【国际经济学专题考试试卷三十四】The Influence of Monetary and Fiscal Policy On Aggregate Demand

《国际经济学》选择题汇总版（附答案）Ch1-Ch31.The United States is less dependent on trade than most other countries becauseA)the United States is a relatively large country with diverse resources.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.2. 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 intermediary in New York State.D)the U.S. may not impose export duties.E)the U.S. may not disrupt commerce between Florida and Hawaii.3.International economics can be divided into two broad sub-fields A) macro and micro.B) developed and less developed.C) monetary and barter.D) international trade and international money.E) static and dynamic.4.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)the monetary side of the international economy, such as currency exchange.5.The gravity model offers a logical explanation for the fact thatA)trade between Asia and the U.S. has grown faster than NAFTA trade.B) trade in services has grown faster than trade in goods.C) trade in manufactures has grown faster than in agricultural products.D) Intra-European Union trade exceeds international trade by the EuropeanUni on.E) the U.S. trades more with Western Europe than it does with Canada.6.The gravity model explains whyA)trade between Sweden and Germany exceeds that between Sweden and Spain.B)countries with oil reserves tend to export oil.C)capital rich countries export capital intensive products.D)intra-industry trade is relatively more important than other forms of tradebetween neighboringcountries.E)European countries rely most often on natural resources.7. Why does the gravity model work?A)Large economies became large because they were engaged in international trade.B)Large economies have relatively large incomes, and hence spend more on governm ent promotion of trade and investment.C)Large economies have relatively larger areas which raises the probability that a pro ductive activity will take place within the borders of that country.D)Large economies tend to have large incomes and tend to spend more on impor ts.E) Large economies tend to avoid trading with small economies.8.We see that the Netherlands, Belgium, and Ireland trade considerably more with the United States than with many other countries.A)This is explained by the gravity model, since these are all large countries.B)This is explained by the gravity model, since these are all small countries.C)This fails to be consistent with the gravity model, since these are smallcountri es.D)This fails to be consistent with the gravity model, since these are large countries.E)This is explained by the gravity model, since they do not share borders.9.In the present, most of the exports from Chinaare A) manufactured goods.B) services.C)primary products including agricultural.D) technology intensive products.E) overpriced by world market standards.10.A country engaging in trade according to the principles of comparative advantage gains from trade because itA) is producing exports indirectly more efficiently than it could alternatively.B) is producing imports indirectly more efficiently than it could domestically.C) is producing exports using fewer labor units.D) is producing imports indirectly using fewer labor units.E) is producing exports while outsourcing services.11.The Ricardian model attributes the gains from trade associated with the principle o f comparative advantage result toA) differences in technology.B)differences in preferences.C)differences in labor productivity.D)differences in resources.E)gravity relationships among countries.12. A nation engaging in trade according to the Ricardian model will find itsconsump tion 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.13.Assume that labor is the only factor of production and that wages in the United Sta tes 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 units per hour.B)U.S. labor productivity equaled 30 units per hour and Japan's 20 units per hour.C)U.S. labor productivity equaled 20 units per hour and Japan's 30 units per hour.D)U.S. labor productivity equaled 15 units per hour and Japan's 25 units per hour.E)U.S. labor productivity equaled 15 units per hour and Japan's 40 units per hour.14.In a two-country, two-product world, the statement“ Germanyenjoys acomparativ e advantage over France in autos relative toships ”is equivalent toA) France having a comparative advantage over Germany in ships.B) France having a comparative disadvantage compared to Germany in autos and ship s.C) Germany having a comparative advantage over France in autos and ships.D) France having no comparative advantage over Germany.E) France should produce autos.15.If the United States' production possibility frontier was flatter to the widget axis, whereas Germany's was flatter to the butter axis, we know thatA)the United States has no comparative advantageB)Germany has a comparative advantage in butter.C)the U.S. has a comparative advantage in butter.D)Germany has comparative advantages in both products.E)the U.S. has a comparative disadvantage in widgets.Ch4-Ch51.The Ricardian model of international trade demonstrates that trade can bemutually beneficial. Why, then, do governments restrict imports of some goods?A)Trade can have substantial effects on a country's distribution of income.B)The Ricardian model is often incorrect in its prediction that trade can bemutually beneficial.C)Import restrictions are the result of trade wars between hostile countries.D)Imports are only restricted when foreign-made goods do not meet domestic standar ds of qualityE) Restrictions on imports are intended to benefit domestic consumers.2.Japan's trade policies with regard to rice reflect the fact thatA) japanese rice farmers have significant political power.B) Japan has a comparative advantage in rice production and therefore exports most o f its rice crop.C) there would be no gains from trade available to Japan if it engaged in free trade in r ice.D) there are gains from trade that Japan captures by engaging in free trade in rice.E) Japan imports most of the rice consumed in the country.3.In the specific factors model, which of the following is treated as a specific factor?A)LaborB)LandC)ClothD)FoodE)Technology4.The specific factors model assumes that there are ________ goods and ________ fa ctor(s) of production.A) two; threeB) two; two C)two; one D)three; two E)four; three5.The slope of a country's production possibility frontier with cloth measured on the horizontal and food measured on the vertical axis in the specific factors model is equa l to ________ and it ________ as more cloth is produced.A)-MPLF/MPLC; becomes steeperB)-MPLF/MPLC; becomes flatterC)-MPLF/MPLC; is constantD)-MPLC/MPLF; becomes steeperE)-MPLC/MPLF; is constant6.Under perfect competition, the equilibrium price of labor used to produce clothwill be equal toA)the slope of the production possibility frontier.B)the average product of labor in the production of cloth times the price of cloth.C)the ratio of the marginal product of labor in the production of cloth to the marginal product of labor in the production of food times the ratio of the price of cloth. to the price of food.D)the marginal product of labor in the production of cloth times the price of cloth.E)the price of cloth divided by the marginal product of labor in the production of clot h.7.In the specific factors model, which of the following will increase the quantity ofla bor used in cloth production?A)an increase in the price of cloth relative to that of foodB) an increase in the price of food relative to that ofcloth C) a decrease in the price of laborD) an equal percentage decrease in the price of food and clothE) an equal percentage increase in the price of food and cloth8.A country that does not engage in trade can benefit from trade only ifA)it has an absolute advantage in at least one good.B)it employs a unique technology.C)pre-trade and free-trade relative prices are not identical.D)its wage rate is below the world average.E)pre-trade and free-trade relative prices are identical.9.In the specific factors model, the effects of trade on welfare are ________ for mobil e factors, ________ for fixed factors used to produce the exported good, and ________ for fixed factors used to produce the imported good.A)ambiguous; positive; negativeB) ambiguous; negative; positive C)positive; ambiguous; ambiguous D)negative; ambiguous; ambiguous E)positive; positive; positive10.The effect of trade on specialized employees of import-competing industries willb e ________ jobs and ________ pay because they are relatively ________.A)fewer; lower; mobileB)fewer; lower; immobileC)more; lower; immobileD)more; higher; mobileE)more; higher; immobile11. There is a bias in the political process against free trade becauseA)there is a high correlation between the volume of imports and the unemployment ra te.B)the gains from free trade cannot be measured.C)those who gain from free trade can't compensate those who lose.D)foreign governments make large donations to U.S. political campaigns.E) those who lose from free trade are better organized than those who gain.12.In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differin A)tastes and preferences.B)military capabilities.C)the size of their economies.D)relative abundance of factors of production.E)labor productivities.13.If a country produces good Y (measured on the vertical axis) and good X (measure d on the horizontal axis), then the absolute value of the slope of its production possibil ity frontier is equal toA)the opportunity cost of good X.B) the price of good X divided by the price of good Y.C) the price of good X divided by the price of goodY. D) the opportunity cost of good Y.E)the cost of capital (assuming that good Y is capital intensive) divided by the costof labor.14.In the 2-factor, 2 good Heckscher-Ohlin model, trade will ________ the owners ofa country's ________ factor and will ________ the good that uses that factor intensiv ely.A)benefit; abundant; exportB)harm; abundant; importC)benefit; scarce; exportD)benefit; scarce; importE)harm; scarce; export15.The assumption of diminishing returns in the Heckscher-Ohlin model means that, unlike in the Ricardian model, it is likely thatA) countries will consume outside their production possibility frontier.B) countries will benefit from free international trade.C) countries will not be fully specialized in one product.D)comparative advantage will not determine the direction of trade.E)global production will decrease under trade.16.If Japan is relatively capital rich and the United States is relatively land rich, and if food is relatively land intensive then trade between these two, formerly autarkic coun tries will result inA)an increase in the relative price of food in the U.S.B)an increase in the relative price of food in Japan.C)a global increase in the relative price of food.D)a decrease in the relative price of food in both countries.E)an increase in the relative price of food in both countries.17.Starting from an autarky (no-trade) situation with Heckscher-Ohlin model, if Coun try H is relatively labor abundant, then once trade beginsA) rent will be unchanged but wages will rise in H.B) wages and rents should rise in H.C) wages and rents should fall in H.D) wages should fall and rents should rise in H.E) wages should rise and rents should fall in H.18.The Leontieff ParadoxA)failed to support the validity of the Heckscher-Ohlin model.B)supported the validity of the Ricardian theory of comparative advantage.C)supported the validity of the Heckscher-Ohlin model.D)failed to support the validity of the Ricardian theory.E)proved that the U.S. economy is different from all others.19. Which of the following is an assertion of the Heckscher-Ohlin model?A)Factor price equalization will occur only if there is costless mobility of all factors a cross borders.B)An increase in a country's labor supply will increase production of both the capital-intensive and the labor-intensive good.C)In the long-run, labor is mobile and capital is not.D)The wage-rental ratio determines the capital-labor ratio in a country's industr ies.E)Factor endowments determine the technology that is available to a country, which determines the good in which the country will have a comparative advantage.20. Which of the following is an assertion of the Heckscher-Ohlin model?A)An increase in a country's labor supply will increase production of the labor-i ntensive good and decrease production of the capital-intensive good.B)An increase in a country's labor supply will increase production of both the capital-intensive and the labor-intensive good.C)In the long-run, labor is mobile and capital is not.D)Factor price equalization will occur only if there is costless mobility of all factors a cross borders.E)Factor endowments determine the technology that is available to a country, which determines the good in which the country will have a comparative advantage.Ch6-Ch101.If the ratio of price of cloth (PC) divided by the price of food (PF) increases in thei nternational marketplace, thenA)the terms of trade of cloth exporters will improve.B)all countries would be better off.C)the terms of trade of food exporters will improve.D)the terms of trade of all countries will improve.E) the terms of trade of cloth exporters will worsen.2.If the ratio of price of cloth (PC) divided by the price of food (PF) increases in thei nternational marketplace, thenA)world relative quantity of cloth supplied will increase.B)world relative quantity of cloth supplied and demanded will increase.C)world relative quantity of cloth supplied and demanded will decrease.D)world relative quantity of cloth demanded will decrease.E)world relative quantity of food will increase.3.If the U.S. (a large country) imposes a tariff on its imported good, this will tend toA)have no effect on terms of trade.B)improve the terms of trade of the United States.C)improve the terms of trade of all countries.D)because a deterioration of U.S. terms of trade.E)raise the world price of the good imported by the United States.4.If Slovenia were a large country in world trade, then if it instituted a large set of sub sidies for its exports, this mustA)decrease its marginal propensity to consume.B)have no effect on its terms of trade.C)improve its terms of trade.D)harm its terms of trade.E)harm world terms of trade.5.Internal economies of scale arise when the cost per unitA)falls as the average firm grows larger.B)rises as the industry grows larger.C)falls as the industry grows larger.D)rises as the average firm grows larger.E)remains constant over a broad range of output.6. External economies of scale will ________ average cost when output is ________ by _______.A)reduce; increased; the industryB)reduce; increased; a firmC)increase; increased; a firmD)increase; increased; the industryE)reduce; reduce; the industry7.If some industries exhibit internal increasing returns to scale in each country, we sh ould not expect to seeA) perfect competition in these industries.B) intra-industry trade between countries.C)inter-industry trade between countries.D)high levels of specialization in both countries.E)increased productivity in both countries.8.A learning curve relates ________ to ________ and is a case of ________ returns.A) unit cost; cumulative production; dynamic decreasing returnsB)output per time period; long-run marginal cost; dynamic increasing returnsC)unit cost; cumulative production; dynamic increasing returnsD)output per time period; long-run marginal cost; dynamic decreasing returnsE)labor productivity; education; increasing marginal returns9.Patterns of interregional trade are primarily determined by ________ rather than __ ______ because factors of production are generally ________.A)external economies; natural resources; mobileB)internal economies; external economies; mobileC)external economies; population; immobileD)internal economies; population; immobileE)population; external economies; immobile10.Monopolistic competition is associatedwith A) product differentiation.B) price-taking behavior.C) explicit consideration at the firm level of the strategic impact of other firms' pricing decisions. D) high profit margins in the long run.E) increasing returns to scale.11.A firm in long-run equilibrium under monopolistic competition will earnA)positive monopoly profits because each sells a differentiated product.B)zero economic profits because of free entryC)positive oligopoly profits because each firm sells a differentiated product.D)negative economic profits because it has economies of scale.E)positive economic profit if it engages in international trade.12.The most common form of price discrimination in international tradeis A) dumping.B) non-tariff barriers.C) Voluntary Export Restraints.D) preferential trade arrangements.E) product boycotts.13.Consider the following two cases. In the first, a U.S. firm purchases 18% of a forei gn firm. In the second, a U.S. firm builds a new production facility in a foreign countr y. Both are ________, with the first referred to as ________ and the second as ______ __.A)foreign direct investment (FDI) outflows; brownfield; greenfieldB)foreign direct investment (FDI) inflows; greenfield; brownfieldC)foreign direct investment (FDI) outflows; greenfield; brownfieldD)foreign direct investment (FDI) inflows; brownfield; greenfieldE)foreign direct investment (FDI); inflows; outflows14. Specific tariffs areA)import taxes stated in specific legal statutes.B)import taxes calculated as a fixed charge for each unit of imported goods.C)import taxes calculated as a fraction of the value of the imported goods.D)the same as import quotas.E)import taxes calculated based solely on the origin country.15.A problem encountered when implementing an "infant industry" tariff isthat A) domestic consumers will purchase the foreign good regardless of thetariff. B) the industry may never "mature."C)most industries require tariff protection when they are mature.D)the tariff may hurt the industry's domestic sales.E)the tariffs fail to protect the domestic producers.16.In the country levying the tariff, the tariff will A)increase both consumer and producer surplus.B) decrease both the consumer and producer surplus.C) decrease consumer surplus and increase producer surplus.D) increase consumer surplus and decrease producer surplus.E) decrease consumer surplus but leave producers surplus unchanged.17.If the tariff on computers is not changed, but domestic computer producers shift fr om domestically produced semiconductors to imported components, then the effective rate of protection in the computer industry willA) increase.B) decreaseC) remain the same.D)depend on whether computers are PCs or "Supercomputers."E)no longer apply.18.When a government allows raw materials and other intermediate products to enter a country duty free, this generally results in a(an)A) effective tariff rate less than the nominal tariff rate.B) nominal tariff rate less than the effective tariff rate.C) rise in both nominal and effective tariff rates.D) fall in both nominal and effective tariff rates. E) rise in only the effective tariff rat e.19.Should the home country be "large" relative to its trade partners, its imposition ofa tariff on imports would lead to an increase in domestic welfare if the terms of thetra de rectangle exceed the sum of theA) revenue effect plus redistribution effect.B) protective effect plus revenue effect.C) consumption effect plus redistribution effect.D)production distortion effect plus consumption distortion effect.E)terms of trade gain.20.The efficiency case made for free trade is that as trade distortions such as tariffs ar e dismantledand removed,A) government tariff revenue will decrease, and therefore national economic welfare will decreaseB) government tariff revenue will decrease, and therefore national econo mic welfare will increase.C) deadweight losses for producers and consumers will decrease, henceincreasin g national economic welfare.D)deadweight losses for producers and consumers will decrease, hence decreasing na tional economic welfare.E)government tariff revenue will increase, hence increasing national economic welfar e.21.Which organization determines procedures for the settlement of international trade disputes?A)World BankB)World Trade OrganizationC)International Monetary OrganizationD)International Bank for Reconstruction and DevelopmentE)The League of Nations22.Today U.S. protectionism is concentratedin A) high-tech industries.B) labor-intensive industries.C) industries in which Japan has a comparative advantage.D)computer intensive industries.E)capital-intensive industries.23.The quantitative importance of U.S. protection of the domestic clothing industryis best explained by the fact thatA)this industry is an important employer of highly skilled labor.B)this industry is an important employer of low skilled labor.C)most of the exporters of clothing into the U.S. are poor countries.D)this industry is a politically well organized sector in the U.S.E)the technology involved is very advanced.欢迎下载1124.The optimum tariff is most likely to applyto A) a small tariff imposed by a small country.B) a small tariff imposed by a large country. C)a large tariff imposed by a small country. D) alarge tariff imposed by a large country. E) anad valorem tariff on a small country.25.The median voter modelA)works well in the area of trade policy.B)is not intuitively reasonable.C)tends to result in biased tariff rates.D)does not work well in the area of trade policy.E)is not widely practiced in the United States.欢迎下载12。

