国际经济学试题

CHAPTER 1THE INTERNATIONAL ECONOMYMULTIPLE-CHOICE QUESTIONS1. A primary reason why nations conduct international trade is because:a. Some nations prefer to produce one thing while others produce otherthingsb. Resources are not equally distributed among all trading nationsc. Trade enhances opportunities to accumulate profitsd. Interest rates are not identical in all trading nations2. A main advantage of specialization results from:a. Economies of large-scale productionb. The specializing country behaving as a monopolyc. Smaller production runs resulting in lower unit costsd. High wages paid to foreign workers3. International trade in goods and services is sometimes used as asubstitute for all of the following except:a. International movements of capitalb. International movements of laborc. Domestic production of the same goods and servicesd. Domestic production of different goods and services4. If a nation has an open economy, it means that the nation:a. Allows private ownership of capitalb. Has flexible exchange ratesc. Has fixed exchange ratesd. Conducts trade with other countries12Test Bank for International Economics, 9e 5. International trade forces domestic firms to become more competitive interms of:a. The introduction of new productsb. Product design and qualityc. Product priced. All of the above6. The movement to free international trade is most likely to generateshort-term unemployment in which industries?a. Industries in which there are neither imports nor exportsb. Import-competing industriesc. Industries that sell to domestic and foreign buyersd. Industries that sell to only foreign buyers7. International trade is based on the idea that:a. Exports should exceed importsb. Imports should exceed exportsc. Resources are more mobile internationally than are goodsd. Resources are less mobile internationally than are goods8. Arguments for free trade are sometimes disregarded by politiciansbecause:a. Maximizing domestic efficiency is not considered importantb. Maximizing consumer welfare may not be a chief priorityc. There exist sound economic reasons for keeping one’s economyisolated from other economiesd. Economists tend to favor highly protected domestic markets9.How much physical output a worker producers in an hour’s work depends on:a. The worker’s motivation and skillb. The technology, plant, and equipment in usec. How easy the product is to manufactured. All of the above10. The largest amount of trade with the United States in recent years hasbeen conducted by:a. Canadab. Germanyc. Mexicod. United Kingdom11. Increased foreign competition tends to:a. Intensify inflationary pressures at homeb. Induce falling output per worker-hour for domestic workersc. Place constraints on the wages of domestic workersd. Increase profits of domestic import-competing industries精品12. __________ is the ability of a firm/industry, under free and fairmarket conditions, to design, produce, and market goods and services that are better and/or cheaper than those of other firms/industries.a. Competitivenessb. Protectionismc. Comparative advantaged. Absolute advantage13. A firm’s __________, relative to that of other firms, is generallyregarded as the most important determinant of competitiveness.a. Income levelb. Tastes and preferencesc. Environmental regulationd. Productivity14. Free traders maintain that an open economy is advantageous in that itprovides all of the following except:a. Increased competition for world producersb. A wider selection of products for consumersc. The utilization of the most efficient production methodsd. Relatively high wage levels for all domestic workers15. Recent pressures for protectionism in the United States have beenmotivated by all of the following except:a. U.S. firms shipping component production overseasb. High profit levels for American corporationsc. Sluggish rates of productivity growth in the United Statesd. High unemployment rates among American workers16. International trade tends to cause welfare losses to at least somegroups in a country:a. The less mobile the country’s resourcesb. The more mobile the country’s resourcesc. The lower the country’s initial living standardd. The higher the country’s initial living standard17. For a nation to maximize its productivity in a global economy:a. Only imports are necessaryb. Only exports are necessaryc. Both imports and exports are necessaryd. Neither imports nor exports are necessary感谢下载载4Test Bank for International Economics, 9e18. A feasible effect of international trade is that:a. A monopoly in the home market becomes an oligopoly in the worldmarketb. An oligopoly in the home market becomes a monopoly in the worldmarketc. A purely competitive firm becomes an oligopolistd. A purely competitive firm becomes a monopolist19. International trade in goods and services tends to:a. Increase all domestic costs and pricesb. Keep all domestic costs and prices at the same levelc. Lessen the amount of competition facing home manufacturersd. Increase the amount of competition facing home manufacturers20.The real income of domestic producers and consumers can be increased by:a. Technological progress, but not international tradeb. International trade, but not technological progressc. Technological progress and international traded. Neither