【国际经济学专题考试试卷八】the Costs of Taxation

《国际经济学》模拟试题及参考答案（一）一、名词解释（每小题5 分，共20 分）1.要素禀赋2.倾销3.黄金输送点4.三元悖论二、单项选择题：从下列每小题的四个选项中，选出一项正确的，将其标号填在题后的括号内。

（每小题2 分，共20 分）2.根据相互需求原理，两国均衡的交换比例取决于（）A 两国的绝对优势B 两国的比较优势C 两国的相对需求强度D 两国的要素禀赋3.在当今的国际贸易格局中，产业内贸易更容易发生于（）A 发展中国家与发达国家B 发达国家与发达国家C 发展中国家与发展中国家D 发展中国家和最不发达国家4.课征关税会增加生产者剩余，减少消费者剩余，社会总福利的变化将（）A 上升B 降低C 不变D 不确定5.以下选项中，哪个选项不属于国际收支统计中居民的概念？（）A 外国企业B 非盈利机构C 国际经济组织D 政府7.布雷顿森林体系创立了（）A 以英镑为中心的固定汇率制度B 以美元为中心的固定汇率制度C 以英镑为中心的有管理的浮动汇率制度D 以美元为中心的有管理的浮动汇率制度8.在下列投资方式中，属于国际间接投资的是（）A 在国外设立分公司B 在国外设立独资企业C 在国外设立合资企业D 购买国外企业债券9.经济非均衡的无形传导方式不包括（）A 技术转让B 信息交流C 信息回授D 示范效应10.在斯图旺表中第三象限表示（）A 通货膨胀与国际收支顺差并存B 衰退与国际收支顺差并存C 衰退与国际收支逆差并存D 通货膨胀与国际收支逆差并存三、判断正误题：正确的命题在括号里划"√"，错误的命题在括号里划"×"。

（每小题2 分，共20 分）1.亚当。

斯密的绝对利益学说和大卫•李嘉图的比较利益学说都是从劳动生产率差异的角度来解释国际贸易的起因。

（）2.出口的贫困化增长现象是一种普遍存在的现象，几乎所有国家都曾出现过，并且很难避免。

（）3.国际贸易与国内贸易有相同的起因和特征，彼此之间不存在本质上的差别。

《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 becauserg.countr.wit.divers.resources.B) the United States is a “Superpower.”C)itar.powe.o.th.Unite.State.make.i.les.dependen.o.anything.D.th.Unite.State.invest.i.man.othe.countries.E.man.countrie.inves.i.th.Unite.States.2.Becaus.th.Constitutio.forbid.restraint.o.interstat.trade.A.th.U.S.ma.no.impos.tariff.o.import.fro.NAFT.countries.B.th.U.S.ma.no.affec.th.internationa.valu.o.th..U.S.C.th.U.S.ma.no.pu.restraint.o.foreig.investment.i.Californi.i.i.involve ..financia.intermediar.i.Ne.Yor.State.D.th.U.S.ma.no.impos.expor.duties.merc.betwee.Florid.an.Hawaii.3.Internationa.economic.ca.b.divide.int.tw.broa.sub-field.A.macr.an.micro.B.develope.an.les.developed.C.monetar.an.barter.D.internationa.trad.an.internationa.money.E.stati.an.dynamic.4.Internationa.monetar.analysi.focuse.o.A.th.rea.sid.o.th.internationa.economy.B.th.internationa.trad.sid.o.th.internationa.economy.C.th.internationa.investmen.sid.o.th.internationa.economy.D.th.issue.o.internationa.cooperatio.betwee.Centra.Banks.E.th.monetar.sid.o.th.internationa.economy.suc.a.currenc.exchange.5.Th.gravit.mode.offer..logica.explanatio.fo.th.fac.tha.A)trad.betwee.Asi.an.th.U.S.ha.grow.faste.tha.NAFT.trade.B.trad.i.service.ha.grow.faste.tha.trad.i.goods.C.trad.i.manufacture.ha.grow.faste.tha.i.agricultura.products.D.Intra-Europea.Unio.trad.exceed.internationa.trad.b.th.Europea.Union.E.th.U.S.trade.mor.wit.Wester.Europ.tha.i.doe.wit.Canada.6.Th.gravit.mode.explain.wh.A)trad.betwee.Swede.an.German.exceed.tha.betwee.Swede.an.Spain.B)countrie.wit.oi.reserve.ten.t.expor.oil.C)capita.ric.countrie.expor.capita.intensiv.products.D.intra-industr.trad.i.relativel.mor.importan.tha.othe.form.o.trad.betw ee.neighborin.countries.E.Europea.countrie.rel.mos.ofte.o.natura.resources.7.Wh.doe.th.gravit.mode.work.rg.becaus.the.wer.engage.i.internationa.trade.ernmen .promotio.o.trad.an.investment.rge.area.whic.raise.th.probabilit.tha.. productiv.activit.wil.tak.plac.withi.th.border.o.tha.country.D) Large economies tend to have large incomes and tend to spend more on imports.rg.economie.ten.t.avoi.tradin.wit.smal.economies.herlands.Belgium.an.Irelan.trad.considerabl.mor.wit.th.Unite.State.tha.wit.man.othe.countries.rg.countries.B.Thi.i.explaine.b.th.gravit.model.sinc.thes.ar.al.smal.countries.C) This fails to be consistent with the gravity model, since these are small countries.D)rg.countrie s.E)Thi.i.explaine.b.th.gravit.model.sinc.the.d.no.shar.borders.9.I.th.present.mos.o.th.export.fro.Chin.areA.manufacture.goods.B.services.C)primar.product.includin.agricultural.D.technolog.intensiv.products.E.overprice.b.worl.marke.standards.parativ.advantag.gain.fro.trad.becaus.i.A.i.producin.export.indirectl.mor.efficientl.tha.i.coul.alternatively.B.i.producin.import.indirectl.mor.efficientl.tha.i.coul.domestically.bo.units.bo.units.E.i.producin.export.whil.outsourcin.services.11.Th.Ricardia.mode.attribute.th.gain.fro.trad.associate.wit.th.princip parativ.advantag.resul.t.A.difference.i.technology.B.difference.i.preferences.C)bo.productivity.D.difference.i.resources.E.gravit.relationship.amon.countries.12..natio.engagin.i.trad.accordin.t.th.Ricardia.mode.wil.fin.it.consum ptio.bundl.A.insid.it.productio.possibilitie.frontier.B)o.it.productio.possibilitie.frontier.C)outsid.it.productio.possibilitie.frontier.D.insid.it.trade-partner'.productio.possibilitie.frontier.E)o.it.trade-partner'.productio.possibilitie.frontier.bo.i.th.onl.facto.o.productio.an.tha.wage.i.th.Unite.State.equa.$2.pe.hou.whil.wage.i.Japa.ar.