高三英语国际经济形势单选题40题1.International trade can bring many benefits. One of the main advantages is ________.A.economic growthB.environmental pollutionC.social unrestD.resource depletion答案：A。

解析：国际贸易主要的好处之一是促进经济增长。

选项B“environmental pollution”是环境污染，国际贸易不一定会带来主要的环境污染。

选项C“social unrest”是社会动荡，正常的国际贸易一般不会带来社会动荡。

选项D“resource depletion”是资源枯竭，国际贸易不是资源枯竭的主要原因。

2.The global economy is often influenced by ________.A.local weatherB.international politicsC.personal hobbiesD.domestic animals答案：B。

解析：全球经济通常受国际政治影响。

选项A“local weather”当地天气对全球经济影响较小。

选项C“personal hobbies”个人爱好对全球经济几乎没有影响。

选项D“domestic animals”家养动物对全球经济没有直接影响。

3.One of the key factors in international economic cooperation is________.nguage barrierB.trustC.distanceD.cultural differences答案：B。

解析：国际经济合作的关键因素之一是信任。

选项A“language barrier”语言障碍会影响合作但不是关键因素。

选项C“distance”距离会有一定影响但不是关键。

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 labor force. IfLC 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 and factorprice 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 ofcapitalists increase, it can be shown as K r .7. There are two main reasons why international trade has strong effects on the distribution of income.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 theconvergence 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 were less capit al-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） from production 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） ofthe 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 by domestic 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,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 principle36.For preferential （优惠） trading agreements, such as customs union , countries must cede part ofexp 1exp orts importsI orts imports -=-+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 largelyindustrialization 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 relat ive 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 in wages.( 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 forced 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 but hurts 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 policythan 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 resource that i s 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 it s 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 tra de. ( 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 te nd 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 product s 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 producessimilar 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 tariff 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 the efficiency 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 hi gher 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 a rgument 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 forbids preferent ial 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 comparative advantage.( 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 low wage trade partner country .D.is typically harmful to the technologically lagging country.E.tends to create unemployment in both countries.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 interest within countries.D.focuses attention on conflicts of interests between 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 protected domestic markets.B.economists have a universally accepted decisive power over the political decision mechanism.C.maximizing consumer welfare may not be a 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 paramount concern to typical consumers.E.None of the above.6.Proponents（支持）of free trade claim all of 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 to the principles of comparative advantage gains from trade because itD.is producing exports indirectly more efficiently than it could alternatively.E.is producing imports indirectly more efficiently than it could domestically.F.is producing exports using fewer labor units.G.is producing imports indirectly using fewer labor units.H.None of the above.8. A nation engaging in trade according to the Ricardian model will find its consumption bundle （消费约束）A.inside its production possibilities frontier.B.on its production possibilities frontier.C.outside its production possibilities frontier （生产可能性边界）.D.inside its trade-partner's production possibilities frontier.E.on its trade-partner's production possibilities frontier.9.If a very small country trades with a very large country according to the Ricardian 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 domestic cost 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 a production possibilities frontier is bowed out (concave to the origin) )(上凸，凹面向原点), then production occurs under 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 production possibility frontiers, then trade between them 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 of production and that wages 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 ifA.U.S. labor productivity equaled 40 units per hour and Japan's 15 units per 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.14.International trade has strong effects on income distributions. Therefore, international trade A.is beneficial to everyone in both trading countries.B.will tend to hurt one trading country.C.will tend to hurt some groups in each trading country.D.will tend to hurt everyone in both countries.E.will be beneficial to all those engaged in international trade.15.If the price of the capital intensive product rises, wages willA.rise but by less than the price of the capital-intensive product.（工资刚性，变动较慢）B.rise by more than the rise in the price of the capital-intensive product.C.remain proportionally equal to the price of the capital-intensive product.D.fall, since higher prices cause less demand.E.None of the above.16.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.the real income of capital owners in Australia would rise.B.the real income of labor in Australia would clearly rise.C.the real income of labor in Belgium would clearly rise.D.the real income of landowners in Belgium 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 in both countries would rise.17.If the price of manufactures and the price of food increase by 25%, thenA.the economy moves down its aggregate supply curve.B.the economy moves back along its aggregate demand curve.C.the relative quantities（相对数量）of manufactures and food remain unchanged.D.the relative quantities of products change 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 and food falls.D.the purchasing power of labor in terms of 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 comparative advantage.B.abolish the Specific Factor model from practical application.C.provide public support for the relatively efficient sectors.D.provide protection for the relatively inefficient sectors.E.None of the above.19.The specific factor model argues that if land can be used both for food production and for manufacturing, then a quota that protects food production willA.clearly help landowners.B.clearly hurt landowners.C.clearly help manufacture but hurt food production.D.have an ambiguous effect on the welfare of landowners.E.None of the above.20.If, relative to its trade partners, Gambinia has many workers but very little land and even less productive capital, then, following the specific factor model, we know that Gambinia has a comparative advantage 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-Ohlin model, an influx of workers from across the border would（劳动者越过国境流入）A.move the point of production along the production possibility curve.B.shift the production possibility curve outward, and increase the production of both goods.C.shift the production possibility curve outward and decrease the production of thelabor-intensive product.D.shift the production possibility curve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 and SveikauskasA.supported the validity of the Leontieff Paradox.B.supported the validity of theHeckscher-Ohlin model.ed a two-country and two-product framework.D.demonstrated that in fact countries tend to use different technologies.E.proved that the U.S.'s comparative advantage 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 not equal world imports.C.the fact that factor trade is less than predicted by the Heckscher-Ohlin theory.D.the fact that the Heckscher Ohlin theory predicts much less volume of trade than actually exists.E.None of the above.24.One way in which the Heckscher-Ohlin model differs from the Ricardo model of comparative advantage is by assuming that _技术相同__ is (are) identical in all countries.A.factor of production endowmentsB.scale economiesC.factor of production intensitiesD.technologyE.opportunity costs25.As opposed to the Ricardian model of comparative advantage, the assumption of diminishing returns in the Heckscher-Ohlin model means that the probability is greater that with trade A.countries will not be fully specialized（专业化）in one product.B.countries will benefit from free international trade.C.countries will consume outside their production possibility frontier.parative advantage is primarily supply related.E.None of the above.26.Suppose that there are two factors, capital and land, and that the United States is relatively land endowed while the European Union is relatively capital-endowed. According to the Heckscher-Ohlin model,A.European landowners should supportUS-European free trade.B.European capitalists should supportUS-European free trade.C.all capitalists in both countries should support free trade.D.all landowners should support free trade.E.None of the above.27.According to the Heckscher-Ohlin model, if the United State s is richly endowed inhuman-capital relative to Mexico, then as NAFTA increasingly leads to more bilateral free trade between the two countries,A.the United States will find its industrial base sucked into Mexico.B.Mexico will find its relatively highly skilled workers drawn to the United States.C.The wages of highly skilled U.S. workers will be drawn down to Mexican levels.D.The wages of highly skilled Mexican workers will rise to those in the United States.E.The wages of highly skilled Mexican workers will fall to those in the United States. （墨西哥高技术工人工资降低到美国同水平）28.If two countries were very different in their relative factor availabilities（相对要素丰富程度相差很多）, then we would not expect which of the following to be empirically supported?。

国际经济学英文期末考试模拟试题含答案一、True or False (10*1’=10’)1. Trade is a zero-sum activity; if one country gains, the other must lose.2. A nation maximizes satisfaction by reaching the highest possible indifference curve, and in the absence of trade will produce where its production possibilities schedule is tangent to an indifference curve.3. The factor endowments model predicts that international tradewill tend to equalize the prices of trade-able goods among nations, but to increase the wage gap between capital-abundant and labor-abundant nations.4. A tax of 10 percent on imports of shoes would be an example of a specific tariff.5. An import quota will not raise the domestic price of the product as would a tariff, because it is not a tax on imports.6. In balance-of-payments account, a transaction resulting in receipt of a payment is recorded as a credit, whereas a transaction resulting in a payment to other nations is recorded as a debit.7. Because they do not include an exchange of goods or services, unilateral transfers do not appear on a nation's balance of payments account.8. David Hume was one of the first economists to provide analytical support for mercantilist trade policies. 9. A nation would be mostlikely to find its trade balance improving after a currency depreciation if that nation’s demandfor imports and foreign demand for its exports was very inelastic.10. A nation with neither a balance of payments surplus nor a balance of payments deficit is said to be in internal balance. 二、choices(15*3’=45’)1. The law of comparative advantagea). was ratified by the World Trade Organization b). explains howall countries can benefit when each specializes in producing items in which it has the greatest relative efficiencyc). explains how only the most efficient nations can benefit from traded). is used to evaluate a country’s military strength2. The theory of absolute advantage was developed by a. the Mercantilistsb. David Humec. Adam Smithd. David Ricardo3. David Ricardo developed the principle of comparative advantage showing thata. a nation must be the least-cost producer of a good in order to export that itemb. no nation could have an absolute advantage in all goodsc. in a two-country example, only one nation can have a comparative advantaged. even a nation that has lower productivity in all goods canbenefit by exporting the item in which it is relatively less inefficient4. An indifference curvea. shows that most people really are indifferent about international tradeb. shows the demand preferences of consumersc. reflects the relative costs of production within a nationd. indicates how much labor a country has5. To maximize its satisfaction, a nation will ensure that itsterms-of-trade linea. is tangent to its production possibilities frontier at one point (production point) and also to the highest attainable indifference curve at another point (consumption point)b. is tangent to its production possibilities frontier andintersects an indifference curvec. intersects its production possibilities frontier and is tangentto an indifference curved. intersects its production possibilities frontier at one point and an indifference curve at another point 6. Factor-price equalization predicts that with international tradea. the price of a nation’s abundant factor will rise and that ofits scarce factor will fallb. the price of a nation’s abundant factor will fall and that ofits scarce factor will risec. the prices of a nation’s abundant and scarce factors bothwill rised. the prices of a nation’s abundant and scarce factors bothwill fall7. The effective rate of protectiona. distinguishes between tariffs that are effective and those that are ineffectiveb. is the minimum level at which a tariff becomes effective in limiting importsc. shows the increase in value-added for domestic productionthat a particular tariff structure makes possible, in percentage termsd. shows how effective a tariff is in raising revenue 8. The institutional framework developed in 1947 to promote tradeliberalization is known asa. the GATTb. the WTOc. the IMFd. The World Bank9. Developing nationsa. have very limited involvement in international tradeb. trade mostly with each otherc. rely heavily on exports of primary products to industrial nationsd. rely heavily on exports of manufactured products 10. A customs union is unique in that ita. has no tariffs on trade among member nationsb. has no tariffs on trade among member nations and a common set of tariffs on imports from non-membersc. has no tariffs on trade among member nations, a common set of tariffs on imports from non-members, and free mobility of factors of production such as labor and capital among membersd. allows unrestricted labor immigration from non-member nations11. A nation's balance of payments statementa. is a record of that nation's assets abroad and its liabilities to those from other nationsb. is an accounting adjustment process ensuring that a nation's exports will be equal to its importsc. does not include transactions of foreign citizens or companies living or operating within that nationd. is a record of the economic transactions between residents of that nation and the rest of the world, usually for a period of one year.12. Since balance-of-payments accounting is a double-entry accounting system, an export of U.S. wheat to Mexico paid for by a deposit to the U.S. exporters account in a Mexican bank would be recorded on the U.S. balance of payments as a. a credit for merchandise exports and a credit to short-term financial flowsb. a credit for merchandise exports and a debit to short-term financial flows.c. a credit for merchandise exports and a debit to unilateral transfersd. a credit for merchandise exports and a debit to officialsettlements13. The foreign-exchange marketa. is located in New Yorkb. is a market in Chicago for the international trading of commodities such as wheat or copper.c. is a mechanism for individuals and institutions to exchange one national or regional currency or debt instrument for those of other nations or regions.d. is open from 9:00 a.m. to 3:00 p.m. New York time, Monday through Friday.14. Market fundamentals that might be expected to influence exchange rate movements include all of the following factors excepta. differences in real income growth rates between countriesb. differences in real interest rates between countriesc. speculative opinion about future exchange ratesd. changes in perceivedprofitability of economic investments between two countries15. If inflation is higher in Mexico than in the United States, the law of one price would predict thata. trade between Mexico and the United States would declineb. the dollar price of autos purchased in Mexico would be higherthan the dollar price of comparable autos purchased in the United Statesc. the peso would appreciate relative to the dollar by an amount equal in percentage terms to the difference between the two inflation ratesd. the peso would depreciate relative to the dollar by an amount equal in percentage terms to the difference between the two inflation rates三、Questions(45’, answer these questions in Chinese)1. Assume that labor is the only factor used in production, and that the costs of producing butter and cloth are given by the tablebelow.(8’)Cost in labor-hours toHome Foreignproduce1 unit of butter 1/8 11 unit of cloth 1/4 1/2(1) Express the price of butter relative to the price of cloth in terms of labor content for Home and Foreign in the absence of trade.(2) What do these relative prices reveal about each country’scomparative advantage?(3) What do these relative prices suggest about the world priceof butter relative to cloth that will exist once these countries trade with each other?(4) If the world price stabilizes at 1 with trade, what are the gains by the Home country achieved through trade with the Foreign country?2. Explain the immiserizing growth and list the case for immiserizing growth to be occur. (8’)3. Ex plain the exchange rate overshooting theory (8’)4. Suppose that the nominal interest rate on 3-month Treasury bills is 8 percent in the United States and 6 percent in the United Kingdom, and the rate of inflation is 10 percent in the United States and 4 percent in the United Kingdom.(9’)(1) What is the real interest rate in each nation? (2) In which direction would international investment flow in response to these real interest rates?(3) What impact would these investment flows have on the dollar’s exchange value?5. What effects does labor migration have on the country of immigration? The country of emigration? The world as a whole?(12’) 国际经济学模拟习题(3)参考答案一、判断题(每题1分，共10分) ?? ? ? ? ? ? ? ? ?二、选择题(每题3分，共45分) bcdba acacb dbccd三、简答题(共45分)1、(1) 封闭条件下，本国可以用一半的生产一单位布的劳动时间生产一单位黄油。

涉外经济学位英语考试真题及答案Title: Foreign Economics Degree English Exam Questions and AnswersIntroduction:The Foreign Economics Degree English Exam is designed to assess students' comprehension and proficiency in English within the context of international economics. The exam covers a wide range of topics including trade, finance, globalization, and economic policy. In this document, we provide sample questions and answers to help students prepare for the exam.Sample Questions and Answers:1. Trade and Tariffs:Question: What is the purpose of tariffs in international trade?Answer: Tariffs are taxes imposed on imported goods by a country's government. The purpose of tariffs is to protect domestic industries from foreign competition by increasing the cost of imported goods. However, they can also lead to retaliatory actions and trade wars.2. Foreign Exchange Markets:Question: What factors can influence exchange rates in the foreign exchange market?Answer: Exchange rates can be influenced by a variety of factors including interest rates, inflation, political stability, and economic performance. For example, if a country's interest rates are high, it may attract foreign investors and cause its currency to appreciate.3. Globalization:Question: What are the benefits and drawbacks of globalization?Answer: Globalization can lead to increased economic growth, access to new markets, and technological advancements. However, it can also lead to job losses, income inequality, and environmental degradation.4. Economic Policy:Question: How can fiscal and monetary policies impact an economy?Answer: Fiscal policy refers to government spending and taxation, while monetary policy refers to the control of money supply and interest rates by central banks. Both policies can influence economic growth, inflation, and employment levels.5. International Organizations:Question: What role do organizations like the World Trade Organization (WTO) play in international economics?Answer: The WTO aims to promote free trade by establishing rules and regulations that govern international trade. It also provides a platform for resolving trade disputes between member countries.Conclusion:The Foreign Economics Degree English Exam is an important assessment tool for students studying international economics. By familiarizing themselves with the sample questions and answers provided in this document, students can improve their understanding of key concepts and succeed on the exam.。