technological progress nor international trade21. In the United States, automobiles are:a. Imported, but not exportedb. Exported, but not importedc. Imported and exportedd. Neither exported nor imported22. Technological improvements are similar to international trade sincethey both:a. Provide benefits for all producers and consumersb. Increase the nation’s aggregate incomec. Reduce unemployment for all domestic workersd. Ensure that industries can operate at less than full capacity23. A sudden shift from import tariffs to free trade may induce short-termunemployment in:a. Import-competing industriesb. Industries that are only exportersc. Industries that sell domestically as well as exportd. Industries that neither import nor export24. Recent empirical studies indicate that productivity performance inindustries is:a. Directly related to globalization of industriesb. Inversely related to globalization of industriesc. Not related to globalization of industriesd. Any of the above精品25. Empirical research indicates that __________ best enhances productivitygains for firms and industries.a. Local competitionb. Regional competitionc. Global competitiond. No competition26. By the mid-1990s, __________ banks had become the world’s largest interms of total assets.a. Britishb. Germanc. Japanesed. American27. A reduced share of the world export market for the United States wouldbe attributed to:a. Decreased productivity in U.S. manufacturingb. High incomes of American householdsc. Relatively low interest rates in the United Statesd. High levels of investment by American corporations28. The dominant trading nation in the world market following World War IIwas:a. United Kingdomb. Germanyc. South Koread. United States29. A closed economy is one in which:a. Imports exactly equal exports, so that trade is balancedb. Domestic firms invest in industries overseasc. The home economy is isolated from foreign traded. Saving exactly equals investment at full employment30. Relative to countries with low ratios of exports to gross domesticproduct, countries having high export to gross domestic product ratios are __________ vulnerable to changes in the world market.a. Lessb. Morec. Equallyd. Any of the aboveCHAPTER 2感谢下载载6Test Bank for International Economics, 9eFOUNDATIONS OF MODERN TRADE THEORYMULTIPLE-CHOICE QUESTIONS1. The mercantilists would have objected to:a. Export promotion policies initiated by the governmentb. The use of tariffs or quotas to restrict importsc. Trade policies designed to accumulate gold and other preciousmetalsd. International trade based on open markets2. Unlike the mercantilists, Adam Smith maintained that:a. Trade benefits one nation only at the expense of another nationb. Government control of trade leads to maximum economic welfarec. All nations can gain from free international traded. The world’s output of goods must remain constant over time3. The trading principle formulated by Adam Smith maintained that:a. International prices are determined from the demand side of themarketb. Differences in resource endowments determine comparative advantagec. Differences in income levels govern world trade patternsd. Absolute cost differences determine the immediate basis for trade4. Unlike Adam Smith, David Ricardo’s trading principle emphasizes the:a. Demand side of the marketb. Supply side of the marketc. Role of comparative costsd. Role of absolute costs5. When a nation requires fewer resources than another nation to produce aproduct, the nation is said to have a (an):a. Absolute advantage in the production of the productb. Comparative advantage in the production of the productc. Lower marginal rate of transformation for the productd. Lower opportunity cost of producing the product精品感谢下载载6. According to the principle of comparative advantage, specialization andtrade increase a nation ’s total output since:a. Resources are directed to their highest productivityb. The output of the nation ’s trading partner declinesc. The nation can produce outside of its production possibilitiescurved. The problem of unemployment is eliminated7. In a two-product, two-country world, international trade can lead toincreases in:a. Consumer welfare only if output of both products is increasedb. Output of both products and consumer welfare in both countriesc. Total production of both products, but not consumer welfare in bothcountries d. Consumer welfare in both countries, but not total production ofboth products8. As a result of international trade, specialization in production tendsto be:a. Complete with constant costs —complete with increasing costsb. Complete with constant costs —incomplete with increasing costsc. Incomplete with constant costs —complete with increasing costsd. Incomplete with constant costs —incomplete with increasing costs9. A nation that gains from trade will find its consumption point beinglocated:a. Inside its production possibilities curveb. Along its production possibilities curvec. Outside its production possibilities curved. None of the aboveUsing the data of Table 2.1, answer Questions 10 through 15.Table 2.1. Output Possibilities for the U.S. and the U.K.Output per Worker per DayCountry Tons of Steel TelevisionsUnited States 5 45United Kingdom 10 208Test Bank for International Economics, 9e 10. Refer to Table 2.1. The United States has the absolute advantage in theproduction of:a. Steelb. Televisionsc. Both steel and televisionsd. Neither steel nor televisions11. Refer to Table 2.1. The United Kingdom has a comparative advantage inthe production of:a. Steelb. Televisionsc. Both steel and televisionsd. Neither steel nor televisions12. Refer to Table 2.1. If trade opens up between the United States and theUnited Kingdom, American firms should specialize in producing:a. Steelb. Televisionsc. Both steel and televisionsd. Neither steel nor televisions13. Refer to Table 2.1. The opportunity cost of producing one ton of steelin the United States is:a. 3 televisionsb. 