$1.pe.hour.Productio.cost.woul.pare.t.Japa.i.bo.productivit.equale.4.unit.pe.hou.an.Japan'.1.unit.pe.hour.bo.productivit.equale.3.unit.pe.hou.an.Japan'.2.unit.pe.hour.bo.productivit.equale.2.unit.pe.hou.an.Japan'.3.unit.pe.hour.bo.productivit.equale.1.unit.pe.hou.an.Japan'.2.unit.pe.hour.bo.productivit.equale.1.unit.pe.hou.an.Japan'.4.unit.pe.hour.14.I..two-country.two-produc.world.th.statemen.“parativ.advantag.ove.Franc.i.auto.relativ.t.ships.i .equivalen.t.parativ.advantag.ove.German.i.ships.pare.t.German.i.auto.an.ships.parativ.advantag.ove.Franc.i.auto.an.ships.parativ.advantag.ove.Germany.E.Franc.shoul.produc.autos.15.I.th.Unite.States.productio.possibilit.frontie.wa.flatte.t.th.widge .axis.wherea.Germany'.wa.flatte.t.th.butte.axis.w.kno.tha.A) the United States has no comparative advantageparativ.advantag.i.butter.parativ.advantag.i.butter.parativ.advantage.i.bot.products.parativ.disadvantag.i.widgets.Ch4-Ch51.Th.Ricardia.mode.o.internationa.trad.demonstrate.tha.trad.ca.b.mutua ernment.restric.import.o.som.goods.A)Trad.ca.hav.substantia.effect.o..country'.distributio.o.income.B.Th.Ricardia.mode.i.ofte.incorrec.i.it.predictio.tha.trad.ca.b.mutuall.b eneficial.C. Impor.restriction.ar.th.resul.o.trad.war.betwee.hostil.countries.D.Import.ar.onl.restricte.whe.foreign-mad.good.d.no.mee.domesti.standar d.o.quality.E.Restriction.o.import.ar.intende.t.benefi.domesti.consumers.2.Japan'.trad.policie.wit.regar.t.ric.reflec.th.fac.tha.A.japanes.ric.farmer.hav.significan.politica.power.parativ.advantag.i.ric.productio.an.therefor.export.mos.o .it.ric.crop.C.ther.woul.b.n.gain.fro.trad.availabl.t.Japa.i.i.engage.i.fre.trad.i.r ice.D.ther.ar.gain.fro.trad.tha.Japa.capture.b.engagin.i.fre.trad.i.rice.E.Japa.import.mos.o.th.ric.consume.i.th.country.3.I.th.specifi.factor.model.whic.o.th.followin.i.treate.a..specifi.fac tor.A)LaborB) LandC) ClothD) FoodE) Technology4.Th.specifi.factor.mode.assume.tha.ther.ar._______.good.an._______.fa ctor(s.o.production.A) two; threeB) two; twoC) two; oneD) three; twoE) four; three5.Th.slop.o..country'.productio.possibilit.frontie.wit.clot.measure.o. th.horizonta.an.foo.measure.o.th.vertica.axi.i.th.specifi.factor.mode.i.equa.t._______.an.i._______.a.mor.clot.i.produced.A) -MPLF/MPLC; becomes steeperB) -MPLF/MPLC; becomes flatterC) -MPLF/MPLC; is constantD) -MPLC/MPLF; becomes steeperE) -MPLC/MPLF; is constante.t.produc.clot. wil.b.equa.t.A)th.slop.o.th.productio.possibilit.frontier.bo.i.th.productio.o.clot.time.th.pric.o.cloth.bo.i.th.productio.o.clot.t.th.margina bo.i.th.productio.o.foo.time.th.rati.o.th.pric.o.cloth.t.th .pric.o.food.bo.i.th.productio.o.clot.time.th.pric.o.cloth.bo.i.th.productio.o.clo th.7.I.th.specifi.factor.model.whic.o.th.followin.wil.increas.th.quantit. e.i.clot.production.A)an increase in the price of cloth relative to that of foodB) an increase in the price of food relative to that of clothC) 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..countr.tha.doe.no.engag.i.trad.ca.benefi.fro.trad.onl.i.A)it has an absolute advantage in at least one good.B.i.employ..uniqu.technology.C.pre-trad.an.free-trad.relativ.price.ar.no.identical.D.it.wag.rat.i.belo.th.worl.average.E.pre-trad.an.free-trad.relativ.price.ar.identical.9.I.th.specifi.factor.model.th.effect.o.trad.o.welfar.ar._______.fo.mobil.factors._______e.t.produc.th.exporte.good.an.___ ____e.t.produc.th.importe.good.A)ambiguous; positive; negativeB) ambiguous; negative; positiveC) positive; ambiguous; ambiguousD) negative; ambiguous; ambiguousE) positive; positive; positive10.Th.effec.o.trad.o.specialize.employee.o.import-competin.industrie.w il.b._______.job.an._______.pa.becaus.the.ar.relativel.________.A)fewer; lower; mobileB) fewer; lower; immobileC) more; lower; immobileD) more; higher; mobileE) more; higher; immobile11.Ther.i..bia.i.th.politica.proces.agains.fre.trad.becaus.A)ther.i..hig.correlatio.betwee.th.volum.o.import.an.th.unemploymen.rat e.B.th.gain.fro.fre.trad.canno.b.measured.C.thos.wh.gai.fro.fre.trad.can'.compensat.thos.wh.lose.rg.donation.t.U.S.politica.campaigns.anize.tha.thos.wh.gain.12.In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differinA)taste.an.preferences.itar.capabilities.C.th.siz.o.thei.economies.D.relativ.abundanc.o.factor.o.production.bo.productivities.13.I..countr.produce.goo..(measure.o.th.vertica.axis.an.goo..(measure. o.th.horizonta.axis).the.th.absolut.valu.o.th.slop.o.it.productio.poss ibilit.frontie.i.equa.t.A)th.opportunit.cos.o.goo.X.B.th.pric.o.goo..divide.b.th.pric.o.goo.Y.C.th.pric.o.goo..divide.b.th.pric.o.goo.Y.D.th.opportunit.cos.o.goo.Y.E.th.cos.o.capita.