《国际经济学》选择题汇总版（附答案）Ch1-Ch31.The United States is less dependent on trade than most other countries becauseA)the United States is a relatively large country with diverse resources.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.2. 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 intermediary in New York State.D)the U.S. may not impose export duties.E)the U.S. may not disrupt commerce between Florida and Hawaii.3.International economics can be divided into two broad sub-fields A) macro and micro.B) developed and less developed.C) monetary and barter.D) international trade and international money.E) static and dynamic.4.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)the monetary side of the international economy, such as currency exchange.5.The gravity model offers a logical explanation for the fact thatA)trade between Asia and the U.S. has grown faster than NAFTA trade.B) trade in services has grown faster than trade in goods.C) trade in manufactures has grown faster than in agricultural products.D) Intra-European Union trade exceeds international trade by the EuropeanUni on.E) the U.S. trades more with Western Europe than it does with Canada.6.The gravity model explains whyA)trade between Sweden and Germany exceeds that between Sweden and Spain.B)countries with oil reserves tend to export oil.C)capital rich countries export capital intensive products.D)intra-industry trade is relatively more important than other forms of tradebetween neighboringcountries.E)European countries rely most often on natural resources.7. Why does the gravity model work?A)Large economies became large because they were engaged in international trade.B)Large economies have relatively large incomes, and hence spend more on governm ent promotion of trade and investment.C)Large economies have relatively larger areas which raises the probability that a pro ductive activity will take place within the borders of that country.D)Large economies tend to have large incomes and tend to spend more on impor ts.E) Large economies tend to avoid trading with small economies.8.We see that the Netherlands, Belgium, and Ireland trade considerably more with the United States than with many other countries.A)This is explained by the gravity model, since these are all large countries.B)This is explained by the gravity model, since these are all small countries.C)This fails to be consistent with the gravity model, since these are smallcountri es.D)This fails to be consistent with the gravity model, since these are large countries.E)This is explained by the gravity model, since they do not share borders.9.In the present, most of the exports from Chinaare A) manufactured goods.B) services.C)primary products including agricultural.D) technology intensive products.E) overpriced by world market standards.10.A country engaging in trade according to the principles of comparative advantage gains from trade because itA) is producing exports indirectly more efficiently than it could alternatively.B) is producing imports indirectly more efficiently than it could domestically.C) is producing exports using fewer labor units.D) is producing imports indirectly using fewer labor units.E) is producing exports while outsourcing services.11.The Ricardian model attributes the gains from trade associated with the principle o f comparative advantage result toA) differences in technology.B)differences in preferences.C)differences in labor productivity.D)differences in resources.E)gravity relationships among countries.12. A nation engaging in trade according to the Ricardian model will find itsconsump tion 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.13.Assume that labor is the only factor of production and that wages in the United Sta tes 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 units per hour.B)U.S. labor productivity equaled 30 units per hour and Japan's 20 units per hour.C)U.S. labor productivity equaled 20 units per hour and Japan's 30 units per hour.D)U.S. labor productivity equaled 15 units per hour and Japan's 25 units per hour.E)U.S. labor productivity equaled 15 units per hour and Japan's 40 units per hour.14.In a two-country, two-product world, the statement“ Germanyenjoys acomparativ e advantage over France in autos relative toships ”is equivalent toA) France having a comparative advantage over Germany in ships.B) France having a comparative disadvantage compared to Germany in autos and ship s.C) Germany having a comparative advantage over France in autos and ships.D) France having no comparative advantage over Germany.E) France should produce autos.15.If the United States' production possibility frontier was flatter to the widget axis, whereas Germany's was flatter to the butter axis, we know thatA)the United States has no comparative advantageB)Germany has a comparative advantage in butter.C)the U.S. has a comparative advantage in butter.D)Germany has comparative advantages in both products.E)the U.S. has a comparative disadvantage in widgets.Ch4-Ch51.The Ricardian model of international trade demonstrates that trade can bemutually beneficial. Why, then, do governments restrict imports of some goods?A)Trade can have substantial effects on a country's distribution of income.B)The Ricardian model is often incorrect in its prediction that trade can bemutually beneficial.C)Import restrictions are the result of trade wars between hostile countries.D)Imports are only restricted when foreign-made goods do not meet domestic standar ds of qualityE) Restrictions on imports are intended to benefit domestic consumers.2.Japan's trade policies with regard to rice reflect the fact thatA) japanese rice farmers have significant political power.B) Japan has a comparative advantage in rice production and therefore exports most o f its rice crop.C) there would be no gains from trade available to Japan if it engaged in free trade in r ice.D) there are gains from trade that Japan captures by engaging in free trade in rice.E) Japan imports most of the rice consumed in the country.3.In the specific factors model, which of the following is treated as a specific factor?A)LaborB)LandC)ClothD)FoodE)Technology4.The specific factors model assumes that there are ________ goods and ________ fa ctor(s) of production.A) two; threeB) two; two C)two; one D)three; two E)four; three5.The slope of a country's production possibility frontier with cloth measured on the horizontal and food measured on the vertical axis in the specific factors model is equa l to ________ and it ________ as more cloth is produced.A)-MPLF/MPLC; becomes steeperB)-MPLF/MPLC; becomes flatterC)-MPLF/MPLC; is constantD)-MPLC/MPLF; becomes steeperE)-MPLC/MPLF; is constant6.Under perfect competition, the equilibrium price of labor used to produce clothwill be equal toA)the slope of the production possibility frontier.B)the average product of labor in the production of cloth times the price of cloth.C)the ratio of the marginal product of labor in the production of cloth to the marginal product of labor in the production of food times the ratio of the price of cloth. to the price of food.D)the marginal product of labor in the production of cloth times the price of cloth.E)the price of cloth divided by the marginal product of labor in the production of clot h.7.In the specific factors model, which of the following will increase the quantity ofla bor used in cloth production?A)an increase in the price of cloth relative to that of foodB) an increase in the price of food relative to that ofcloth C) a decrease in the price of laborD) an equal percentage decrease in the price of food and clothE) an equal percentage increase in the price of food and cloth8.A country that does not engage in trade can benefit from trade only ifA)it has an absolute advantage in at least one good.B)it employs a unique technology.C)pre-trade and free-trade relative prices are not identical.D)its wage rate is below the world average.E)pre-trade and free-trade relative prices are identical.9.In the specific factors model, the effects of trade on welfare are ________ for mobil e factors, ________ for fixed factors used to produce the exported good, and ________ for fixed factors used to produce the imported good.A)ambiguous; positive; negativeB) ambiguous; negative; positive C)positive; ambiguous; ambiguous D)negative; ambiguous; ambiguous E)positive; positive; positive10.The effect of trade on specialized employees of import-competing industries willb e ________ jobs and ________ pay because they are relatively ________.A)fewer; lower; mobileB)fewer; lower; immobileC)more; lower; immobileD)more; higher; mobileE)more; higher; immobile11. There is a bias in the political process against free trade becauseA)there is a high correlation between the volume of imports and the unemployment ra te.B)the gains from free trade cannot be measured.C)those who gain from free trade can't compensate those who lose.D)foreign governments make large donations to U.S. political campaigns.E) those who lose from free trade are better organized than those who gain.12.In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differin A)tastes and preferences.B)military capabilities.C)the size of their economies.D)relative abundance of factors of production.E)labor productivities.13.If a country produces good Y (measured on the vertical axis) and good X (measure d on the horizontal axis), then the absolute value of the slope of its production possibil ity frontier is equal toA)the opportunity cost of good X.B) the price of good X divided by the price of good Y.C) the price of good X divided by the price of goodY. D) the opportunity cost of good Y.E)the cost of capital (assuming that good Y is capital intensive) divided by the costof labor.14.In the 2-factor, 2 good Heckscher-Ohlin model, trade will ________ the owners ofa country's ________ factor and will ________ the good that uses that factor intensiv ely.A)benefit; abundant; exportB)harm; abundant; importC)benefit; scarce; exportD)benefit; scarce; importE)harm; scarce; export15.The assumption of diminishing returns in the Heckscher-Ohlin model means that, unlike in the Ricardian model, it is likely thatA) countries will consume outside their production possibility frontier.B) countries will benefit from free international trade.C) countries will not be fully specialized in one product.D)comparative advantage will not determine the direction of trade.E)global production will decrease under trade.16.If Japan is relatively capital rich and the United States is relatively land rich, and if food is relatively land intensive then trade between these two, formerly autarkic coun tries will result inA)an increase in the relative price of food in the U.S.B)an increase in the relative price of food in Japan.C)a global increase in the relative price of food.D)a decrease in the relative price of food in both countries.E)an increase in the relative price of food in both countries.17.Starting from an autarky (no-trade) situation with Heckscher-Ohlin model, if Coun try H is relatively labor abundant, then once trade beginsA) rent will be unchanged but wages will rise in H.B) wages and rents should rise in H.C) wages and rents should fall in H.D) wages should fall and rents should rise in H.E) wages should rise and rents should fall in H.18.The Leontieff ParadoxA)failed to support the validity of the Heckscher-Ohlin model.B)supported the validity of the Ricardian theory of comparative advantage.C)supported the validity of the Heckscher-Ohlin model.D)failed to support the validity of the Ricardian theory.E)proved that the U.S. economy is different from all others.19. Which of the following is an assertion of the Heckscher-Ohlin model?A)Factor price equalization will occur only if there is costless mobility of all factors a cross borders.B)An increase in a country's labor supply will increase production of both the capital-intensive and the labor-intensive good.C)In the long-run, labor is mobile and capital is not.D)The wage-rental ratio determines the capital-labor ratio in a country's industr ies.E)Factor endowments determine the technology that is available to a country, which determines the good in which the country will have a comparative advantage.20. Which of the following is an assertion of the Heckscher-Ohlin model?A)An increase in a country's labor supply will increase production of the labor-i ntensive good and decrease production of the capital-intensive good.B)An increase in a country's labor supply will increase production of both the capital-intensive and the labor-intensive good.C)In the long-run, labor is mobile and capital is not.D)Factor price equalization will occur only if there is costless mobility of all factors a cross borders.E)Factor endowments determine the technology that is available to a country, which determines the good in which the country will have a comparative advantage.Ch6-Ch101.If the ratio of price of cloth (PC) divided by the price of food (PF) increases in thei nternational marketplace, thenA)the terms of trade of cloth exporters will improve.B)all countries would be better off.C)the terms of trade of food exporters will improve.D)the terms of trade of all countries will improve.E) the terms of trade of cloth exporters will worsen.2.If the ratio of price of cloth (PC) divided by the price of food (PF) increases in thei nternational marketplace, thenA)world relative quantity of cloth supplied will increase.B)world relative quantity of cloth supplied and demanded will increase.C)world relative quantity of cloth supplied and demanded will decrease.D)world relative quantity of cloth demanded will decrease.E)world relative quantity of food will increase.3.If the U.S. (a large country) imposes a tariff on its imported good, this will tend toA)have no effect on terms of trade.B)improve the terms of trade of the United States.C)improve the terms of trade of all countries.D)because a deterioration of U.S. terms of trade.E)raise the world price of the good imported by the United States.4.If Slovenia were a large country in world trade, then if it instituted a large set of sub sidies for its exports, this mustA)decrease its marginal propensity to consume.B)have no effect on its terms of trade.C)improve its terms of trade.D)harm its terms of trade.E)harm world terms of trade.5.Internal economies of scale arise when the cost per unitA)falls as the average firm grows larger.B)rises as the industry grows larger.C)falls as the industry grows larger.D)rises as the average firm grows larger.E)remains constant over a broad range of output.6. External economies of scale will ________ average cost when output is ________ by _______.A)reduce; increased; the industryB)reduce; increased; a firmC)increase; increased; a firmD)increase; increased; the industryE)reduce; reduce; the industry7.If some industries exhibit internal increasing returns to scale in each country, we sh ould not expect to seeA) perfect competition in these industries.B) intra-industry trade between countries.C)inter-industry trade between countries.D)high levels of specialization in both countries.E)increased productivity in both countries.8.A learning curve relates ________ to ________ and is a case of ________ returns.A) unit cost; cumulative production; dynamic decreasing returnsB)output per time period; long-run marginal cost; dynamic increasing returnsC)unit cost; cumulative production; dynamic increasing returnsD)output per time period; long-run marginal cost; dynamic decreasing returnsE)labor productivity; education; increasing marginal returns9.Patterns of interregional trade are primarily determined by ________ rather than __ ______ because factors of production are generally ________.A)external economies; natural resources; mobileB)internal economies; external economies; mobileC)external economies; population; immobileD)internal economies; population; immobileE)population; external economies; immobile10.Monopolistic competition is associatedwith A) product differentiation.B) price-taking behavior.C) explicit consideration at the firm level of the strategic impact of other firms' pricing decisions. D) high profit margins in the long run.E) increasing returns to scale.11.A firm in long-run equilibrium under monopolistic competition will earnA)positive monopoly profits because each sells a differentiated product.B)zero economic profits because of free entryC)positive oligopoly profits because each firm sells a differentiated product.D)negative economic profits because it has economies of scale.E)positive economic profit if it engages in international trade.12.The most common form of price discrimination in international tradeis A) dumping.B) non-tariff barriers.C) Voluntary Export Restraints.D) preferential trade arrangements.E) product boycotts.13.Consider the following two cases. In the first, a U.S. firm purchases 18% of a forei gn firm. In the second, a U.S. firm builds a new production facility in a foreign countr y. Both are ________, with the first referred to as ________ and the second as ______ __.A)foreign direct investment (FDI) outflows; brownfield; greenfieldB)foreign direct investment (FDI) inflows; greenfield; brownfieldC)foreign direct investment (FDI) outflows; greenfield; brownfieldD)foreign direct investment (FDI) inflows; brownfield; greenfieldE)foreign direct investment (FDI); inflows; outflows14. Specific tariffs areA)import taxes stated in specific legal statutes.B)import taxes calculated as a fixed charge for each unit of imported goods.C)import taxes calculated as a fraction of the value of the imported goods.D)the same as import quotas.E)import taxes calculated based solely on the origin country.15.A problem encountered when implementing an "infant industry" tariff isthat A) domestic consumers will purchase the foreign good regardless of thetariff. B) the industry may never "mature."C)most industries require tariff protection when they are mature.D)the tariff may hurt the industry's domestic sales.E)the tariffs fail to protect the domestic producers.16.In the country levying the tariff, the tariff will A)increase both consumer and producer surplus.B) decrease both the consumer and producer surplus.C) decrease consumer surplus and increase producer surplus.D) increase consumer surplus and decrease producer surplus.E) decrease consumer surplus but leave producers surplus unchanged.17.If the tariff on computers is not changed, but domestic computer producers shift fr om domestically produced semiconductors to imported components, then the effective rate of protection in the computer industry willA) increase.B) decreaseC) remain the same.D)depend on whether computers are PCs or "Supercomputers."E)no longer apply.18.When a government allows raw materials and other intermediate products to enter a country duty free, this generally results in a(an)A) effective tariff rate less than the nominal tariff rate.B) nominal tariff rate less than the effective tariff rate.C) rise in both nominal and effective tariff rates.D) fall in both nominal and effective tariff rates. E) rise in only the effective tariff rat e.19.Should the home country be "large" relative to its trade partners, its imposition ofa tariff on imports would lead to an increase in domestic welfare if the terms of thetra de rectangle exceed the sum of theA) revenue effect plus redistribution effect.B) protective effect plus revenue effect.C) consumption effect plus redistribution effect.D)production distortion effect plus consumption distortion effect.E)terms of trade gain.20.The efficiency case made for free trade is that as trade distortions such as tariffs ar e dismantledand removed,A) government tariff revenue will decrease, and therefore national economic welfare will decreaseB) government tariff revenue will decrease, and therefore national econo mic welfare will increase.C) deadweight losses for producers and consumers will decrease, henceincreasin g national economic welfare.D)deadweight losses for producers and consumers will decrease, hence decreasing na tional economic welfare.E)government tariff revenue will increase, hence increasing national economic welfar e.21.Which organization determines procedures for the settlement of international trade disputes?A)World BankB)World Trade OrganizationC)International Monetary OrganizationD)International Bank for Reconstruction and DevelopmentE)The League of Nations22.Today U.S. protectionism is concentratedin A) high-tech industries.B) labor-intensive industries.C) industries in which Japan has a comparative advantage.D)computer intensive industries.E)capital-intensive industries.23.The quantitative importance of U.S. protection of the domestic clothing industryis best explained by the fact thatA)this industry is an important employer of highly skilled labor.B)this industry is an important employer of low skilled labor.C)most of the exporters of clothing into the U.S. are poor countries.D)this industry is a politically well organized sector in the U.S.E)the technology involved is very advanced.欢迎下载1124.The optimum tariff is most likely to applyto A) a small tariff imposed by a small country.B) a small tariff imposed by a large country. C)a large tariff imposed by a small country. D) alarge tariff imposed by a large country. E) anad valorem tariff on a small country.25.The median voter modelA)works well in the area of trade policy.B)is not intuitively reasonable.C)tends to result in biased tariff rates.D)does not work well in the area of trade policy.E)is not widely practiced in the United States.欢迎下载12。

国际经济学考试题目中文翻译国际经济学考试是一项重要的考试，它涉及到国际贸易、国际金融、国际投资等多个领域。

在考试中，翻译题目是一个重要的环节，因为它涉及到考生对英语的理解和翻译能力。

下面将为大家介绍一些常见的国际经济学考试题目中文翻译。

1. What is the impact of globalization on international trade?全球化对国际贸易的影响是什么？2. What are the advantages and disadvantages of free trade?自由贸易的优缺点是什么？3. How does exchange rate affect international trade?汇率如何影响国际贸易？4. What are the factors that affect foreign direct investment?影响外国直接投资的因素有哪些？5. What is the difference between comparative advantage and absolute advantage?比较优势和绝对优势有什么区别？6. What is the role of the World Trade Organization in international trade?世界贸易组织在国际贸易中的作用是什么？7. What is the impact of protectionism on international trade?保护主义对国际贸易的影响是什么？8. What are the benefits and challenges of regional economic integration?区域经济一体化的好处和挑战是什么？9. How does international trade affect economic growth?国际贸易如何影响经济增长？10. What is the impact of foreign aid on economic development?外援对经济发展的影响是什么？以上是一些常见的国际经济学考试题目中文翻译，希望对大家有所帮助。

