States. Facing a slowdown in growth in the United States, Wal-Mart began its international expansion in the early 1990s when it entered Mexico, teaming up in a joint venture with Cifra, Mexico‟s largest retailer, to open a series of super-centers that sell both groceries and general merchandise.Initially the retailer hit some headwinds in Mexico. It quickly discovered that shopping habits were different. Most people preferred to buy fresh produce at local stores, particularly items like meat, tortillas, and pan dulce, which didn‟t keep well overnight (many Mexicans lacked large refrigerators). Many consumers also lacked cars, and did not buy in large volumes as in the United States. Wal-Mart adjusted its strategy to meet the local conditions, hiring local managers who understood Mexican culture, letting those managers control merchandising strategy, building smaller stores that people could walk to, and offering more fresh produce. At the same time, the company believed that it could gradually change the shopping culture in Mexico, educating consumers by showing them the benefits of its American merchandising culture. After all, Wal-Mart managers reasoned, people once shopped at small stores in the United States, but starting in the 1950s they increasingly gravitated toward large stores like Wal-Mart. As it built up its distribution systems in Mexico, Wal-Mart was able to lower its own costs, which it passed on to Mexican consumers in the formof lower prices. The customization, persistence, and low prices paid off. Me xicans started to change their shopping habits. Today Wal-Mart is Mexico‟s largest retailer, and the country is widely considered to be the company‟s most successful foreign venture.Next Wal-Mart expanded into a number of developed nations, including Britain, Germany, and South Korea. There its experiences have been less successful. In all three countries it found itself going head to head against well-established local rivals who had nicely matched their offerings to local rivals who had nicely matched their offerings to local shopping habits and consumer preferences. Moreover, consumers in all three countries seemed to have a preference for higher quality merchandise, and they were not as attracted to Wal-Mart‟s discount strategy as consumers in the Uni ted States and Mexio. After years of losses, Wal-Mart pulled out of Germany and South Korea in 2006. At the same time, it continued to look for retailing opportunities elsewhere, particularly in developed nations where it lacked strong local competitors, where it could gradually alter the shopping culture to its advantage, and where its low-price strategy was appealing.Recently, the centerpiece of its international expansion efforts has been China. Wal-Mart opened its first store in China in 1996, but initially expanded very slowly, and by 2006 had only 66 stores. What Wal-Mart discovered, however, was the Chinese were bargain hunters and open to low-price strategy and wide selection offered at Wal-Mart stores. Indeed, in terms of their shopping habits, the emerging Chinese middle class seemed more American than European. But to succeed in China, Wal-Mart also found it had to adapt its merchandising and operations strategy so that it meshes with Chinese culture. One of the things that Wal-Mart has learned: Chinese consumers insist that food must be freshly harvested, or even killed in front of them. Wal-Mart initially offended Chinese consumers by trying to sell them dead fish, as well as meat packed in Styrofoam and cellophane. Shoppers turned their noses up at what they saw as old merchandise. So Wal-Mart began to display the meat uncovered, installed fish tanks into which shoppers could plunge fishing nets to pull out their evening meal, and began selling live turtles for turtle soup. Sales soared.Wal-Mart has also learned that in China, success requires it to embrace unions. Whereas in the United States Wal-Mart has vigorously resisted unionization, it came to the realization that in China unions don‟t bargain for labor contracts. Instead, they are an arm of the state, providing funding for the Communist Party and (in the government‟s view) securing social order. In mid-2006 Wal-Mart broke with its long standing antagonism to unions and agreed to allow unions in its Chinese stores. Many believe this set the stage for Wal-Mart‟s most recent move, the purchase in December 2006 of a 35 percent move, the purchase in December 2006 of a 35 percent stake in the Trust-Mart chain, which has 101 hypermarkets in 34 cities across China. Now Wal-Mart has proclaimed that China lies at the center of its growth strategy.A.What is the implication for Wal-Mart’s expansion in China?T o succeed in China,Wal-Mart had to adopt its merchandising and operations strategy so that it meshed with chinese cultures. Success acquired it to embrace union.B.What is the form of FDI? And what form does Wal-Mart take？Ⅴ.Translate the following into Chinese.1．WTO：World Trade Organization 世界贸易组织2．TRIPS:Trade Related Aspects of intellectual Property Rights 与贸易有关的知识产权协定3．OECD: Organization for Economic Cooperation and Development 经济合作发展组织4．GATT: General Agreement on Tariffs and Trade 关贸总协定6．FDI: Foreign Direct Investment 国际直接投资7．VERs：voluntary export restraints 自愿进口限额8．GATS: General Agreement on Trade in Services 服务贸易总协定Ⅵ. Translate the following into English.1.虽然一国政治与经济体系可能是提高经济增长率的巨大动力，其他一些因素也很重要。