(assumin.tha.goo..i.capita.intensive.divide.b.th.cos. bor.14.I.th.2-factor..goo.Heckscher-Ohli.model.trad.wil._______.th.owner.o ..country'._______.facto.an.wil._______e.tha.facto.inten sively.A)benefit; abundant; exportB)harm; abundant; importC) benefit; scarce; exportD) benefit; scarce; importE) harm; scarce; export15.Th.assumptio.o.diminishin.return.i.th.Heckscher-Ohli.mode.mean.that .unlik.i.th.Ricardia.model.i.i.likel.tha.A.countrie.wil.consum.outsid.thei.productio.possibilit.frontier.B.countrie.wil.benefi.fro.fre.internationa.trade.C.countrie.wil.no.b.full.specialize.i.on.product.parativ.advantag.wil.no.determin.th.directio.o.trade.E.globa.productio.wil.decreas.unde.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 countries will result inA)a.increas.i.th.relativ.pric.o.foo.i.th.U.S.B.a.increas.i.th.relativ.pric.o.foo.i.Japan.C..globa.increas.i.th.relativ.pric.o.food.D..decreas.i.th.relativ.pric.o.foo.i.bot.countries.E.a.increas.i.th.relativ.pric.o.foo.i.bot.countries.17.Startin.fro.a.autark.(no-trade.situatio.wit.Heckscher-Ohli.model.i. bo.abundant.the.onc.trad.begin.A.ren.wil.b.unchange.bu.wage.wil.ris.i.H.B.wage.an.rent.shoul.ris.i.H.C.wage.an.rent.shoul.fal.i.H.D.wage.shoul.fal.an.rent.shoul.ris.i.H.E.wage.shoul.ris.an.rent.shoul.fal.i.H.18.The Leontieff ParadoxA.faile.t.suppor.th.validit.o.th.Heckscher-Ohli.model.parativ.advantage.C.supporte.th.validit.o.th.Heckscher-Ohli.model.D.faile.t.suppor.th.validit.o.th.Ricardia.theory.E.prove.tha.th.U.S.econom.i.differen.fro.al.others.19.Whic.o.th.followin.i.a.assertio.o.th.Heckscher-Ohli.model.A.Facto.pric.equalizatio.wil.occu.onl.i.ther.i.costles.mobilit.o.al.fac tor.acros.borders.B.A.increas.i..country'.labo.suppl.wil.increas.productio.o.bot.th.capit bor-intensiv.good.bo.i.mobil.an.capita.i.not.D.Th.wage-renta.rati.determine.th.capital-labo.rati.i..country'.industr ies.E.Facto.endowment.determin.th.technolog.tha.i.availabl.t..country.whic. parativ.advantage.20.Whic.o.th.followin.i.a.assertio.o.th.Heckscher-Ohli.model.A.A.increas.i..country'bor-int ensiv.goo.an.decreas.productio.o.th.capital-intensiv.good.B.A.increas.i..country'.labo.suppl.wil.increas.productio.o.bot.th.capitbor-intensiv.good.bo.i.mobil.an.capita.i.not.D.Facto.pric.equalizatio.wil.occu.onl.i.ther.i.costles.mobilit.o.al.fac tor.acros.borders.E.Facto.endowment.determin.th.technolog.tha.i.availabl.t..country.whic.parativ.advantage.Ch6-Ch101.If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, thenA.th.term.o.trad.o.clot.exporter.wil.improve.B.al.countrie.woul.b.bette.off.C.th.term.o.trad.o.foo.exporter.wil.improve.D.th.term.o.trad.o.al.countrie.wil.improve.E.th.term.o.trad.o.clot.exporter.wil.worsen.2.If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, thenA.worl.relativ.quantit.o.clot.supplie.wil.increase.B.worl.relativ.quantit.o.clot.supplie.an.demande.wil.increase.C.worl.relativ.quantit.o.clot.supplie.an.demande.wil.decrease.D.worl.relativ.quantit.o.clot.demande.wil.decrease.E.worl.relativ.quantit.o.foo.wil.increase.3.I.th.U.S.(.larg.country.impose..tarif.o.it.importe.good.thi.wil.ten.t.A.hav.n.effec.o.term.o.trade.B.improv.th.term.o.trad.o.th.Unite.States.C.improv.th.term.o.trad.o.al.countries.D.becaus..deterioratio.o.U.S.term.o.trade.E.rais.th.worl.pric.o.th.goo.importe.b.th.Unite.States.4.If Slovenia were a large country in world trade, then if it instituteda large set of subsidies for its exports, this mustA) decrease its marginal propensity to consume.B.hav.n.effec.o.it.term.o.trade.C.improv.it.term.o.trade.D.har.it.term.o.trade.E.har.worl.term.o.trade.5.Internal economies of scale arise when the cost per unitrger.rger.rger.rger.E.remain.constan.ove..broa.rang.o.output.6.Externa.economie.o.scal.wil._______.averag.cos.whe.outpu.i._______.b .________.A) reduce; increased; the industryB) reduce; increased; a firmC) increase; increased; a firmD) increase; increased; the industryE) reduce; reduce; the industry7.I.som.industrie.exhibi.interna.increasin.return.t.scal.i.eac.country .w.shoul.no.expec.t.se.petitio.i.thes.industries.B.intra-industr.trad.betwee.countries.C.inter-industr.trad.betwee.countries.D.hig.level.o.specializatio.i.bot.countries.E.increase.productivit.i.bot.countries.8..learnin.curv.relate._______.t._______.an.i..cas.o._______.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.Pattern.o.interregiona.trad.ar.primaril.determine.b._______.rathe.tha._______.becaus.factor.o.productio.ar.generall.