全国2007年4月高等教育自学考试国际经济学试题0014025125错选、多选或未选均无分。

1.AA.重商主义B.重农主义C.重金主义D.货币主义2.DA.对进口关税设置壁垒B.对非关税设置障碍C.对外汇实行管制D.对本国货币低估对外价值3.BA.斯密B.李嘉图C.奥林D.赫克歇尔4.CA.日内瓦回合B.东京回合C.乌拉圭回合D.安纳西回合5.CA.1993年B.1994年C.1995年D.1996年6.DA.商业银行B.中央银行C.外贸公司D.居民个人7.DA.官方结算差额B.商品贸易差额C.基本收支差额D.经常项目差额8.CA.调整论B.货币论C.弹性论D.平衡论9.AA.大于1B.小于 1C.等于1D.不确定10.c=0.6s=0.3CA.10/9B.5/3C.5/2D.10/311.DA.反倾销税B.反补贴税C.进口附加税D.国内最低限价12.BA.进口国厂商B.出口国厂商C.第三国出口厂商D.第三国进口厂商13.20世纪90AA.B.韩国财团破产C.D.日本经济大幅下滑14.DA.货币B.基金C.债权D.记帐单位15.CA.亚当·斯密B.保罗·克鲁格曼C.大卫·休谟D.彼得·凯恩16.CA.在两国贸易前的国内比价线之上B.在两国贸易前的国内比价线之下C.在两国贸易前的国内比价线之间D.与两国贸易前的国内比价线相同17.一A.出口方式 B.直接投资方式C.发放许可证方式D.间接投资方式18.AA.可使移民的移出国获得某种补偿B.可补偿移出国的商品出口C.可补偿本国劳动力收入D.可补偿公共设施的不足19.AA.林德B.门格尔C.松巴特D.克鲁格曼20.DA.B.C.D.21.CA.要素价格均等化B.要素技术密集度均等化C.商品价格均等化D.工资率均等化22.AA.恩格尔定律B.示范效应C.大宗产品贸易理论D.剩余物质出口理论23.CA.国民收入减少B.就业机会减少C.失业减少D.总需求不变24.AA.贸易创造和贸易转向B.贸易创造和大市场效应C.贸易转向和竞争效应D.大市场效应和竞争效应25.B A.较弱 B.较强C.无效D.不确定二、多项选择题(本大题共5210分)内。

CHAPTER 3SOURCES OF COMPARATIVE ADVANTAGEMULTIPLE—CHOICE QUESTIONS1。

W hich of the following suggests that a nation will export the commodity in the production of which a great deal of its relatively abundant and cheap factor is used？a. The Linder theoryb。

The product life cycle theoryc。

The MacDougall theoryd。

The Heckscher—Ohlin theory2. According to Staffan Linder，trade between two countries tends to be most pronouncedwhen the countries：a。

Find their tastes and preferences to be quite harmoniousb. Experience economies of large-scale production over large output levelsc. Face dissimilar relative abundances of the factors of productiond。

Find their per—capita income levels to be approximately the same3. Which of the following is a long-run theory, emphasizing changes in the trading position ofa nation over a number of years?a。

国际经济学选择题题库（有答案）Multiple-Choice Questions Ch.21.The Mercantilists did not advocate: aa. free 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: aa. absolute advantageb. comparative advantagec. both absolute and comparative advantaged. neither absolute nor comparative advantage3.What proportion of international trade is based on absolute advantage? c.a. Allb. mostc. somed. none4.The commodity in which the nation has the smallest absolute disadvantage is the commodity of its: da. absolute disadvantageb. absolute advantagec. comparative disadvantaged. comparative advantage5.If in a two-nation (A and B), two-commodity (X and Y) world, it is established that nation dA has a comparative advantage in commodity X, then nationB must have:a. an absolute advantage in commodity Yb. an absolute disadvantage in commodity Yc. a comparative disadvantage in commodity Yd. 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 input): ca. nation A has a comparative disadvantage in commodity Xb. nation B has a comparative disadvantage in commodity Yc. 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: da. Px/Py=1 in nation Ab. Px/Py=3 in nation Bc. Py/Px=1/3 in nation Bd. all of the above8. With reference to the statement in Question 6, if 3X is exchanged for 3Y: .ba. nation A gains 2Xb. 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 tradebetween nation A and B is: .ca. 3Y < 3X < 5Yb. 5Y < 3X < 9Yc. 3Y < 3X < 9Yd. 1Y < 3X < 3Y10. If domestically 3X=3Y in nation A, while 1X=1Y domestically in nation B:d..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 nationsd. all of the above11. Ricardo explained the law of comparative advantage on the basis of: a.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? d.a. The combined demand for each commodity by the two nations is negatively slopedb. the combined supply for each commodity by the two nations is rising stepwisec.the equilibrium relative commodity price for each commodity with trade is given bytheintersection of the demand and supply of each commodity by the two nationsd. all of the above13. A difference in relative commodity prices between two nations can be based upon adifference in: d.a. factor endowmentsb. technologyc. tastesd. all of the above14. In the trade between a small and a large nation:ba. the large nation is likely to receive all of the gains from tradeb. 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.a. verifiedb. rejectedc. not testedd. tested but the results were inconclusiveMultiple-Choice Questions Ch.31. A production frontier that is concave from the origin indicates that the nation incursincreasing opportunity costs in the production of:a. commodity X onlyb. commodity Y onlyc. 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 productiond. 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 productionof allcommoditiesd. for the nation to produce more of a commodity, it must use resources that are less andless suited in the production of the commodity4. Community indifference curves:a. are negatively slopedb. are convex to the originc. should not crossd. 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 remain onthesame indifference curveb. amount of Y that a nation must give up for one extra unit of X and still remain on thesame indifference curvec.amount of X that a nation must give up for one extra unit of Y to reach a higherindifference curved.amount of Y that a nation must give up for one extra unit of X to reach a higherindifference curve6. Which of the following statements is true with respect tothe 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 curved. 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 analysisc. the problems arising from intersecting community indifference curves can beovercome 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 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 nation 2 without trade:a. nation 1 has a comparative advantage in commodity Yb. nation 2 has a comparative advantage in commodity Xc. 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 exportsb. 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 at equilibriumc. Px/Py will fall toward the equilibrium Px/Pyd. 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 traded. 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 thegainsfrom specializationb. gains from exchange result even without specializationc. gains from specialization result even without exchanged. none of the above14. The gains from exchange with respect to the gains from specialization are always:a. greaterb. smallerc. equald. 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 differentd. the same and tastes are also the same.Multiple Choice Questions Ch.41. Which of the following statements is correct?a. The demand for imports is given by the excess demand for 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 commodityd. 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 exportsc. 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 exportsd. the nation's demand for imports and supply of exports4. The offer curve of a nation bulges toward the axis measuring the nation'sa. import commodityb. export commodityc. export or import commodityd. nontraded 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 consumptiond. all of the above6. Which of the following statements regarding partial equilibrium analysis is false?a. It relies on traditional demand and supply curvesb. it isolates for study one marketc. it can be used to determine the equilibrium relative commodity price but not theequilibrium quantity with traded. none of the above7. Which of the following statements regarding partial equilibrium analysis is true?a.The demand and supply curves are derived from the nation's production frontier andindifference mapb. It shows the same basic information as offer curvesc. It shows the same equilibrium relative commodity prices as with offer curvesd. all of the above8. In what way does partial equilibrium analysis differ from general equilibrium analysis?a. 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 quantity withtradec.the former but not the latter takes into consideration the interaction among allmarketsin the economyd. 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. 3/4b. 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. remain unchangedd. any of the above11. If a nation does not affect world prices by its trading, itsoffer curve:a. is a straight lineb. bulges toward the axis measuring the import commodityc. 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 commodityb. the partner's offer curve rotates toward the axis measuring its import commodityc. the partner's offer curve rotates toward the axis measuring its export commodityd. the nation's offer curve rotates toward the axis measuring its export commodity13. If the nation's tastes for its import commodity increases:a. the nation's terms of trade remain unchangedb. 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 to:a. deteriorateb. improvec. remain unchangedd. any of the aboveMultiple-Choice Questions ch.51. The H-O model extends the classical trade model by:a. explaining the basis for comparative advantageb. examining the effect of trade on factor pricesc. both a and bd. neither a nor b2. Which is not an assumption of the H-O modela. the same technology in both nationsb. constant returns to scalec. 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 Xc. 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 commoditiesb. 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 ratiod. lower r/w7. A difference in relative commodity prices between nations can be based on a difference in:a. technologyb. factor endowmentsc. tastesd. all of the above8. In the H-O model, international trade is based mostly on a difference in:a. technologyb. factor endowmentsc. economies of scaled. tastes9. According to the H-O-S model, trade reduces international differences in:a. relative but not absolute factor pricesb. absolute but not relative factor pricesc. both relative and absolute factor pricesd. neither relative nor absolute factor prices10. According to the H-O-S model, international trade will:a. reduce international differences in per capita incomesb. increases international differences in per capita incomesc. may increase or reduce international differences in per capita incomesd. lead to complete specialization11. The H-O model is a general equilibrium model because it deals with:a. production in both nationsb. consumption in both nationsc. trade between the two nationsd. all of the above12. The H-O model is a simplification of the a truly general equilibrium modelbecause it deals with:a. two nationsb. two commoditiesc. two factors of productiond. all of the above13. The Leontief paradox refers to the empirical finding that U.S.a. import substitutes are more K-intensive than exportsb. 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 reservationsc. 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. technologically-fixed factor proportionsd. equal elasticity of substitution of factorsMultiple-Choice Questions Ch. 6:1. Relaxing the assumptions on which the Heckscher-Ohlin theory rests:a. leads to rejection of the theoryb. leaves the theory unaffectedc. requires complementary trade theoriesd. any of the above.1.Which of the following assumptions of the Heckscher-Ohlin theory, when relaxed,leavethe theory unaffected?a. Two nations, two commodities, and two factorsb. both nations use the same technologyc. the same commodity is L-intensive in both nationsd. all of the above2.Which of the following assumptions of the Heckscher-Ohlin theory, when relaxed,require new trade theories?a. Economies of scaleb. incomplete specializationc. similar tastes in both nationsd. the existence of transportation costs3.International trade can be based on economies of scale even if both nations haveidentical:a. factor endowmentsb. tastesc. technologyd. all of the above5. A great deal of international trade:a. is intra-industry tradeb. involves differentiated productsc. is based on monopolistic competitiond. all of the above6. The Heckscher-Ohlin and new trade theories explains most of the trade:a. among industrial countriesb. between developed and developing countriesc. in industrial goodsd. all of the above4.The theory that a nation exports those products for whicha large domestic market existswas advanced by:a. Linderb. Vernonc. Leontiefd. Ohlin8. Intra-industry trade takes place:a. because products are homogeneousb. in order to take advantage of economies of scalec. because perfect competition is the prevalent form of market organizationd. all of the above1.If a nation exports twice as much of a differentiated product that it imports, its intra-industry (T) index is equal to:a. 1.00b. 0.75c. 0.666d. 0.2510. Trade based on technological gaps is closely related to:a. the H-O theoryb. the product-cycle theoryc. Linder's theoryd. all of the above11. Which of the following statements is true with regard to the product-cycle theory?a. It depends on differences in technological changes over time among countriesb. it depends on the opening and the closing of technological gaps among countriesc. it postulates that industrial countries export more advanced products to lessadvanced countriesd. all of the above12. Transport costs:a. increase the price in the importing countryb. reduces the price in the exporting countryc. both of the aboved. neither a nor b.13. Transport costs can be analyzed:a. with demand and supply curvesb. production frontiersc. offer curvesd. all of the above14. The share of transport costs will fall less heavily on the nation:a. with the more elastic demand and supply of the tradedcommodityb. with the less elastic demand and supply of the traded commodityc. exporting agricultural productsd. with the largest domestic market15. A footloose industry is one in which the product:a. gains weight in processingb. loses weight in processingc. both of the aboved. neither a nor b.Multiple-choice Questions Ch.81. Which of the following statements is incorrect?a.An ad valorem tariff is expressed as a percentage of the value of the tradedcommodityb. a specific tariff is expressed as a fixed sum of the value of the traded commodity.c. export tariffs are prohibited by the U.S. Constitutiond. The U.S. uses exclusively the specific tariff2. A small nation is one:a. which does not affect world price by its tradingb. which faces an infinitely elastic world supply curve for its import commodityb.whose consumers will pay a price that exceeds the world price by the amount ofthetariffd. all of the above3. If a small nation increases the tariff on its import commodity, its:a. consumption of the commodity increasesb. production of the commodity decreasesc. imports of the commodity increased. none of the above4.The increase in producer surplus when a small nation imposes a tariff is measured bythearea:a. to the left of the supply curve between the commodity price with and without thetariffb. under the supply curve between the quantity produced with and without the tariffc. under the demand curve between the commodity price with and without the tariffd. none of the above.5. If a small nation increases the tariff on its import commodity:a. the rent of domestic producers of the commodity increasesb. the protection cost of the tariff decreasesc. the deadweight loss decreasesd. all of the above6. Which of the following statements is incorrect with respect to the rate of effectiveprotection?a. for given values of ai and ti, g is larger the greater is tb. for a given value of t and ti, g is larger the greater is a ic. g exceeds, is equal to or is smaller than t, as t i is smallerthan, is equal to or islarger than td. when a i t i exceeds t, the rate of effective protection is positive7. With a i=50%, t i=0, and t=20%, g is:a. 40%b. 20%c. 80%d. 08. The imposition of an import tariff by a small nation:a. increases the relative price of the import commodity for domestic producers andconsumersb.reduces the relative price of the import commodity for domestic producers andconsumersc. increases the relative price of the import commodity for the nation as a wholed. any of the above is possible9. The imposition of an import tariff by a small nation:a. increases the nation's welfareb. reduces the nation's welfarec. leaves the nation's welfare unchangedd. any of the above is possible10. According to the Stolper-Samuelson theorem, the imposition of a tariff by a nation:a. increases the real return of the nation's abundant factorb. increases the real return of the nation's scarce factorc. reduces the real return of the nation's scarce factord. any of the above is possible11. The imposition of an import tariff by a nation results in:a. an increase in relative price of the nation's import commodityb. an increase in the nation's production of its importable commodityc. reduces the real return of the nation's abundant factord. all of the above12. The imposition of an import tariff by a nation can be represented by a rotation of the:a. nation's offer curve away from the axis measuring the commodity of its comparativeadvantageb.the nation's offer curve toward the axis measuring the commodity of itscomparativeadvantagec.the other nation's offer curve toward the axis measuring the commodity of itscomparative advantaged.the other nation's offer curve away from the axis measuring the commodity of itscomparative advantage13. The imposition of an import tariff by a large nation:a. increases the nation's terms of tradeb. reduces the volume of tradec. may increase or reduce the nation's welfared. all of the above14. The imposition of an optimum tariff by a large nation:a. improves its terms of tradeb. reduces the volume of tradec. increases the nation's welfared. all of the above15. The optimum tariff for a small nation is:a. 100%b. 50%c. 0d. depends on elasticitiesMultiple-choice Questions Ch. 9:1. An import quota:a. increases the domestic price of the imported commodityb. reduces domestic consumptionc. increases domestic productiond. all of the above2. An increase in the demand of the imported commodity subject to a given import quota:a. reduces the domestic quantity demanded of the commodityb. increases the domestic production of the commodityc. reduces the domestic price of the commodityd. reduces the producers' surplus3. Adjustment to any shift in the domestic demand or supply of an importable commodityoccurs:a. in domestic price with an import quotab. in the quantity of imports with a tariffc. through the market mechanism with an import tariff but not with an import quotad. all of the above4. An international cartel refers to:a. dumpingb. an organization of exportersc. an international commodity agreementd. voluntary export restraints5. The temporary sale of a commodity at below cost or at a lower price abroad in order todrive foreign producers out of business is called:a. predatory dumpingb. sporadic dumpingc. continuous dumpingd. voluntary export restraints6. The type of dumping which would justify antidumping measures by the country subjectto the dumping is:a. predatory dumpingb. sporadic dumpingc. continuous dumpingd. all of the above7. A fallacious argument for protection is:a. the infant industry argumentb. protection for national defensec. the scientific tariffd. to correct domestic distortions8. Which of the following is true with respect to the infant-industry argument for protection:a. it refers to temporary protection to establish a domestic industryb.to be valid, the return to the grown-up industry must be sufficiently high also torepayfor the higher prices paid by domestic consumers of thecommodity during the infancyperiodc. is inferior to an equivalent production subsidy to the infant industryd. all of the above9. Which of the following is false with respect to strategic trade policy?a. it postulates that a nation can gain by an activist trade policyb. it is practiced to some extent by most industrial nationsc. it can easily be carried outd. all of the above10. Industrial policy refers to:a.an activist policy by the government of an industrial country to stimulate thedevelopment of an industryb.the granting of a subsidy to a domestic industry to stimulate the development ofanindustryc. the granting of a subsidy to a domestic industry to counter a foreign subsidyd. all of the above11. Game theory refers to:a. a method of choosing the optimal strategy in conflict situationsb. the granting of a subsidy to correct a domestic distortionc. the theory of tariff protectiond. none of the above12. Trade protection in the United States is usually providedto:a. low-wage workersb. well-organized industries with large employmentc. industries producing consumer productsd. all of the above13. The most-favored-nation principle refers to:a. extension to all trade partners of any reciprocal tariff reduction negotiated by theU.S. with any of its trade partnersb. multilateral trade negotiationc. the General Agreement on Tariffs and Traded. the International Trade Organization14. On which of the following principles does GATT rest?a. nondiscriminationb. elimination of nontariff barriersc. consultation among nations in solving trade disputesd. all of the above15. Which of the following was not negotiated under the Uruguay Round?a. reduction of tariffs on industrial goodsb. replacement of quotas with tariffsc. reduction of subsidies on industrial products and on agricultural exportsd. liberalization in trade in most servicesMultiple-choice Questions for Ch. 131. Which of the following is false?a. A credit transaction leads to a payment from foreignersb. A debit transaction leads to a payment to foreignersc. A credit transaction is entered with a negative signd. Double-entry bookkeeping refers to each transactionentered twice.2. Which of the following is a debit?a. The export of goodsb. The export of servicesc. Unilateral transfers given to foreignersd. Capital inflows3. Capital inflows:a. refer to an increase in foreign assets in the nationb. refer to a reduction in the nation's assets abroadc. lead to a payment from foreignersd. all of the above4. When a U.S. firm imports goods to be paid in three months the U.S. credits:a. the current accountb. unilateral transfersc. capitald. official reserves5.The receipt of an interest payment on a loan made by a U.S. commercial bank to aforeignresident is entered in the U.S. balance of payments as a:a. credit in the capital accountb. credit in the current accountc. credit in official reservesd. debit in unilateral transfers6. The payment of a dividend by an American company to a foreign stockholder represents:a. a debit in the U.S. capital accountb. a credit in the U.S. capital account。