10 televisionsc. 20 televisionsd. 45 televisions14. Refer to Table 2.1. Mutually advantageous trade will occur between theUnited States and the United Kingdom so long as one ton of steel trades for:a. At least 1 television, but no more than 2 televisionsb. At least 2 televisions, but no more than 3 televisionsc. At least 3 televisions, but no more than 4 televisionsd. At least 4 televisions, but no more than 5 televisions15. Refer to Table 2.1. The United Kingdom gains most from trade if:a. 1 ton of steel trades for 2 televisionsb. 1 ton of steel trades for 3 televisionsc. 2 tons of steel trade for 4 televisionsd. 2 tons of steel trade for 5 televisions精品感谢下载载16. Concerning international trade restrictions, which of the following is false ? Trade restrictions:a. Limit specialization and the division of laborb. Reduce the volume of trade and the gains from tradec. Cause nations to produce inside their production possibilitiescurvesd. May result in a country producing some of the product of itscomparative disadvantage17. If a production possibilities curve is bowed out (i.e., concave) inappearance, production occurs under conditions of:a. Constant opportunity costsb. Increasing opportunity costsc. Decreasing opportunity costsd. Zero opportunity costs18. Increasing opportunity costs suggest that:a. Resources are not perfectly shiftable between the production of twogoodsb. Resources are fully shiftable between the production of two goodsc. A country ’s production possibilities curve appears as a straightlined. A country ’s production possibilities curve is bowed inward (i.e.,convex) in appearance19. The trading-triangle concept is used to indicate a nation ’s:a. Exports, marginal rate of transformation, terms of tradeb. Imports, terms of trade, marginal rate of transformationc. Marginal rate of transformation, imports, exportsd. Terms of trade, exports, imports20. Assuming increasing cost conditions, trade between two countries would not be likely if they have:a. Identical demand conditions but different supply conditionsb. Identical supply conditions but different demand conditionsc. Different supply conditions and different demand conditionsd. Identical demand conditions and identical supply conditionsUse the data in Table 2.2 to answer Questions 21 through 26.Table 2.2. Output Possibilities for South Korea and JapanOutput per Worker per DayCountry Tons of Steel VCRsSouth Korea 80 4010Test Bank for International Economics, 9e Japan 20 2021. Refer to Table 2.2. The opportunity cost of one VCR in Japan is:a. 1 ton of steelb. 2 tons of steelc. 3 tons of steeld. 4 tons of steel22. Refer to Table 2.2. The opportunity cost of one VCR in South Korea is:a. ½ ton of steelb. 1 ton of steelc. 1½ tons of steeld. 2 tons of steel23. Refer to Table 2.2. According to the principle of absolute advantage,Japan should:a. Export steelb. Export VCRsc. Export steel and VCRsd. None of the above; there is no basis for gainful trade24.Refer to Table 2.2. According to the principle of comparative advantage:a. South Korea should export steelb. South Korea should export steel and VCRsc. Japan should export steeld. Japan should export steel and VCRs25. Refer to Table 2.2. With international trade, what would be the maximumamount of steel that South Korea would be willing to export to Japan in exchange for each VCR?a. ½ ton of steelb. 1 ton of steelc. 1½ tons of steeld. 2 tons of steel26. Refer to Table 2.2. With international trade, what would be the maximumnumber of VCRs that Japan would be willing to export to South Korea in exchange for each ton of steel?a. 1 VCRb. 2 VCRsc. 3 VCRsd. 4 VCRs27. The earliest statement of the principle of comparative advantage isassociated with:a. Adam Smithb. David Ricardoc. Eli Heckscherd. Bertil Ohlin28. If Hong Kong and Taiwan had identical labor costs but were subject toincreasing costs of production:a. Trade would depend on differences in demand conditionsb. Trade would depend on economies of large-scale productionc. Trade would depend on the use of different currenciesd. There would be no basis for gainful trade29. If the international terms of trade settle at a level that is betweeneach country’s opportunity cost:a. There is no basis for gainful trade for either countryb. Both countries gain from tradec. Only one country gains from traded. One country gains and the other country loses from trade30. International trade is based on the notion that:a. Different currencies are an obstacle to international tradeb. Goods are more mobile internationally than are resourcesc. Resources are more mobile internationally than are goodsd. A country’s exports should always exceed its imports31.Refer to Figure 2.1. The relative cost of steel in terms of aluminum is:a. 4.0 tonsb. 