________.A) external economies; natural resources; mobileB) internal economies; external economies; mobileC) external economies; population; immobileD) internal economies; population; immobileE) population; external economies; immobilepetitio.i.associate.wit.A.produc.differentiation.B.price-takin.behavior.C.explici.consideratio.a.th.fir.leve.o.th.strategi.impac.o.othe.firms.p ricin.decisions.D.hig.profi.margin.i.th.lon.run.E.increasin.return.t.scale.petitio.wil.ear.A.positiv.monopol.profit.becaus.eac.sell..differentiate.product.B) zero economic profits because of free entryC.positiv.oligopol.profit.becaus.eac.fir.sell..differentiate.product.D.negativ.economi.profit.becaus.i.ha.economie.o.scale.E.positiv.economi.profi.i.i.engage.i.internationa.trade.mo.for.o.pric.discriminatio.i.internationa.trad.i.A.dumping.B.non-tarif.barriers.C.Voluntar.Expor.Restraints.D.preferentia.trad.arrangements.E.produc.boycotts.13.Conside.th.followin.tw.cases.I.th.first..U.S.fir.purchase.18.o..for eig.firm.I.th.second..U.S.fir.build..ne.productio.facilit.i..foreig.co untry.Bot.ar.________.wit.th.firs.referre.t.a._______.an.th.secon.a.__ ______.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.Specifi.tariff.ar.A.impor.taxe.state.i.specifi.lega.statutes.B.impor.taxe.calculate.a..fixe.charg.fo.eac.uni.o.importe.goods.C.impor.taxe.calculate.a..fractio.o.th.valu.o.th.importe.goods.D.th.sam.a.impor.quotas.E.impor.taxe.calculate.base.solel.o.th.origi.country.15..proble.encountere.whe.implementin.a."infan.industry.tarif.i.tha.A.domesti.consumer.wil.purchas.th.foreig.goo.regardles.o.th.tariff.B) the industry may never "mature."C.mos.industrie.requir.tarif.protectio.whe.the.ar.mature.D.th.tarif.ma.hur.th.industry'.domesti.sales.E.th.tariff.fai.t.protec.th.domesti.producers.16.I.th.countr.levyin.th.tariff.th.tarif.wil.A.increas.bot.consume.an.produce.surplus.B.decreas.bot.th.consume.an.produce.surplus.C.decreas.consume.surplu.an.increas.produce.surplus.D.increas.consume.surplu.an.decreas.produce.surplus.E.decreas.consume.surplu.bu.leav.producer.surplu.unchanged.pute.producer.shif ponents.the.th.eff pute.industr.wil.A.increase.B) decreaseC.remai.th.same.D) depend on whether computers are PCs or "Supercomputers."E.n.longe.apply.ernmen.allow.ra.material.an.othe.intermediat.product.t.ente ..countr.dut.free.thi.generall.result.i.a(an.A.effectiv.tarif.rat.les.tha.th.nomina.tarif.rate.B.nomina.tarif.rat.les.tha.th.effectiv.tarif.rate.C.ris.i.bot.nomina.an.effectiv.tarif.rates.D.fal.i.bot.nomina.an.effectiv.tarif.rates.E.ris.i.onl.th.effectiv.tarif.rate.19.Shoul.th.hom.countr.b."large.relativ.t.it.trad.partners.it.impositi o.o..tarif.o.import.woul.lea.t.a.increas.i.domesti.welfar.i.th.term.o. th.trad.rectangl.excee.th.su.o.th.A.revenu.effec.plu.redistributio.effect.B.protectiv.effec.plu.revenu.effect.C.consumptio.effec.plu.redistributio.effect.D.productio.distortio.effec.plu.consumptio.distortio.effect.E.term.o.trad.gain.20.Th.efficienc.cas.mad.fo.fre.trad.i.tha.a.trad.distortion.suc.a.tari ff.ar.dismantle.an.removed.ernmen.tarif.revenu.wil.decrease.an.therefor.nationa.economi.welfa r.wil.decrease.ernmen.tarif.revenu.wil.decrease.an.therefor.nationa.economi.welfa r.wil.increase.C.deadweigh.losse.fo.producer.an.consumer.wil.decrease.henc.increasin.n ationa.economi.welfare.D.deadweigh.losse.fo.producer.an.consumer.wil.decrease.henc.decreasin.n ationa.economi.welfare.ernmen.tarif.revenu.wil.increase.henc.increasin.nationa.economi.we lfare.anizatio.determine.procedure.fo.th.settlemen.o.internationa .trad.disputes.A) World BankB) World Trade OrganizationC) International Monetary OrganizationD) International Bank for Reconstruction and DevelopmentE) The League of Nations22.Toda.U.S.protectionis.i.concentrate.i.A. high-tec.industries.bor-intensiv.industries.parativ.advantage.pute.intensiv.industries.E.capital-intensiv.industries.23.Th.quantitativ.importanc.o.U.S.protectio.o.th.domesti.clothin.indus tr.i.bes.explaine.b.th.fac.tha.bor.bor.C.mos.o.th.exporter.o.clothin.int.th.U.S.ar.poo.countries.anize.secto.i.th.U.S.E.th.technolog.involve.i.ver.advanced.24.Th.optimu.tarif.i.mos.likel.t.appl.t.A..smal.tarif.impose.b..smal.country.rg.country.rg.tarif.impose.b..smal.country.rg.country.E.a.a.valore.tarif.o..smal.country.25.Th.media.vote.mode.A.work.wel.i.th.are.o.trad.policy.B.i.no.intuitivel.reasonable.C.tend.t.resul.i.biase.tarif.rates.D.doe.no.wor.wel.i.th.are.o.trad.policy.E.i.no.widel.practice.i.th.Unite.States. By: 某某。

《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。