《国际经济学》模拟试卷（1）一二三四五六七合计人复核人一、单项选择（ 10 小题，每小题 1 分，共 10 分）：在四个备选答案中选择一个最适合的答案。

1．关于一般均衡分析的新古典模型，说法不正确的是（）。

A.国际贸易理论的标准模型B.采用 2 2 1 模型进行阐述C.将技术、要素禀赋、需求偏好集于一体D.由哈伯勒、勒纳、里昂惕夫和米德等人提出2．国际金融理论的发展一直是围绕着（）这一十分重要的问题而展开的。

A. 外部平衡B.内部平衡C.外部平衡与内部平衡D.规模经济3．生产可能性曲线的假设条件有（）。

A.两种生产要素的总供给都是可变的B.生产要素可在两个部门间自由流动C.两种生产要素没有充分利用D.两种商品的生产技术条件是可变的4．要素密集度可借助于（）来说明。

A. 社会无差异曲线B.需求曲线C.等产量曲线D.供给曲线5．国际贸易会（）贸易国出口部门特定要素的实际收入。

A. 提高B.降低C.不影响D.可能影响6．在产品生命周期的产品成熟阶段，产品属于（）。

A. 研究与开发密集型B.资本密集型C.劳动密集型D.土地密集型7．属于国际收支账户中服务项目的有（）。

A. 证券投资B.商品修理C.计算机和信息服务D.非货币黄金8．购买力平价论（ the theory of purchasing power parity），简称 PPP理论，是（）在其 1922 年出版的《 1914 年以后的货币与外汇》（money and foreign exchange after 1914）中第一次系统阐述的。

A. 勒纳B.卡塞尔C.凯恩斯D.多恩布什9．假设某国的边际消费倾向为0.80，边际进口倾向为0.30，试问该国的对外贸易乘数是（）。

A.1B.2C.3D.410．假设即期汇率 l 英镑 =2 美元，在欧洲市场美元一年期的利率为15%，英镑为 10%，求一年后的远期汇率 1 英镑等于（）美元。

A.2.091B.2C.1.913D.3二、判断题（ 10 小题，每小题 1 分，共 10 分）：若判断正确，在小题后的括号内填上“√”号；若判断不正确，则在小题后的括号内填上“×”号。

【国际经济学专题考试试卷⼗】ExternalitiesChapter 10ExternalitiesTRUE/FALSE1. Markets sometimes fail to allocate resources efficiently.ANS: T DIF: 2 REF: 10-0NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Market failure MSC: Interpretive2. When a transaction between a buyer and seller directly affects a third party, the effect is called an externality. ANS: T DIF: 1 REF: 10-0 NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Externalities MSC: Definitional3. Buyers and sellers neglect the external effects of their actions when deciding how much to demand or supply. ANS: T DIF: 2 REF: 10-0 NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Externalities MSC: Interpretive4. In a market characterized by externalities, the market equilibrium fails to maximize the total benefit to societyas a whole.ANS: T DIF: 1 REF: 10-0NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Externalities MSC: Definitional5. In a market with positive externalities, the market equilibrium quantity maximizes the welfare of society as awhole.ANS: F DIF: 1 REF: 10-0NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Externalities MSC: Interpretive6. Barking dogs cannot be considered an externality because externalities must be associated with some form ofmarket exchange.ANS: F DIF: 1 REF: 10-0NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Externalities MSC: Applicative7. The social cost of pollution includes the private costs of the producers plus the costs to those bystandersadversely affected by the pollution.ANS: T DIF: 1 REF: 10-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Externalities MSC: Definitional8. Organizers of an outdoor concert in a park surrounded by residential neighborhoods are likely to consider thenoise and traffic cost to residential neighborhoods when they assess the financial viability of the concertventure.9. When a driver enters a crowded highway he increases the travel times of all other drivers on the highway. This is an example of a negative externality.ANS: T DIF: 1 REF: 10-0NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Externalities MSC: Interpretive10. When firms internalize a negative externality, the market supply curve shifts to the left.ANS: T DIF: 2 REF: 10-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Negative externalities MSC: Analytical663664 Chapter 10/Externalities11. Government subsidized scholarships are an example of a government policy aimed at correcting negative externalities associated with education.ANS: F DIF: 1 REF: 10-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Positive externalities MSC: Applicative12. A congestion toll imposed on a highway driver to force the driver to take into account the increase in travel time she imposes on all other drivers is an example of internalizing the externality.ANS: T DIF: 2 REF: 10-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Corrective taxes MSC: Interpretive13. Negative externalities lead markets to produce a smaller quantity of a good than is socially desirable, while positive externalities lead markets to produce a larger quantity of a good than is socially desirable.ANS: F DIF: 2 REF: 10-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Negative externalities | Positive externalities MSC: Interpretive14. The government can internalize externalities by taxing goods that have negative externalities and subsidizing goods that have positive externalities.ANS: T DIF: 2 REF: 10-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Negative externalities | Positive externalities MSC: Applicative15. If the social value of producing robots is greater than the private value of producing robots, the private market produces too few robots.ANS: T DIF: 2 REF: 10-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Positive externalities | Technology spillovers MSC: Analytical16. The patent system gives firms greater incentive to engage in research and other activities that advance technology.TOP: Technology spillovers MSC: Applicative17. Government intervention in the economy with the goal of promoting technology-producing industries isknown as patent policy.ANS: F DIF: 1 REF: 10-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Industrial policy MSC: Definitional18. A technology spillover is a type of negative externality.ANS: F DIF: 2 REF: 10-1NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Technology spillovers MSC: Interpretive19. Even if possible, it would be inefficient to prohibit all polluting activity.ANS: T DIF: 2 REF: 10-2NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Externalities MSC: Applicative20. When correcting for an externality, command-and-control policies are always preferable to market-basedpolicies.ANS: F DIF: 2 REF: 10-2NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Command-and-control policies | Corrective taxes MSC: InterpretiveChapter 10/Externalities 665 21. Corrective taxes enhance efficiency, but the cost to administer them exceeds the revenue they raise for the government.ANS: F DIF: 1 REF: 10-2NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Corrective taxes MSC: Interpretive22. Corrective taxes cause deadweight losses, reducing economic efficiency.ANS: F DIF: 2 REF: 10-2NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Corrective taxes MSC: Interpretive23. Most economists prefer regulation to taxation because regulation corrects market inefficiencies at a lower costthan taxation does.ANS: F DIF: 2 REF: 10-2NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Corrective taxes MSC: Applicative24. A corrective tax places a price on the right to pollute.ANS: T DIF: 2 REF: 10-2NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Corrective taxes MSC: Interpretive25. According to recent research, the gas tax in the United States is lower than the optimal level.KEY: Corrective taxes MSC: Applicative26. The least expensive way to clean up the environment is for all firms to reduce pollution by an equalpercentage.ANS: F DIF: 2 REF: 10-2NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Corrective taxes MSC: Interpretive27. Corrective taxes are more efficient than regulations for keeping the environment clean.ANS: T DIF: 1 REF: 10-2NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Corrective taxes | Tradable pollution permits MSC: Applicative28. A market for pollution permits can efficiently allocate the right to pollute by using the forces of supply anddemand.ANS: T DIF: 1 REF: 10-2NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Tradable pollution permits MSC: Applicative29. Economists believe that the optimal level of pollution is zero.ANS: F DIF: 2 REF: 10-2NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Tradable pollution permits MSC: Interpretive30. The Environmental Protection Agency (EPA) cannot reach a target level of pollution through the use ofpollution permits.ANS: F DIF: 1 REF: 10-2NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Tradable pollution permits MSC: Applicative31. Social welfare can be enhanced by allowing firms to trade their rights to pollute.ANS: T DIF: 2 REF: 10-2NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Tradable pollution permits MSC: Applicative666 Chapter 10/Externalities32. Firms that can reduce pollution easily would be willing to sell their pollution permits.ANS: T DIF: 2 REF: 10-2NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Tradable pollution permits MSC: Applicative33. One example of a real-world market for tradable pollution permits is the market for carbon permits in Europe. ANS: T DIF: 1 REF: 10-2 NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Tradable pollution permits MSC: Applicative34. Government can be used to solve externality problems that are too costly for private parties to solve.ANS: T DIF: 1 REF: 10-335. Government intervention is necessary to correct all externalities.ANS: F DIF: 2 REF: 10-3NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Externalities MSC: Applicative36. According to the Coase theorem, if private parties can bargain without cost, then the private market will solvethe problem of externalities.ANS: T DIF: 1 REF: 10-3NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Coase theorem MSC: Definitional37. According to the Coase theorem, the private market will need government intervention in order to reach anefficient outcome.ANS: F DIF: 1 REF: 10-3NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Coase theorem MSC: Definitional38. Despite the appealing logic of the Coase theorem, private actors often fail to resolve on their own the problemscaused by externalities.ANS: T DIF: 1 REF: 10-3NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Coase theorem MSC: Applicative39. According to the Coase Theorem, individuals can always work out a mutually beneficial agreement to solvethe problems of externalities even when high transaction costs are involved.ANS: F DIF: 2 REF: 10-3NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Coase Theorem MSC: Interpretive40. According to the Coase theorem, whatever the initial distribution of rights, the interested parties can bargain toan efficient outcome.ANS: T DIF: 1 REF: 10-3NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Coase theorem MSC: Definitional41. Private parties may choose not to solve an externality problem if the transaction costs are large enough. ANS: T DIF: 2 REF: 10-3 NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Coase theorem MSC: Interpretive42. Many charities like the Sierra Club are established to deal with externalities.ANS: T DIF: 2 REF: 10-3NAT: Analytic LOC: Markets, market failure, and externalitiesTOP: Coase Theorem MSC: InterpretiveChapter 10/Externalities 667 SHORT ANSWER1. Using a supply and demand diagram, demonstrate how a negative externality leads to market inefficiency.When a negative externality exists, the private cost (or supply curve) is less than the social cost. The market equilibrium quantity of Q0 will be greater than the socially optimal quantity of Q1. The government could help eliminate this inefficiency by taxing the product. In this example, the size of the per-unit tax would be P3 - P1 (or P2 - P0).DIF: 2 REF: 10-1 NAT: AnalyticLOC: Markets, market failure, and externalities TOP: Negative externalitiesMSC: Analytical2. Using a supply and demand diagram, demonstrate how a positive externality leads to market inefficiency.How might the government help to eliminate this inefficiency?ANS:DIF: 2 REF: 10-1 NAT: AnalyticLOC: Markets, market failure, and externalities TOP: Positive externalitiesMSC: Analytical668 Chapter 10/Externalities3. Why are efficiency taxes preferred to regulatory policies as methods remedy externalities?ANS:Efficiency taxes allow markets to coordinate optimal resource allocation. In order for regulations to be efficient, the government needs detailed information about specific industries, including information about the alternative technologies that those industries could adopt. Thus, taxes are likely to reduce pollution at a lower cost to society. DIF: 2 REF: 10-2 NAT: AnalyticLOC: Markets, market failure, and externalitiesTOP: Command-and-control policies | Corrective taxes MSC: Applicative4. Use a graph to illustrate the quantity of pollution that would be emitted (a) after a corrective tax has beenimposed and (b) after tradable pollution permits have been imposed. Could these two quantities ever beequivalent?ANS:Yes, these two quantities could be equal. For example, P B could be equal to the amount of the corrective tax.DIF: 2 REF: 10-2 NAT: AnalyticLOC: Markets, market failure, and externalitiesTOP: Corrective taxes | Tradable pollution permits MSC: Analytical5. To produce honey, beekeepers place hives of bees in the fields of farmers. As bees gather nectar, theypollinate the crops in the fields, which increases the yields of these fields at no additional cost to the farmer.What might be a reasonable private solution to this externality, and how might the solution be reached? ANS:One solution would be to have one person own both the farm fields and the beehives, in which case the externality is internalized. Another solution would be to have the farmer and beekeeper enter into a contract so that they can coordinate the number of bee hives and acres of crops to maintain an efficient outcome.DIF: 1 REF: 10-3 NAT: AnalyticLOC: Markets, market failure, and externalities TOP: ExternalitiesUnder what circumstances will private bargaining fail to produce a solution?ANS:Private parties may fail to bargain to an efficient solution under a variety of circumstances. First, the transaction costs of bargaining may be so high that one or both of the parties decides not to bargain. Second, the bargaining may not take place if one or both of the parties believes that the agreement cannot be enforced. Third, one or both of the parties may try to hold out for a better deal, in which case the bargaining process breaks down. Fourth, if there are a large number of parties taking part in the negotiations, the costs of coordination may be so great that the bargaining is not successful.DIF: 1 REF: 10-3 NAT: AnalyticLOC: Markets, market failure, and externalities TOP: Coase theoremMSC: Interpretive。