2.0 tonsc. 0.5 tonsd. 0.25 tons感谢下载载Figure 2.1.Production Possibilities Schedule32. R efer to Figure 2.1. The relative cost of aluminum in terms of steel is:a. 4.0 tonsb. 2.0 tonsc. 0.5 tonsd. 0.25 tons33. Refer to Figure 2.1. If the relative cost of steel were to rise, thenthe production possibilities schedule would:a. Become steeperb. Become flatterc. Shift inward in a parallel mannerd. Shift outward in a parallel manner34. Refer to Figure 2.1. If the relative cost of aluminum were to rise,then the production possibilities schedule would:a. Become steeperb. Become flatterc. Shift inward in a parallel mannerd. Shift outward in a parallel manner35. When a nation achieves autarky equilibrium:a. Input price equals final product priceb. Labor productivity equals the wage ratec. Imports equal exportsd. Production equals consumption36. When a nation is in autarky and maximizes its living standard, itsconsumption and production points are:a. Along the production possibilities scheduleb. Above the production possibilities schedulec. Beneath the production possibilities scheduled. Any of the above37. If Canada experiences increasing opportunity costs, its supply scheduleof steel will be:a. Downward-slopingb. Upward-slopingc. Horizontald. Vertical38. If Canada experiences constant opportunity costs, its supply scheduleof steel will be:a. Downward-slopingb. Upward-slopingc. Horizontald. Vertical39. The gains from international trade increase as:a. A nation consumes inside of its production possibilities scheduleb. A nation consumes along its production possibilities schedulec. The international terms of trade rises above the nation’s autarkypriced. The international terms of trade approaches the nation’s autarkyprice40. In a two-country, two-product world, the statement “Japan enjoys acomparative advantage over France in steel relative to bicycles” isequivalent to:a. France having a comparative advantage over Japan in bicyclesrelative to steelb. France having a comparative disadvantage against Japan in bicyclesand steelc. Japan having a comparative advantage over France in steel andbicyclesd. Japan having a comparative disadvantage against Japan in bicyclesand steel41. Ricardo’s theory of comparative advantage was of limited real-worldvalidity because it was founded on the:a. Labor theory of valueb. Capital theory of valuec. Land theory of valued. Entrepreneur theory of value感谢下载载42. Assume that labor is the only factor of production and that wages inthe United States equal $20 per hour while wages in the United Kingdom equal $10 per hour. Production costs would be lower in the UnitedStates than the United Kingdom if:a. U.S. labor productivity equaled 40 units per hour while U.K. laborproductivity equaled 15 units per hourb. U.S. labor productivity equaled 30 units per hour while U.K. laborproductivity equaled 20 units per hourc. U.S. labor productivity equaled 20 units per hour while U.K. laborproductivity equaled 30 units per hourd. U.S. labor productivity equaled 15 units per hour while U.K. laborproductivity equaled 25 units per hour43. According to Ricardo, a country will have a comparative advantage inthe product in which its:a. Labor productivity is relatively lowb. Labor productivity is relatively highc. Labor mobility is relatively lowd. Labor mobility is relatively high44. The Ricardian model of comparative advantage is based on all of thefollowing assumptions except:a. Only two nations and two productsb. Product quality varies among nationsc. Labor is the only factor of productiond. Labor can move freely within a nation45. The writings of G. D. A. MacDougall emphasized which of the followingas an explanation of a country’s competitive position?a. National income levelsb. Relative endowments of natural resourcesc. Domestic tastes and preferencesd. Labor compensation and productivity levelsCHAPTER 3INTERNATIONAL EQUILIBRIUMMULTIPLE-CHOICE QUESTIONS1. Which of the following is false concerning indifference curves?a. They illustrate how the nation ranks alternative consumptionbundlesb. Higher curves refer to more satisfactionc. They are negatively sloped, being bowed out away from the diagram’sorigind. They reflect the tastes and preferences of a consumer2. The amount of one good that is just sufficient to compensate theconsumer for the loss of some amount of another good is referred to as:a. Absolute costb. Comparative costc. Marginal rate of transformationd. Marginal rate of substitution3. In autarky, the equilibrium relative price of one product in terms ofanother product for a country is determined by the:a. Production possibilities curveb. Community indifference curvec. Community indifference mapd. Production possibilities curve and community indifference map4. In general, as we move downward along a country’s community indifferencecurve, the marginal rate of substitution of one product for anotherproduct:a. Increasesb. Decreasesc. Remains constantd. None of the above感谢下载载5. The introduction of community indifference curves into our tradingexample focuses attention on the nation’s:a. Income levelb. Resource pricesc. Tastes and preferencesd. Productivity level6. Introducing indifference curves into