Chapter 13The Costs of ProductionTRUE/FALSE1. The economic field of industrial organization examines how firms’ decisions about prices and quantitiesdepend on the market conditions they face.ANS: T DIF: 2 REF: 13-0 NAT: AnalyticLOC: Costs of production TOP: Industrial organizationMSC: Interpretive2. Profit equals marginal revenue minus marginal cost.ANS: F DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit MSC: Definitional3. Profit equals total revenue minus total cost.ANS: T DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit MSC: Definitional4. The difference between economic profit and accounting profit is that economic profit is calculated based onboth implicit and explicit costs whereas accounting profit is calculated based on explicit costs only.ANS: T DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Economic profit | Accounting profitMSC: Interpretive5. Accounting profit is greater than or equal to economic profit.ANS: T DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Accounting profit | Economic profitMSC: Analytical6. Economic profit is greater than or equal to accounting profit.ANS: F DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Accounting profit | Economic profitMSC: Analytical7. Although economists and accountants treat many costs differently, they both treat the cost of capital the same. ANS: F DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Economic profit | Accounting profitMSC: Interpretive8. Accountants keep track of the money that flows into and out of firms.ANS: T DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Accounting profitMSC: Interpretive9. When economists speak of a firm's costs, they are usually excluding the opportunity costs.ANS: F DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costsMSC: Interpretive10. Economists and accountants both include forgone income as a cost to a small business owner.ANS: F DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costsMSC: Interpretive11. Economists and accountants usually disagree on the inclusion of implicit costs into the cost analysis of a firm. ANS: T DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Implicit costsMSC: Interpretive850Chapter 13/The Costs of Production 851 12. Implicit costs are costs that do not require an outlay of money by the firm.ANS: T DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Implicit costsMSC: Definitional13. Accountants often ignore implicit costs.ANS: T DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Implicit costsMSC: Interpretive14. In the long run, a factory is usually considered a fixed input.ANS: F DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Long run MSC: Interpretive15. Diminishing marginal productivity implies decreasing total product.ANS: F DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Diminishing marginal productMSC: Interpretive16. Diminishing marginal product exists when the total cost curve becomes flatter as outputs increases.ANS: F DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Diminishing marginal productMSC: Interpretive17. Diminishing marginal product exists when the production function becomes flatter as inputs increase.ANS: T DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Diminishing marginal productMSC: Interpretive18. A second or third worker may have a higher marginal product than the first worker in certain circumstances. ANS: T DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Marginal productMSC: Interpretive19. The typical total-cost curve is U-shaped.ANS: F DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Total-cost curveMSC: Interpretive20. The average fixed cost curve is constant.ANS: F DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Average fixed costMSC: Interpretive21. In the short run, if a firm produces nothing, total costs are zero.ANS: F DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Total costs | Fixed costsMSC: Interpretive22. If a firm produces nothing, it still incurs its fixed costs.ANS: T DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Fixed costs MSC: Interpretive23. The shape of the total cost curve is unrelated to the shape of the production function.ANS: F DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Total-cost curve | Production functionMSC: Interpretive852 Chapter 13/The Costs of Production24. The shape of the total cost curve is related to the shape of the production function.ANS: T DIF: 2 