Chapter 24The Influence of Monetary and Fiscal Policy on Aggregate DemandMULTIPLE CHOICE1. Fiscal policy affects the economya. only in the short run.b. only in the long run.c. in both the short and long run.d. in neither the short nor long run.ANSWER: c. in both the short and long run.TYPE: M DIFFICULTY: 1 SECTION: 21.02. Which of the following is not a reason the aggregate demand curve slopes downward? As the price level increasesa. real wages decline.b. real wealth declines.c. the interest rate increases.d. the exchange rate increases.ANSWER: a. real wages decline.TYPE: M DIFFICULTY: 1 SECTION: 21.13. For the U.S. economy, which of the following is the most important reason for the downward slope of the aggregate-demand curve?a. the wealth effectb. the interest-rate effectc. the exchange-rate effectd. the real-wage effectANSWER: b. the interest-rate effectTYPE: M DIFFICULTY: 1 SECTION: 21.14. Which of the following reasons for the downward slope of the aggregate demand curve would likely be moreimportant for a small economy than for the United States?a. the wealth effectb. the interest-rate effectc. the exchange-rate effectd. the real-wage effectANSWER: c. the exchange-rate effectTYPE: M DIFFICULTY: 1 SECTION: 21.15. Which of the following is not a response that would result from a decrease in the price level and so help to explainthe slope of the aggregate demand curve?a. When interest rates fall, Sleepwell Hotels decides to build some new hotels.b. The exchange rate falls, so French restaurants in Paris buy more Iowa pork.c. Janet feels wealthier because of the price drop and so she decides to remodel her bathroom.d. With prices down and wages fixed by contract, Gatekeeper Computers decides to lay off workers. ANSWER: d. With prices down and wages fixed by contract, Gatekeeper Computers decides to lay off workers. TYPE: M DIFFICULTY: 1 SECTION: 21.16. The wealth effect helps explain the downward slope of the aggregate demand curve. This effect isa. relatively important in the United States because expenditures on consumer durables is very responsive tochanges in wealth.b. relatively important in the United States because consumption spending is a large part of GDP.c. relatively unimportant in the United States because money holdings are a small part of consumer wealth.d. relatively unimportant because it takes a large change in wealth to make a significant change in interest rates. ANSWER: c. relatively unimportant in the United States because money holdings are a small part of consumer wealth. TYPE: M DIFFICULTY: 1 SECTION: 21.1565566 Chapter 21/The Influence of Monetary and Fiscal Policy on Aggregate Demand 7. Which of the following claims concerning the importance of effects that explain the slope of the aggregate demandcurve is correct?a. The exchange-rate effect is relatively small because exports and imports are a small part of real GDP.b. The interest-rate effect is relatively small because investment spending is not very responsive to interest ratechanges.c. The wealth effect is relatively large because money holdings are a significant portion of most households’ wealth.d. None of the above is correct.ANSWER: a. The exchange-rate effect is relatively small because exports and imports are a small part of real GDP. TYPE: M DIFFICULTY: 1 SECTION: 21.18. Liquid ity preference refers directly to Keynes’ theory concerninga. the effects of changes in money demand and supply on interest rates.b. the effects of changes in money demand and supply on exchange rates.c. the effects of wealth on expenditures.d. the difference between temporary and permanent changes in income.ANSWER: a. the effects of changes in money demand and supply on interest rates.TYPE: M DIFFICULTY: 1 SECTION: 21.19. According to liquidity preference theory, equilibrium in the money market is achieved by adjustments ina. the price level.b. the interest ratec. the exchange rated. real wealth.ANSWER: b. the interest rateTYPE: M DIFFICULTY: 1 SECTION: 21.110. Liquidity preference theory is most relevant to thea. short run and supposes that the price level adjusts to bring money supply and money demand into balance.b. short run and supposes that the interest rate adjusts to bring money supply and money demand into balance.c. long run and supposes that the price level adjusts to bring money supply and money demand into balance.d. long run and supposes that the interest rate adjusts to bring money supply and money demand into balance. ANSWER: b. short run and supposes that the interest rate adjusts to bring money supply and money demand into balance.TYPE: M DIFFICULTY: 2 SECTION: 21.111. If expected inflation is constant, then when the nominal interest rate increases, the real interest ratea. increases by more than the change in the nominal interest rate.b. increases by the change in the nominal interest rate.c. decreases by the change in the nominal interest rate.d. decreases by more than the change in the nominal interest rate.ANSWER: b. increases by the change in the nominal interest rate.TYPE: M DIFFICULTY: 1 SECTION: 21.112. If expected inflation is constant and the nominal interest rate increased 3 percentage points, the real interest ratewoulda. increase 3 percentage points.b. increase, but by less than 3 percentage points.c. decrease, but by less than 3 percentage points.d. decrease by 3 percentage points.ANSWER: a. increase 3 percentage points.TYPE: M DIFFICULTY: 1 SECTION: 21.113. The theory of liquidity preference assumes that the nominal supply of money is determined by thea. level of real GDP.b. rate of inflation.c. interest rate.d. the Federal Reserve.ANSWER: d. the Federal Reserve.TYPE: M DIFFICULTY: 1 SECTION: 21.1Chapter 21/The Influence of Monetary and Fiscal Policy on Aggregate Demand 56714. According to the theory of liquidity preference, the money supply isa. positively related to the interest rate.b. negatively related to the interest rate.c. independent of the interest rate.d. negatively related to both the interest rate and the price level.ANSWER: c. independent of the interest rate.TYPE: M DIFFICULTY: 1 SECTION: 21.115. According to liquidity preference theory, the money supply curve isa. upward sloping.b. downward sloping.c. vertical.d. horizontal.ANSWER: c. vertical.TYPE: M DIFFICULTY: 1 SECTION: 21.116. According to liquidity preference theory, the money supply curve would shift righta. if the money demand curve shifted right.b. only if the Federal Reserve chose to increase it.c. if the interest rate increased.d. if the price level fell or the interest rate decreased.ANSWER: b. only if the Federal Reserve chose to increase it.TYPE: M DIFFICULTY: 1 SECTION: 21.117. According to liquidity preference theory, the money supply curve would shift if the Feda. engaged in open-market transactions.b. changed the discount rate.c. changed the reserve requirement.d. did any of the above.ANSWER: d. did any of the above.TYPE: M DIFFICULTY: 1 SECTION: 21.118. When the Fed buys government bonds, the reserves of the banking systema. increase, so the money supply increases.b. increase, so the money supply decreases.c. decrease, so the money supply increases.d. decrease, so the money supply decreases.ANSWER: a. increase, so the money supply increases.TYPE: M DIFFICULTY: 1 SECTION: 21.119. Liquidity refers toa. the relation between the price and interest rate of an asset.b. the risk of an asset relative to its selling price.c. the ease with which an asset is converted into a medium of exchange.d. the sensitivity of investment spending to changes in the interest rate.ANSWER: c. the ease with which an asset is converted into a medium of exchange.TYPE: M DIFFICULTY: 1 SECTION: 21.120. Which of the following is the most liquid asset?a. capital goodsb. stocks and bonds with a low riskc. stocks and bonds with a high riskd. funds in a checking accountANSWER: d. funds in a checking accountTYPE: M DIFFICULTY: 1 SECTION: 21.1568 Chapter 21/The Influence of Monetary and Fiscal Policy on Aggregate Demand21. People own or hold money primarily because ita. has a guaranteed nominal return.b. serves as a store of value.c. can directly be used to buy goods and services.d. functions as a unit of account.ANSWER: c. can directly be used to buy goods and services.TYPE: M DIFFICULTY: 1 SECTION: 21.122. When the interest rate increases, the opportunity cost of holding moneya. increases, so the quantity of money demanded increases.b. increases, so the quantity of money demanded decreases.c. decreases, so the quantity of money demanded increases.d. decreases, so the quantity of money demanded decreases.ANSWER: b. increases, so the quantity of money demanded decreases.TYPE: M DIFFICULTY: 1 SECTION: 21.123. When the interest rate decreases, the opportunity cost of holding moneya. increases, so the quantity of money demanded increases.b. increases, so the quantity of money demanded decreases.c. decreases, so the quantity of money demanded increases.d. decreases, so the quantity of money demanded decreases.ANSWER: d. decreases, so the quantity of money demanded decreases.TYPE: M DIFFICULTY: 1 SECTION: 21.124. The opportunity cost of holding moneya. decreases when the interest rate increases, so people desire to hold more of it.b. decreases when the interest rate increases, so people desire to hold less of it.c. increases when the interest rate increases, so people desire to hold more of it.d. increases when the interest rate increases, so people desire to hold less of it.ANSWER: d. increases when the interest rate increases, so people desire to hold less of it.TYPE: M DIFFICULTY: 1 SECTION: 21.125. According to liquidity preference theory, the opportunity cost of holding money isa. the interest rate on bonds.b. the inflation rate.c. the cost of converting bonds to a medium of exchange.d. the difference between the inflation rate and the interest rate on bonds.ANSWER: a. the interest rate on bonds.TYPE: M DIFFICULTY: 1 SECTION: 21.126. According to liquidity preference theory, the money demand curve is downward sloping becausea. interest rates rise as the Fed reduces the quantity of money demanded.b. interest rates fall as the Fed reduces the supply of money.c. people will want to hold less money as the cost of doing so falls.d. people will want to hold more money as the cost of doing so falls.ANSWER: d. people will want to hold more money as the cost of doing so falls.TYPE: M DIFFICULTY: 1 SECTION: 21.127. According to the theory of liquidity preference, which variable adjusts to balance the supply and demand for money?a. interest rateb. money supplyc. quantity of outputd. price levelANSWER: a. interest rateTYPE: M DIFFICULTY: 1 SECTION: 21.1Chapter 21/The Influence of Monetary and Fiscal Policy on Aggregate Demand 569 For the following four questions consult the diagram below:28. If the current interest rate is 2 percent,a. there is excess money supply.b. people will sell more bonds, which drives interest rates up.c. as the money market moves to equilibrium, people will buy more goods.d. All of the above are correct.ANSWER: b. people will sell more bonds, which drives interest rates up.TYPE: M DIFFICULTY: 2 SECTION: 21.129. There is excess money demand at an interest rate ofa. 2 percent.b. 3 percent.c. 4 percent.d. None of the above are correct.ANSWER: a. 2 percent.TYPE: M DIFFICULTY 1 SECTION 34.130. At an interest rate of 4 percent there is excessa. money demand equal to the distance between a andb.b. money demand equal to the distance between b andc.c. money supply equal to the distance between b and a.d. money supply equal to the distance between c and b.ANSWER: c. money supply equal to the distance between b and a.TYPE: M DIFFICULTY: 2 SECTION: 21.131. Which of the following is correct?a. If the interest rate is 4 percent, there is excess money demand, and the interest rate will fall.b. If the interest rate is 3 percent, there is excess money supply, and the interest rate will rise.c. If the interest rate is 4 percent, the demand for goods will rise when the money market is in its new equilibrium.d. None of the above is correct.ANSWER: c. If the interest rate is 4 percent, the demand for goods will rise when the money market is in its new equilibrium.TYPE: M DIFFICULTY: 2 SECTION: 21.132. According to liquidity preference theory, if the quantity of money demanded is greater than the quantity supplied,the interest rate willa. increase and the quantity of money demanded will decrease.b. increase and the quantity of money demanded will increase.c. decrease and the quantity of money demanded will decrease.d. decrease and the quantity of money demanded will increase.ANSWER: a. increase and the quantity of money demanded will decrease.TYPE: M DIFFICULTY: 2 SECTION: 21.1570 Chapter 21/The Influence of Monetary and Fiscal Policy on Aggregate Demand 33. According to liquidity preference theory, if the quantity of money supplied is greater than the quantity demandedthe interest rate willa. increase and the quantity of money demanded will decrease.b. increase and the quantity of money demanded will increase.c. decrease and the quantity of money demanded will decrease.d. decrease and the quantity of money demanded will increase.ANSWER: d. decrease and the quantity of money demanded will increase.TYPE: M DIFFICULTY: 2 SECTION: 21.134. If at some interest rate the quantity of money demanded is greater than the quantity of money supplied, people willdesire toa. sell interest-bearing assets causing the interest rate to decrease.b. sell interest-bearing assets causing the interest rate to increase.c. buy interest-bearing assets causing the interest rate to decrease.d. buy interest-bearing assets causing the interest rate to increase.ANSWER: b. sell interest-bearing assets causing the interest rate to increase.TYPE: M DIFFICULTY: 2 SECTION: 21.135. If at some interest rate the quantity of money supplied is greater than the quantity of money demanded, people willdesire toa. sell interest-bearing assets causing the interest rate to decrease.b. sell interest-bearing assets causing the interest rate to increase.c. buy interest-bearing assets causing the interest rate to decrease.d. buy interest-bearing assets causing the interest rate to increase.ANSWER: c. buy interest-bearing assets causing the interest rate to decrease.TYPE: M DIFFICULTY: 2 SECTION: 21.136. If there is excess money demand, people willa. deposit more into interest-bearing accounts, and the interest rate will fall.b. deposit more into interest-bearing accounts, and the interest rate will rise.c. withdraw money from interest-bearing accounts, and the interest rate will fall.d. withdraw money from interest-bearing accounts, and the interest rate will rise.ANSWER: d. withdraw money from interest-bearing accounts, and the interest rate will rise.TYPE: M DIFFICULTY: 2 SECTION: 21.137. If there is excess money supply, people willa. deposit more into interest-bearing accounts, and the interest rate will fall.b. deposit more into interest-bearing accounts, and the interest rate will rise.c. withdraw money from interest-bearing accounts, and the interest rate will fall.d. withdraw money from interest-bearing accounts, and the interest rate will rise.ANSWER: a. deposit more into interest-bearing accounts, and the interest rate will fall.TYPE: M DIFFICULTY: 2 SECTION: 21.138. People will want to hold more money if the price levela. or the interest rate increases.b. or the interest rate decreases.c. increases or the interest rate decreases.d. decreases or the interest rate increases.ANSWER: c. increases or the interest rate decreases.TYPE: M DIFFICULTY: 2 SECTION: 21.139. People will want to hold less money if the price levela. or the interest rate increases.b. or the interest rate decreases.c. increases or the interest rate decreases.d. decreases or the interest rate increases.ANSWER: d. decreases or the interest rate increases.TYPE: M DIFFICULTY: 2 SECTION: 21.1Chapter 21/The Influence of Monetary and Fiscal Policy on Aggregate Demand 57140. Which of the following is correct?a. Both liquidity preference and classical theory assume the interest rate adjusts to bring the money market intoequilibrium.b. Both liquidity preference and classical theory assume the price level adjusts to bring the money market intoequilibriumc. Liquidity preference theory assumes the interest rate adjusts to bring the money market into equilibrium.Classical theory assumes the price level adjusts to bring the money market into equilibrium.d. Liquidity preference theory assumes the price level adjusts to bring the money market into equilibrium. Classicaltheory assumes the interest rate adjusts to bring the money market into equilibrium.ANSWER: c. Liquidity preference theory assumes the interest rate adjusts to bring the money market into equilibrium.Classical theory assumes the price level adjusts to bring the money market into equilibrium.TYPE: M DIFFICULTY: 2 SECTION: 21.141. Changes in the interest rate bring the money market into equilibrium according toa. both liquidity preference theory and classical theory.b. neither liquidity preference theory nor classical theory.c. liquidity preference theory, but not classical theory.d. classical theory, but not liquidity preference theory.ANSWER: c. liquidity preference theory, but not classical theory.TYPE: M DIFFICULTY: 2 SECTION: 21.142. Which of the following statements is true?a. In the long run, output is determined by the amount of capital, labor, and technology; the interest rate adjusts tobalance the supply and demand for money; and the price level adjusts to balance the supply and demand forloanable funds.b. In the long run, output is determined by the amount of capital, labor, and technology; the interest rate adjusts tobalance the supply and demand for loanable funds; and the price level adjusts to balance the supply anddemand for money.c. In the long run, output is determined by the amount of capital, labor, and technology; the interest rate adjusts tobalance the supply and demand for loanable funds; and the price level is stuck.d. In the long run, output responds to the aggregate demand for goods and services; the interest rate adjusts tobalance the supply and demand for loanable funds; and the price level adjusts to balance the supply anddemand for money.ANSWER: b. In the long run, output is determined by the amount of capital, labor, and technology; the interest rate adjusts to balance the supply and demand for loanable funds; and the price level adjusts to balance thesupply and demand for money.TYPE: M SECTION 34.1 DIFFICULTY 243. Which of the following statements is true?a. In the short run, output is determined by the amount of capital, labor, and technology; the interest rate adjusts tobalance the supply and demand for money; and the price level adjusts to balance the supply and demand forloanable funds.b. In the short run, output is determined by the amount of capital, labor, and technology; the interest rate adjusts tobalance the supply and demand for loanable funds; and the price level adjusts to balance the supply anddemand for money.c. In the short run, output responds to the aggregate demand for goods and services; the interest rate adjusts tobalance the supply and demand for money; and the price level is stuck.d. In the short run, output responds to the aggregate demand for goods and services; the interest rate adjusts tobalance the supply and demand for loanable funds; and the price level adjusts to balance the supply anddemand for money.ANSWER: c. In the short run, output responds to the aggregate demand for goods and services; the interest rate adjusts to balance the supply and demand for money; and the price level is stuck.TYPE: M SECTION 34.1 DIFFICULTY 2572 Chapter 21/The Influence of Monetary and Fiscal Policy on Aggregate Demand44. The effects of the interest rate in the short run are usually best shown usinga. either liquidity preference theory or classical theory.b. neither liquidity preference theory or classical theory.c. only liquidity preference theory.d. only classical theory.ANSWER: c. only liquidity preference theory.TYPE: M DIFFICULTY: 2 SECTION: 21.145. Which of the following shifts money demand to the right?a. an increase in the price levelb. a decrease in the price levelc. an increase in the interest rated. a decrease in the interest rateANSWER: a. an increase in the price levelTYPE: M DIFFICULTY: 2 SECTION: 21.146. Which of the following shifts money demand to the left?a. an increase in the price levelb. a decrease in the price levelc. an increase in the interest rated. a decrease in the interest rateANSWER: b. a decrease in the price levelTYPE: M DIFFICULTY: 2 SECTION: 21.147. Which of the following shifts money demand to the right?a. an increase in either the price level or the interest rateb. an increase in the price level or a decrease in the interest ratec. a decrease in the interest rate but not a change in the price leveld. an increase in the price level but not a change in the interest rateANSWER: d. an increase in the price level but not a change in the interest rateTYPE: M DIFFICULTY: 2 SECTION: 21.148. Assume the money market is initially in equilibrium. If the price level increases, according to liquidity preferencetheory there is an excessa. supply of money until the interest rate increases.b. supply of money until the interest rate decreases.c. demand for money until the interest rate increases.d. demand for money until the interest rate decreases.ANSWER: c. demand for money until the interest rate increases.TYPE: M DIFFICULTY: 2 SECTION: 21.149. Assume the money market is initially in equilibrium. If the price level decreases, according to liquidity preferencetheory there is an excessa. supply of money until the interest rate increases.b. supply of money until the interest rate decreases.c. demand for money until the interest rate increases.d. demand for money until the interest rate decreases.ANSWER: b. supply of money until the interest rate decreases.TYPE: M DIFFICULTY: 2 SECTION: 21.150. According to liquidity preference theory if the price level increases, the equilibrium interest ratea. rises so that the aggregate quantity of goods demand rises.b. rises so that the aggregate quantity of goods demanded falls.c. falls so that the aggregate quantity of goods demanded rises.d. falls so that the aggregate quantity of goods demanded falls.ANSWER: b. rises so that the aggregate quantity of goods demanded falls.TYPE: M DIFFICULTY: 2 SECTION: 21.1Chapter 21/The Influence of Monetary and Fiscal Policy on Aggregate Demand 57351. According to liquidity preference theory, an increase in the price level shifts thea. money demand curve right so the interest rate increases.b. money demand curve right so the interest rate decreases.c. money demand curve left so the interest rate decreases.d. money demand curve left so the interest rate increases.ANSWER: a. money demand curve right so the interest rate increases.TYPE: M DIFFICULTY: 1 SECTION: 21.152. An increase in the U.S. interest ratea. induces firms to invest more.b. induces households to increase consumption.c. shifts money demand to the right.d. leads to the appreciation of the U.S. exchange rate.ANSWER: d. leads to the appreciation of the U.S. exchange rate.TYPE: M DIFFICULTY: 2 SECTION: 21.153. Which of the following responses would we expect to result from an increase in interest rates?a. Your aunt puts more money in her savings account.b. Foreign citizens decide to buy fewer U.S. bonds.c. You decide to purchase a new oven for your cookie factory.d. All of the above are correct.ANSWER: a. Your aunt puts more money in her savings account.TYPE: M DIFFICULTY: 1 SECTION: 21.154. According to liquidity preference theory, the price level and interest rate area. positively related as are the interest rate and aggregate demand.b. inversely related as are the interest rate and aggregate demand.c. positively related while the interest rate and aggregate demand are inversely related.d. inversely related while the interest rate and aggregate demand are positively related.ANSWER: c. positively related while the interest rate and aggregate demand are inversely related.TYPE: M DIFFICULTY: 2 SECTION: 21.155. According to liquidity preference theory, other things equal, in the short run a higher price level leads households toa. increase consumption and firms to buy more capital goods.b. increase consumption and firms to buy fewer capital goods.c. decrease consumption and firms to buy more capital goods.d. decrease consumption and firms to buy fewer capital goods.ANSWER: d. decrease consumption and firms to buy fewer capital goods.TYPE: M DIFFICULTY: 2 SECTION: 21.156. According to liquidity preference theory, an increase in the price level causes the interest rate toa. increase, which makes output demanded increase.b. increase, which makes output demanded decrease.c. decrease, which makes output demanded increase.d. decrease, which makes output demanded decrease.ANSWER: b. increase, which makes output demanded decrease.TYPE: M DIFFICULTY: 2 SECTION: 21.157. According to liquidity preference theory, a decrease in the price level causes the interest rate toa. increase, which makes output demanded increase.b. increase, which makes output demanded decrease.c. decrease, which makes output demanded increase.d. decrease, which makes output demanded decrease.ANSWER: c. decrease, which makes output demanded increase.TYPE: M DIFFICULTY: 2 SECTION: 21.1574 Chapter 21/The Influence of Monetary and Fiscal Policy on Aggregate Demand58. According to the theory of liquidity preference, an increase in the price level causes thea. interest rate and investment to rise.b. interest rate and investment to fall.c. interest rate to rise and investment to fall.d. interest rate to fall and investment to rise.ANSWER: c. interest rate to rise and investment to fall.TYPE: M DIFFICULTY: 2 SECTION: 21.159. According to theory of liquidity preference, a decrease in the price level causes thea. interest rate and investment to rise.b. interest rate and investment to fall.c. interest rate to rise and investment to fall.d. interest rate to fall and investment to rise.ANSWER: d. interest rate to fall and investment to rise.TYPE: M DIFFICULTY: 2 SECTION: 21.160. According to liquidity preference theory, people will demand fewer goods and services if the price levela. or interest rate increase.b. or interest rate decrease.c. increases or the interest rate decreases.d. decreases or the interest rate increases.ANSWER: a. or interest rate increase.TYPE: M DIFFICULTY: 2 SECTION: 21.161. The main reason the aggregate demand curve slopes downward is because as the price levela. increases, interest rates increase, and investment decreases.b. increases, interest rates decrease, and investment increases.c. decreases, interest rates increase, and investment increases.d. decreases, interest rates decrease, and investment decreases.ANSWER: a. price level increases, interest rates increase, and investment decreases.TYPE: M DIFFICULTY: 2 SECTION: 21.162. Which of the following properly describes the interest rate effect?a. As the money supply increases, the interest rate falls, so spending rises.b. As the money supply increases, the interest rate rises, so spending falls.c. As the price level increases, the interest rate falls, so spending rises.d. As the price level increases, the interest rate rises, so spending falls.ANSWER: d. As the price level increases, the interest rate rises, so spending falls.TYPE: M DIFFICULTY: 2 SECTION: 21.163. Which of the following properly describes the interest rate effect?a. A higher price level leads to higher money demand, higher money demand leads to higher interest rates, ahigher interest rate increases the quantity of goods and services demanded.b. A higher price level leads to higher money demand, higher money demand leads to lower interest rates, a higherinterest rate reduces the quantity of goods and services demanded.c. A lower price level leads to lower money demand, lower money demand leads to lower interest rates, a lowerinterest rate reduces the quantity of goods and services demanded.d. A lower price level leads to lower money demand, lower money demand leads to lower interest rates, a lowerinterest rate increases the quantity of goods and services demanded.ANSWER: d. A lower price level leads to lower money demand, lower money demand leads to lower interest rates, a lower interest rate increases the quantity of goods and services demanded.TYPE: M DIFFICULTY: 2 SECTION: 21.164. In the short run, an increase in the money supply causes interest rates toa. increase, and aggregate demand to shift right.b. increase, and aggregate demand to shift left.c. decrease, and aggregate demand to shift right.d. decrease, and aggregate demand to shift left.ANSWER: c. decrease, and aggregate demand to shift right.TYPE: M DIFFICULTY: 2 SECTION: 21.1。