our trade model permits us todetermine:a. Where a nation chooses to locate along its production possibilitiescurve in autarkyb. The precise location of a nation’s production possibilities curvec. Whether absolute cost or comparative cost conditions existd. The currency price of one product in terms of another product7. The marginal rate of substitution is measured by the absolute value ofthe slope of a (an):a. Production possibilities curveb. Indifference curvec. Production possibilities curved. Demand curve8. In the absence of trade, a nation is in equilibrium where a communityindifference curve:a. Lies above its production possibilities curveb. Is tangent to its production possibilities curvec. Intersects its production possibilities curved. Lies below its production possibilities curve9. The use of indifference curves helps us determine the point:a. Along the terms-of-trade line a country will chooseb. Where a country maximizes its resource productivityc. At which a country ceases to become competitived. Where the marginal rate of transformation approaches zero10. With trade, a country will maximize its satisfaction when it:a. Moves to the highest possible indifference curveb. Forces the marginal rate of substitution to its lowest possiblevaluec. Consumes more of both goods than it does in autarkyd. Finds its marginal rate of substitution exceeding its marginal rateof transformation11. Trade between two nations would not be possible if they have:a. Identical community indifference curves but different productionpossibilities curvesb. Identical production possibilities curves but different communityindifference curvesc. Different production possibilities curves and different communityindifference curvesd. Identical production possibilities curves and identical communityindifference curves12. Given a two-country and two-product world, the United States wouldenjoy all the attainable gains from free trade with Canada if it:a. Trades at the U.S. rate of transformationb. Trades at the Canadian rate of transformationc. Specializes completely in the production of both goodsd. Specializes partially in the production of both goods13. John Stuart Mill’s theory of reciprocal demand best applies when tradingpartners:a. Are of equal size and importance in the marketb. Produce under increasing cost conditionsc. Partially specialize in the production of commoditiesd. Have similar taste and preference levels14. The equilibrium prices and quantities established after trade are fullydeterminate if we know:a. The location of all countries’ indifference curvesb. The shape of each country’s production possibilities curvec. The comparative costs of each trading partnerd. The strength of world supply and demand for each good15. “The equilibrium relative commodity price at which trade takes place isdetermined by the conditions of demand and supply for each commodity in both nations. Other things being equal, the nation with the moreintense demand for the other nation’s exported good will gain less from trade than the nation with the less intense demand.” This statement was first proposed by:a. Alfred Marshall with offer curve analysisb. John Stuart Mill with the theory of reciprocal demandc. Adam Smith with the theory of absolute advantaged. David Ricardo with the theory of comparative advantage感谢下载载16. Which of the following terms-of-trade concepts is calculated bydividing the change in a country’s export price index by the change in its import price index between two points in time, multiplied by 100 to express the terms of trade in percentages?a. Commodity terms of tradeb. Income terms of tradec. Single factorial terms of traded. Double factorial terms of trade17. The best explanation of the gains from trade that David Ricardo couldprovide was to describe only the outer limits within which theequilibrium terms of trade would fall. This is because Ricardo’s theory did not recognize how market prices are influenced by:a. Demand conditionsb. Supply conditionsc. Business expectationsd. Profit patterns18. The use of indifference curves helps us determine the point:a. Along the production possibilities curve a country will chooseb. At which a country maximizes its resource productivityc. At which a country ceases to become competitived. Where the marginal rate of transformation approaches zero19. Under free trade, Sweden enjoys all of the gains from trade withHolland if Sweden:a. Trades at Holland’s rate of transformationb. Trades at Sweden’s rate of transformationc. Specializes completely in the production of its export goodd. Specializes partially in the production of its export good20. Because the Ricardian trade theory recognized only how supplyconditions influence international prices, it could determine:a. The equilibrium terms of tradeb. The outer limits for the terms of tradec. Where a country chooses to locate along its productionpossibilities curved. Where a country chooses to locate along its trade triangle21. The terms of trade is given by the prices:a. Paid for all goods imported by the home countryb. Received for all goods exported by the home countryc. Received for exports and paid for importsd. Of primary products as opposed to manufactured productsGiven the terms of trade data in Table 3.1, answer Questions 22 through 24.。