REF: 13-2 NAT: AnalyticLOC: Costs of production TOP: Total-cost curve | Production functionMSC: Interpretive25. If the marginal cost of producing the tenth unit of output is $3, and if the average total cost of producing thetenth unit of output is $2, then at ten units of output, average total cost is rising.ANS: T DIF: 3 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Marginal cost | Average total costMSC: Analytical26. If the marginal cost of producing the tenth unit of output is $2.50, and if the average total cost of producing thetenth unit of output is $3, then at ten units of output, average total cost is rising.ANS: F DIF: 3 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Marginal cost | Average total costMSC: Analytical27. If the marginal cost of producing the fifth unit of output is higher than the marginal cost of producing thefourth unit of output, then at five units of output, average total cost must be rising.ANS: F DIF: 3 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Marginal cost | Average total costMSC: Analytical28. Marginal costs are costs that do not vary with the quantity of output produced.ANS: F DIF: 1 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Marginal costMSC: Definitional29. Several related measures of cost can be derived from a firm's total cost.ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Cost curves MSC: Interpretive30. Variable costs usually change as the firm alters the quantity of output produced.ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Variable costsMSC: Definitional31. Variable costs equal fixed costs when nothing is produced.ANS: F DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Variable costsMSC: Interpretive32. The cost of producing an additional unit of a good is not the same as the average cost of the good.ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total costMSC: Interpretive33. Average variable cost is equal to total variable cost divided by quantity of output.ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average variable costMSC: Definitional34. The average total cost curve is unaffected by diminishing marginal product.ANS: F DIF: 3 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Diminishing marginal product | Average total cost MSC: Interpretive35. The average total cost curve reflects the shape of both the average fixed cost and average variable cost curves. ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total costMSC: InterpretiveChapter 13/The Costs of Production 853 36. If the marginal cost curve is rising, then so is the average total cost curve.ANS: F DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Marginal cost | Average total costMSC: Interpretive37. The marginal cost curve intersects the average total cost curve at the minimum point of the average total costcurve.ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total cost | Marginal costMSC: Interpretive38. The marginal cost curve intersects the average total cost curve at the minimum point of the marginal costcurve.ANS: F DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total cost | Marginal costMSC: Interpretive39. Assume Jack received all A's in his classes last semester. If Jack gets all B's in his classes this semester, hisGPA may or may not fall.ANS: T DIF: 3 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total costMSC: Interpretive40. Average total cost and marginal cost express information that is already contained in a firm's total cost. ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total costMSC: Interpretive41. Average total cost reveals how much total cost will change as the firm alters its level of production.ANS: F DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Average total costMSC: Interpretive42. The shape of the marginal cost curve tells a producer something about the marginal product of her workers. ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Marginal cost | Marginal productMSC: Interpretive43. When average total cost rises if a producer either increases or decreases production, then the firm is said to beoperating at efficient scale.ANS: T DIF: 2 REF: 13-3 NAT: AnalyticLOC: Costs of production TOP: Efficient scaleMSC: Interpretive44. Fixed costs are those costs that remain fixed no matter how long the time horizon is.ANS: F DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Fixed costs MSC: Interpretive45. Diseconomies of scale often arise because higher production levels allow specialization among workers. ANS: F DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Diseconomies of scaleMSC: Interpretive46. Economies of scale often arise because higher production levels allow specialization among workers.ANS: T DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Economies of scaleMSC: Interpretive854 Chapter 13/The Costs of Production47. If long-run average total cost is rising, then the firm is experiencing economies of scale.ANS: F DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Economies of scale | Diseconomies of scaleMSC: Definitional48. The fact that many inputs are fixed in the short run but variable in the long run has little impact on the firm'scost curves.ANS: F DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Long run MSC: Interpretive49. In some cases, specialization allows larger factories to produce goods at a lower average cost than smallerfactories.ANS: T DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: SpecializationMSC: Interpretive50. The use of specialization to achieve economies of scale is one reason modern societies are as prosperous asthey are.ANS: T DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: SpecializationMSC: Interpretive51. As a firm moves along its long-run average cost curve, it is adjusting the size of its factory to the quantity ofproduction.ANS: T DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Average total costMSC: Interpretive52. Because of the greater flexibility that firms have in the long run, all short-run cost curves lie on or above thelong-run curve.ANS: T DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Average total costMSC: Interpretive53. There is general agreement among economists that the long-run time period exceeds one year.ANS: F DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Long run MSC: InterpretiveTable 13-1Listed in the table are the long-run total costs for three different firms.54. Refer to Table 13-1. Firm A is experiencing economies of scale.ANS: T DIF: 3 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Economies of scaleMSC: Analytical55. Adam Smith's example of the pin factory demonstrates that economies of scale result from specialization. ANS: T DIF: 2 REF: 13-4 NAT: AnalyticLOC: Costs of production TOP: Economies of scaleMSC: InterpretiveChapter 13/The Costs of Production 855 SHORT ANSWER1. What are opportunity costs? How do explicit and implicit costs relate to opportunity costs?ANS:The opportunity cost of an item refers to all those things that must be forgone to acquire that item. Both explicit and implicit costs are included as opportunity costs.DIF: 2 REF: 13-1 NAT: Analytic LOC: Costs of productionTOP: Opportunity costs MSC: Definitional2. A key difference between accountants and economists is their different treatment of the cost of capital. Doesthis cause an accountant's estimate of total costs to be higher or lower than an economist's estimate? Explain. ANS:An accountant would not include the forgone interest income that the money could have earned elsewhere if it had not been invested in the business. Therefore, an accountant's estimate of total cost will be less than an economist's. DIF: 2 REF: 13-1 NAT: Analytic LOC: Costs of productionTOP: Economic profit | Accounting profit MSC: Analytical3. The production function depicts a relationship between which two variables? Also, draw a production functionthat exhibits diminishing marginal product.ANS:It depicts a relationship between output and a given input. The graph should show output increasing, but at a decreasing rate as inputs increase.DIF: 2 REF: 13-2 NAT: Analytic LOC: Costs of productionTOP: Production function MSC: Applicative856 Chapter 13/The Costs of Production4. How would a production function that exhibits decreasing marginal product affect the shape of the total costcurve? Explain or draw a graph.ANS:The total cost curve will increase at an increasing rate, or in other words, the total cost curve gets steeper as the amount produced rises.DIF: 2 REF: 13-3 NAT: Analytic LOC: Costs of productionTOP: Diminishing marginal product | Total-cost curve MSC: Analytical5. What effect, if any, does diminishing marginal product have on the shape of the marginal cost curve?ANS:Diminishing marginal product causes the marginal cost curve to rise.DIF: 2 REF: 13-3 NAT: Analytic LOC: Costs of productionTOP: Diminishing marginal product | Marginal cost MSC: Analytical6. Bob