International Economics’Middle Test1.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 precious metalsd. International trade based on open markets2. 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 costs3. A nation that gains from trade will find its consumption point being located:a. Inside its production possibilities curveb.Along its production possibilities curvec.Outside its production possibilities curved.None of the above4. If a production possibilities curve is bowed out (i.e., concave) in appearance, production occurs under conditions of:a. Constant opportunity costsb. Increasing opportunity costsc. Decreasing opportunity costsd. Zero opportunity costs5.Increasing opportunity costs suggest that:a.Resources are not perfectly shiftable between the production of two goodsb.Resources are fully shiftable between the production of two goodsc. A country ’ s production possibilities curve appears as a straight lined. A country ’ s production possibilities curve is bowed inward (i.e., convex) in appearance6. 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, imports7.The earliest statement of the principle of comparative advantage is associated with:a. Adam Smithb.David Ricardoc.Eli Heckscherd. Bertil Ohlin8.When a nation achieves autarky equilibrium:a. Input price equals final product priceb. Labor productivity equals the wage ratec.Imports equal exportsd.Production equals consumption9.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 autarky priced. The international terms of trad e approaches the nation ’ s autarky price10. Under free trade, Canada would not enjoy any gains from trade with Sweden if Canada:a. Trades at the Canadian 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 good11. A rise in the price of imports or a fall in the price of exports will:a. Improve the terms of tradeb. Worsen the terms of tradec. Expand the production possibilities curved. Contract the production possibilities curve12. A term-of-trade index that equals 90 indicates that compared to the base year:a.It requires a greater output of domestic goods to obtain the same amount of foreign goodsb.It requires a lesser amount of domestic goods to obtain the same amount of foreign goodsc.The price of exports has fallen from $100 to $90d.The price of imports has fallen from $100 to $9013.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 zero14. The equilibrium prices and quantities established after trade are fully determinate if we know:a. The location of all countries ’ indifferenceb. curvesTheshape of each country ’ s production possibilities curvec. The comparative costs of each trading partnerd.The strength of world supply and demand for each good15. In the absence of trade, a nation is in equilibrium where a community indifference curve:1a. Lies above its production possibilities curveb. Is tangent to its production possibilities curvec. Intersects its production possibilities curved. Lies below its production possibilities curve16. Which of the following is false concerning indifference curves?a. They illustrate how the nation ranks alternative consumption bundlesb. Higher curves refer to more satisfactionc. They are negatively sloped, being bowed out away from the diagram ’ s origind. They reflect the tastes and preferences of a consumer17.The marginal rate of substitution is measured by the absolute value of the slope of a (an):a. Production possibilities curveb. Indifference curvec. Production possibilities curved. Demand curve18. According to Staffan Linder, trade between two countries tends to be most pronounced when the countries:a.Find their tastes and preferences to be quite harmoniousb.Experience economies of large-scale production over large output levelsc.Face dissimilar relative abundances of the factors of productiond.Find their per capita income levels to be approximately the same19.Which of the following is a long-run theory, emphasizing changes in the trading position of a nation over a number of years?a.Theory of factor endowmentsparative advantage theoryc.Theory of the product cycled.Overlapping demand theory20.The Leontief paradox questioned the validity of the theory of:a. Comparative advantageb. Factor endowmentsc. Overlapping demandsd. Absolute advantage21.When considering the effects of transportation costs, the conclusions of our trade model must be modified. This is because transportation costs result in:a.Lower trade volume, higher import prices, smaller gains from tradeb.Lower trade volume, lower import prices, smaller gains from tradec.Higher trade volume, higher import prices, smaller gains from traded.Higher trade volume, lower import prices, greater gains from trade22.Eli Heckscher and Bertil Ohlin are associated with the theory of comparative advantage that stresses differences in:a. Income levels among countriesb. Tastes and preferences among countriesc. Resource endowments among countriesd. Labor productivities among countries23. A firm is said to enjoy economies of scale over the range of output for which the long-run average cost is:a. Increasingb. Constantc. Decreasingd. None of the above24. Which of the following best applies to the theory of overlapping demands?a. Manufactured goodsb. Servicesc. Primary productsd. None of the above25. Which trade theory is tantamount to a short-run version of the factor price equalization theory?a. Specific factors theoryb. Product life cycle theoryc. Economies of scale theoryd. Overlapping demand theory26. Intraindustry trade can be explained in part by:a. Adam Smith ’ s principle of absolute advantageb. Perfect competition in product marketsc. Diseconomies of large scale productiond. Transportation costs between and within nations27. Which of the following would least likely apply to the product life cycle theory?a. Calculators and computersb. Coal and crude oilc. Home movie camerasd. Office machinery28. According to the factor endowment model, countries heavily endowed with land will:a. Devote excessive amounts of resources to agricultural production c. Export products that are land-intensiveb. Devote insufficient amounts of resources to agricultural production d. Import products that are land-intensive29. Given free trade, small nations tend to benefit the most from trade since they:a. Are more productive than their large trading partnersb. A re less productive than their large trading partnersc.Have demand preferences and income levels lower than their large trading partnersd.Enjoy terms of trade lying near the opportunity costs of their large trading partners30.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 productsAnswer:dccba dbdca baadb cbdcb accaa dbcdc2。

【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 3Interdependence and the Gains from TradeTRUE/FALSE1. In most countries today, many goods and services consumed are imported from abroad, and many goods andservices produced are exported to foreign customers.ANS: T DIF: 1 REF: 3-0NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Trade MSC: Definitional2. Interdependence among individuals and interdependence among nations are both based on the gains fromtrade.ANS: T DIF: 2 REF: 3-0NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive3. If a person chooses self-sufficiency, then she can only consume what she produces.ANS: T DIF: 1 REF: 3-1NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Self-sufficiency MSC: Definitional4. If Wrex can produce more math problems per hour and more book reports per hour than Maxine can, thenWrex cannot gain from trading math problems and book reports with Maxine.ANS: F DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative5. It is possible for the U.S. to gain from trade with Germany even if it takes U.S. workers fewer hours toproduce every good than it takes German workers.ANS: T DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative6. A production possibilities frontier is a graph that shows the combination of outputs that an economy shouldproduce.ANS: F DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive7. Production possibilities frontiers cannot be used to illustrate tradeoffs.ANS: F DIF: 1 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Definitional8. An economy can produce at any point on or inside its production possibilities frontier, but it cannot produce atpoints outside its production possibilities frontier.ANS: T DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive9. Trade allows a country to consume outside its production possibilities frontier.ANS: T DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier | Trade MSC: Interpretive10. Opportunity cost refers to how many inputs a producer requires to produce a good.ANS: F DIF: 1 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Definitional128Chapter 3 /Interdependence and the Gains from Trade 129 11. Opportunity cost measures the trade-off between two goods that each producer faces.ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Definitional12. For a country producing two goods, the opportunity cost of one good will be the inverse of the opportunitycost of the other good.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Interpretive13. Henry can make a bird house in 3 hours and he can make a bird feeder in 1 hour. The opportunity cost toHenry of making a bird house is 1/3 bird feeder.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Applicative14. Suppose that in one hour Dewey can produce either 10 bushels of corn or 20 yards of cloth. Then Dewey’sopportunity cost of producing one bushel of corn is 1/2 yard of cloth.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Applicative15. Jake can complete an oil change in 45 minutes and he can write a poem in 90 minutes. Ming-la can completean oil change in 30 minutes and she can write a poem in 90 minutes. Jake's opportunity cost of writing a poem is lower than Ming-la's opportunity cost of writing a poem.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Applicative16. Harry is a computer company executive, earning $200 per hour managing the company and promoting itsproducts. His daughter Quinn is a high school student, earning $6 per hour helping her grandmother on the farm. Harry's computer is broken. He can repair it himself in one hour. Quinn can repair it in 10 hours.Harry’s opportunity cost of repairing the computer is lower than Quinn’s.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Scarcity, tradeoffs, and opportunity costTOP: Opportunity cost MSC: Applicative17. If one producer has the absolute advantage in the production of all goods, then that same producer will havethe comparative advantage in the production of all goods as well.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Interpretive18. If a country has the comparative advantage in producing a product, then that country must also have theabsolute advantage in producing that product.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Interpretive19. In an economy consisting of two people producing two goods, it is possible for one person to have theabsolute advantage and the comparative advantage in both goods.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Interpretive20. If one producer is able to produce a good at a lower opportunity cost than some other producer, then theproducer with the lower opportunity cost is said to have an absolute advantage in the production of that good. ANS: F DIF: 1 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Comparative advantage MSC: Definitional130 Chapter 3 /Interdependence and the Gains from Trade21. Unless two people who are producing two goods have exactly the same opportunity costs, then one person willhave a comparative advantage in one good, and the other person will have a comparative advantage in the other good.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Comparative advantage MSC: Interpretive22. Zora can produce 4 quilts in a week and she can produce 1 corporate website in a week. Lou can produce 9quilts in a week and he can produce 2 corporate websites in a week. Zora has the comparative advantage in quilts and the absolute advantage in neither good, while Lou has the comparative advantage in corporatewebsites and the absolute advantage in both goods.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Applicative23. Timmy can edit 2 pages in one minute and he can type 80 words in one minute. Olivia can edit 1 page in oneminute and she can type 100 words in one minute. Timmy has an absolute advantage and a comparativeadvantage in editing, while Olivia has an absolute advantage and a comparative advantage in typing.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage MSC: Applicative24. Suppose Hank and Tony can both produce corn. If Hank’s opportunity cost of producing a bushel of corn is2 bushels of soybeans and Tony’s opportunity cos t of producing a bushel of corn is3 bushels of soybeans,then Hank has the comparative advantage in the production of corn.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Comparative advantage MSC: Applicative25. It takes Anne 3 hours to make a pie and 4 hours to make a shirt. It takes Mary 2 hours to make a pie and 5hours to make a shirt. Anne should specialize in making shirts and Mary should specialize in making pies, and they should trade.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Specialization MSC: Applicative26. The principle of comparative advantage states that, regardless of the price at which trade takes place, everyonewill benefit from trade if they specialize in the production of the good for which they have a comparativeadvantage.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Comparative advantage MSC: Interpretive27. The gains from specialization and trade are based on absolute advantage.ANS: F DIF: 1 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Definitional28. Trade can benefit everyone in society because it allows people to specialize in activities in which they have acomparative advantage.ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Definitional29. Two countries can achieve gains from trade even if one country has an absolute advantage in the production ofboth goods.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: InterpretiveChapter 3 /Interdependence and the Gains from Trade 131 30. It takes Ross 6 hours to produce a bushel of corn and 2 hours to wash and polish a car. It takes Courtney 6hours to produce a bushel of corn and 1 hour to wash and polish a car. Courtney and Ross cannot gain from specialization and trade, since it takes each of them 6 hours to produce 1 bushel of corn.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative31. Differences in opportunity cost allow for gains from trade.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive32. As long as two people have different opportunity costs, each can gain from trade with the other, since tradeallows each person to obtain a good at a price lower than his or her opportunity cost.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive33. Trade allows a person to obtain goods at prices that are less than that person's opportunity cost because eachperson specializes in the activity for which he or she has the lower opportunity cost.ANS: T DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive34. When each person specializes in producing the good in which he or she has a comparative advantage, eachperson can gain from trade but total production in the economy is unchanged.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive35. For both parties to gain from trade, the price at which they trade must lie exactly in the middle of the twoopportunity costs.ANS: F DIF: 2 REF: 3-2NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive36. Adam Smith was the author of the 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations. ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists MSC: Definitional37. David Ricardo was the author of the 1817 book Principles of Political Economy and Taxation.ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists MSC: Definitional38. Adam Smith wrote that a person should never attempt to make at home what it will cost him more to makethan to buy.ANS: T DIF: 1 REF: 3-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists MSC: Definitional39. Adam Smith developed the theory of comparative advantage as we know it today.ANS: F DIF: 1 REF: 3-2NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Economists | Comparative advantage MSC: Definitional132 Chapter 3 /Interdependence and the Gains from Trade40. Goods produced abroad and sold domestically are called exports and goods produced domestically and soldabroad are called imports.ANS: F DIF: 1 REF: 3-3NAT: Analytic LOC: The study of economics and definitions of economicsTOP: Exports | Imports MSC: Definitional41. International trade may make some individuals in a nation better off, while other individuals are made worseoff.ANS: T DIF: 2 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive42. For international trade to benefit a country, it must benefit all citizens of that country.ANS: F DIF: 2 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive43. Some countries win in international trade, while other countries lose.ANS: F DIF: 2 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive44. Trade can make some individuals worse off, even as it makes the country as a whole better off.ANS: T DIF: 1 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Definitional45. Trade allows all countries to achieve greater prosperity.ANS: T DIF: 1 REF: 3-3NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: DefinitionalSHORT ANSWER1. Explain the difference between absolute advantage and comparative advantage. Which is more important indetermining trade patterns, absolute advantage or comparative advantage? Why?ANS:Absolute advantage refers to productivity, as in the producer who can produce a product at a lower cost in terms of the resources used in production. Comparative advantage refers to the producer who can produce a product at a lower opportunity cost. Comparative advantage is the principle upon which trade patterns are based. Comparative advantage is based on opportunity cost, and opportunity cost measures the real cost to an individual or country of producing a particular product. Opportunity cost is therefore the information necessary for an individual or nation to determine whether to produce a good or buy it from someone else.DIF: 2 REF: 3-2 NAT: AnalyticLOC: Gains from trade, specialization and tradeTOP: Absolute advantage | Comparative advantage | Trade MSC: InterpretiveChapter 3 /Interdependence and the Gains from Trade133 2.The only two countries in the world, Alpha and Omega, face the following production possibilities frontiers. Alpha’s Production Possibilities FrontierOmega’s Production Possibilities Frontier 255075100125150175200225250255075100125150175200225250275300popcorn255075100125150175200225255075100125150175200225250275300popcorna. Assume that each country decides to use half of its resources in the production of each good.Show these points on the graphs for each country as point A.b. If these countries choose not to trade, what would be the total world production of popcorn andpeanuts?c. Now suppose that each country decides to specialize in the good in which each has acomparative advantage. By specializing, what is the total world production of each product now?d. If each country decides to trade 100 units of popcorn for 100 units of peanuts, show on thegraphs the gain each country would receive from trade. Label these points B.ANS: Alpha’s Production Possibilities Frontier Omega’s Production Possibilities Frontier A B Consumption with trade 255075100125150175200225250255075100125150175200225250275300popcorn A B Consumption with trade 255075100125150175200225255075100125150175200225250275300popcorn134 Chapter 3 /Interdependence and the Gains from Tradea.Alpha would be producing 125 units of peanuts and 75 units of popcorn (point A on its productionpossibilities frontier) and Omega would be producing 50 units of peanuts and 150 units of popcorn(point A on its production possibilities frontier).b.The total world production of peanuts would be 175 units and the total world production of popcornwould be 225 units.c.The total world production of peanuts would now be 250 units and the total world production ofpopcorn would now be 300 units.d.Alpha would be producing 250 units of peanuts and would trade 100 of them to Omega, leavingAlpha with 150 units of peanuts. Alpha would then receive 100 units of popcorn from Omega.Omega would be producing 300 units of popcorn and would trade 100 of them to Alpha, leavingOmega with 200 units of popcorn. Omega would then receive 100 units of peanuts from Alpha.DIF: 2 REF: 3-2 NAT: AnalyticLOC: Gains from trade, specialization and tradeTOP: Production possibilities frontier | Gains from trade MSC: Applicative3. Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the same kind ofmeal in 2 hours, and his opportunity cost of one hour is $20. Will both Julia and Jacque be better off if she pays him $45 per meal to fix her meals? Explain.ANS:Since Julia's opportunity cost of preparing a meal is $50, and Jacque's opportunity cost of preparing a meal is $40, each of them will be better off by $5 per meal if this arrangement is made.DIF: 2 REF: 3-2 NAT: AnalyticLOC: Gains from trade, specialization and trade TOP: Gains from tradeMSC: Applicative4. Gary and Diane must prepare a presentation for their marketing class. As part of their presentation, they mustdo a series of calculations and prepare 50 PowerPoint slides. It would take Gary 10 hours to do the required calculation and 10 hours to prepare the slides. It would take Diane 12 hours to do the calculations and 20 hours to prepare the slides.a.How much time would it take the two to complete the project if they divide the calculations equally andthe slides equally?b.How much time would it take the two to complete the project if they use comparative advantage andspecialize in calculating or preparing slides?c.If Diane and Gary have the same opportunity cost of $5 per hour, is there a better solution than for eachto specialize in calculating or preparing slides?ANS:a.If both tasks are divided equally, it will take 11 hours for the calculations and 15 hours for the writing,for a total of 26 hours.b.If Diane specializes in calculating and Gary specializes in preparing slides, it will take 22 hours tocomplete the project.c.If Diane specializes in calculating, her opportunity cost will be $60; hence, Diane would be better off ifshe paid Gary any amount less than $60 to do the calculating. Since Gary's opportunity cost of doing thecalculations is only $50, he would be better off if Diane paid him between $50 and $60 dollars to do thecalculations. In this case, the total time spent on the project would be 20 hours.DIF: 2 REF: 3-2 NAT: AnalyticLOC: Gains from trade, specialization and trade TOP: Gains from tradeMSC: ApplicativeChapter 3 /Interdependence and the Gains from Trade 135 Sec00 - Interdependence and the Gains from TradeMULTIPLE CHOICE1. People who provide you with goods and servicesa.are acting out of generosity.b.do so because they get something in return.c.have chosen not to become interdependent.d.are required to do so by the government.ANS: B DIF: 1 REF: 3-0NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Trade MSC: Definitional2. When an economist points out that you and millions of other people are interdependent, he or she is referringto the fact that we alla.rely upon the government to provide us with the basic necessities of life.b.rely upon one another for the goods and services we consume.c.have similar tastes and abilities.d.are concerned about one another’s well-being.ANS: B DIF: 1 REF: 3-0NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Interdependence MSC: DefinitionalSec01 - Interdependence and the Gains from Trade - A Parable for the Modern EconomyMULTIPLE CHOICE1. Which of the following is not a reason people choose to depend on others for goods and services?a.to improve their livesb.to allow them to enjoy a greater variety of goods and servicesc.to consume more of each good without working any more hoursd.to allow people to produce outside their production possibilities frontiersANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Trade MSC: Interpretive2. When can two countries gain from trading two goods?a.when the first country can only produce the first good and the second country can only produce thesecond goodb.when the first country can produce both goods, but can only produce the second good at great cost,and the second country can produce both goods, but can only produce the first good at great costc.when the first country is better at producing both goods and the second country is worse atproducing both goodsd.Two countries could gain from trading two goods under all of the above conditions.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Interpretive3. Regan grows flowers and makes ceramic vases. Jayson also grows flowers and makes ceramic vases, butRegan is better at producing both goods. In this case, trade coulda.benefit both Jayson and Regan.b.benefit Jayson, but not Regan.c.benefit Regan, but not Jayson.d.benefit neither Jayson nor Regan.ANS: A DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative136 Chapter 3 /Interdependence and the Gains from Trade4. Ben bakes bread and Shawna knits sweaters. Ben and Shawna both like to eat bread and wear sweaters. Inwhich of the following cases is it impossible for both Ben and Shawna to benefit from trade?a.Ben cannot knit sweaters and Shawna cannot bake bread.b.Ben is better than Shawna at baking bread and Shawna is better than Ben at knitting sweaters.c.Ben is better than Shawna at baking bread and at knitting sweaters.d.Both Ben and Shawna can benefit from trade in all of the above cases.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative5. Shannon bakes cookies and Justin grows vegetables. In which of the following cases is it impossible for bothShannon and Justin to benefit from trade?a.Shannon does not like vegetables and Justin does not like cookies.b.Shannon is better than Justin at baking cookies and Justin is better than Shannon at growingvegetables.c.Justin is better than Shannon at baking cookies and at growing vegetables.d.Both Shannon and Justin can benefit from trade in all of the above cases.ANS: A DIF: 2 REF: 3-1NAT: Analytic LOC: Gains from trade, specialization and tradeTOP: Gains from trade MSC: Applicative6. The production possibilities frontier illustratesa.the combinations of output that an economy should produce.b.the combinations of output that an economy should consume.c.the combinations of output that an economy can produce.d.All of the above are correct.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive7. An economy’s production possibilities frontier is also its consumption possibilities frontiera.under all circumstances.b.under no circumstances.c.when the economy is self-sufficient.d.when the rate of tradeoff between the two goods being produced is constant.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive8. A production possibilities frontier is bowed outward whena.the more resources the economy uses to produce one good, the fewer resources it has available toproduce the other good.b.an economy is self-sufficient instead of interdependent and engaged in trade.c.the rate of tradeoff between the two goods being produced is constant.d.the rate of tradeoff between the two goods being produced depends on how much of each good isbeing produced.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: InterpretiveChapter 3 /Interdependence and the Gains from Trade 1379. A production possibilities frontier is a straight line whena.the more resources the economy uses to produce one good, the fewer resources it has available toproduce the other good.b.an economy is interdependent and engaged in trade instead of self-sufficient.c.the rate of tradeoff between the two goods being produced is constant.d.the rate of tradeoff between the two goods being produced depends on how much of each good isbeing produced.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Interpretive10. The following table contains some production possibilities for an economy for a given month.Sweaters Gloves43006?8100If the production possibilities frontier is bowed outward, then “?” could bea.100.b.150.c.200.d.250.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative11. The following table contains some production possibilities for an economy for a given month.Sweaters Gloves43006?8100If the production possibilities frontier is a straight line, then “?” must bea.100.b.150.c.200.d.250.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative12. The following table contains some production possibilities for an economy for a given year.Cars Newspapers104001236014?If the production possibilities frontier is bowed outward, then “?” could bea.340.b.330.c.320.d.310.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative13. The following table contains some production possibilities for an economy for a given year.Cars Newspapers104001236014?If the production possibilities frontier is a straight line, then “?” must bea.340.b.330.c.320.d.310.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative14. The following table contains some production possibilities for an economy for a given month.Bagels Donuts4015060?8050If the production possibilities frontier is bowed outward, then “?” could bea.50.b.75.c.100.d.125.ANS: D DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative15. The following table contains some production possibilities for an economy for a given month.Bagels Donuts4015060?8050If the production possibilities frontier is a straight line, then “?” must bea.50.b.75.c.100.d.125.ANS: C DIF: 2 REF: 3-1NAT: Analytic LOC: Understanding and applying economic modelsTOP: Production possibilities frontier MSC: Applicative。

国际经济学试题及答案（题库）国际经济学习题集及参考答案一、填空、选择、判断题（每题1分）：第一章：1、国际贸易理论以微观经济学原理为基础，讨论世界范围内的资源配置问题。

2、最常用国际贸易模型的结构形式为两个国家、两种产品（或部门）和两种要素。

3、在完竞争的假设前提下，封闭条件下的相对价格是国际贸易产生的基础。

4、国家间的供给、需求方面的差异是造成相对价格的根源。

5、贸易后，国际均衡价格由两国的供需共同决定，国际均衡价格处于两国封闭下的相对价格之间。

6、国际贸易利益包括两个部分：来自交换的利益和来自专业化的利益。

7、贸易理论主要围绕三个问题展开：国际贸易的格局、国际贸易的条件、国际贸易的收益。

第二章：1、斯密的绝对优势论认为国际贸易的基础是各国之间劳动生产率的绝对差别；李嘉图的比较优势论认为国际贸易的基础是各国之间劳动生产率的相对差别。

2、哈伯勒首先用机会成本概念来阐明比较优势论。

3、重商主义者提倡的国家经济政策有：限制进口和鼓励出口，采取奖金、退税、协定和殖民地贸易等措施鼓励出口。

4、李嘉图认为在国际贸易中起决定作用的不是绝对成本，而是相对成本。

5、斯密的绝对优势论认为国际贸易的基础是各国之间劳动生产率的绝对差别；劳动生产率的比较优势论认为国际贸易的基础是各国之间劳动生产率的相对差别。

6、在李嘉图模型中，生产可能性边界线方程是一个线性方程式，表示A、B两国的PPF曲线是一条直线段。

7、重商主义者提倡的国家经济政策有：限制进口和鼓励出口，采取奖金、退税、协定和殖民地贸易等措施鼓励出口。

8、李嘉图认为在国际贸易中起决定作用的不是绝对成本，而是相对成本。

9、机会成本概念表明：彼种选择的机会成本就构成此种选择的机会成本。

选择题：1、首先用机会成本理论来解释比较优势原理的学者是： C、A、李嘉图B、罗布津斯基C、哈伯勒D、穆勒第三章：1、要素禀赋理论最初是由赫克歇尔和俄林提出的，后经萨缪尔森等人加工不断完善。

《国际经济学》试题4及参考答案Ⅰ. Explain the following terms (20 points, 4points/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.Heckscher-Ohlin theory : it is also referred to as thefactor-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. Equalization of factor prices: When Home and Foreign trade, the relative prices of goods converge. This convergence, in turn, causes convergence of the relative prices of land and labor. Thus there is clearly a tendency toward equalization of factor prices.4. 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.5.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 interest parity condition. It implies that potential holders of foreign currency deposits view them all as equally desirable assets.II. Questions and problems(40 points,10 points/Question)1. 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 intensivein 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).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 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 canbe 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 parityis satisfied only if the current exchange rate changes such that thereis 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).3. 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).4. What are the Absolute PPP and Relative PPP, and their differences?Answer: Relative PPP thus translates absolute PPP from a statement about price and exchange rate levels into one about price and exchange rate changes. It asserts that prices and exchange rates change in a way that preserves the ratio of each currency's domestic and foreign purchasing powers(5 points).Ⅲ. Between 1984 and 1985, the money supply in the United States increased to $641.0 billion from $570.3 billion, while that of Brazil increased to 106.1 billion cruzados from 24.4 billion. Over the same period, the U.S. consumerprice index rose to 100 from a level of 96.6, while the corresponding index for Brazil rose to 100 from a level of only 31. Calculate the 1984-1985 rates of money supply growth and inflation for the United States and Brazil, respectively. Assuming that other factors affecting the money markets did not change too dramatically, how do these numbers match up with the predictions of this chapter's model? How would you explain the apparently different responses of U.S. compared with Brazilian prices(20 points)?Answer: The 1984 - 1985 money supply growth rate was 12.4 percent in the United States (100%*(641.0 - 570.3)/570.3) and 334.8 percent in Brazil (100%*(106.1 - 24.4)/24.4) (5 points).The inflation rate in the United States during this period was 3.5 percent and in Brazil the inflation rate was 222.6 percent. The change in real money balances in the United States was approximately 12.4% - 3.5%= 8.9%, while the change in real money balances in Brazil was approximately 334.8% - 222.6% = 112.2%(5points).The small change in the U.S. price level relative to the change in its money supply as compared to Brazil may be due to greater short-run price stickiness in the United States; the change in the price level in the United States represents 28 percent of the change in the money supply((3.5/12.4)*100%) while in Brazil this figure is 66 percent ((222.6/334.8)*100%)(5points).There are, however, large differences between the money supply growth and the growth of the price level in both countries, which casts doubt on the hypothesis of money neutrality in the short run for both countries(5 points).Ⅳ. Please discuss the influences of the sub-prime mortgage financial crisis on China’s export and China’s corresponding measures(20 points)..Answer:（1）The sub-prime mortgage financial crisis and China’s export conditions(5points).（2）The measures of China’s government to deal with the sub-prime mortgage financial crisis and opinions of somescholars(5points).（3）Express your opinions and reasons whether China’s should involve the western countries activities of saving the financialmarkets(5points).）（4）Express your opinions and reasons how China’s should deal with the sub-prime mortgage financial crisis (5 points).。