Edwards owns a bagel shop. Bob hires an economist who assesses the shape of the bagel shop's averagetotal cost (ATC) curve as a function of the number of bagels produced. The results indicate a U-shapedaverage total cost curve. Bob's economist explains that ATC is U-shaped for two reasons. The first is theexistence of diminishing marginal product, which causes it to rise. What would be the second reason? Assume that the marginal cost curve is linear. (Hint: The second reason relates to average fixed cost)ANS:Average fixed cost always declines as output rises because fixed cost is being spread over a larger number of units, thus causing the average total cost curve to fall.DIF: 3 REF: 13-3 NAT: Analytic LOC: Costs of productionTOP: Average total cost MSC: Analytical7. If the average total cost curve is falling, what is necessarily true of the marginal cost curve? If the average totalcost curve is rising, what is necessarily true of the marginal cost curve?ANS:When average total cost curve is falling, marginal cost is below ATC. If the average total cost curve is rising, marginal cost is above ATC.DIF: 2 REF: 13-3 NAT: Analytic LOC: Costs of productionTOP: Average total cost | Marginal cost MSC: Analytical8. According to the mathematical laws that govern the relationship between average total cost and marginal cost,where must these two curves intersect?ANS:The two curves will cross at the minimum point on the average total cost curve.DIF: 2 REF: 13-3 NAT: Analytic LOC: Costs of productionTOP: Average total cost | Marginal cost MSC: AnalyticalChapter 13/The Costs of Production 857 Sec00 - The Costs of ProductionMULTIPLE CHOICE1. Analyzing the behavior of the firm enhances our understanding ofa.what decisions lie behind the market supply curve.b.how consumers allocate their income to purchase scarce resources.c.how financial institutions set interest rates.d.whether resources are allocated fairly.ANS: A DIF: 1 REF: 13-0 NAT: AnalyticLOC: Costs of production TOP: Supply curveMSC: Applicative2. Which field of economics studies how the number of firms affects the prices in a market and the efficiency ofmarket outcomes?a.macro economicsb.industrial organizationbor economicsd.monetary economicsANS: B DIF: 1 REF: 13-0 NAT: AnalyticLOC: Costs of production TOP: Industrial organizationMSC: Definitional3. Economists in the field of industrial organization study howa.central banking policies affect financial markets.b.firms’ demand for labor and individuals’ supply of labor affect resource markets.c.firms’ decisions about prices and quantities depend on market conditions.d.externalities and public goods affect the environment.ANS: C DIF: 1 REF: 13-0 NAT: AnalyticLOC: Costs of production TOP: Industrial organizationMSC: Definitional4. Industrial organization is the study of howbor unions organize workers in industries.b.profitable firms are in organized industries.c.industries organize for political advantage.d.firms' decisions regarding prices and quantities depend on the market conditions they face.ANS: D DIF: 1 REF: 13-0 NAT: AnalyticLOC: Costs of production TOP: Industrial organizationMSC: Definitional5. To an economist, the field of industrial organization answers which of the following questions?a.Why are consumers subject to the law of demand?b.Why do firms experience diminishing marginal products of inputs?c.How does the number of firms affect prices and the efficiency of market outcomes?d.Why do firms consider production costs when determining product supply?ANS: C DIF: 1 REF: 13-0 NAT: AnalyticLOC: Costs of production TOP: Industrial organizationMSC: Definitional6. A student might describe information about the costs of production asa.dry and technical.b.boring.c.crucial to understanding firms and market structures.d.All of the above could be correct.ANS: D DIF: 1 REF: 13-0 NAT: AnalyticLOC: Costs of production TOP: Supply curveMSC: Interpretive858 Chapter 13/The Costs of ProductionSec01 - The Costs of Production - What Are Costs?MULTIPLE CHOICE1. Economists assume that the typical person who starts her own business does so with the intention ofa.donating the profits from her business to charity.b.capturing the highest number of sales in her industry.c.maximizing profits.d.minimizing costs.ANS: C DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit maximizationMSC: Applicative2. Economists normally assume that the goal of a firm is to(i)sell as much of their product as possible.(ii)set the price of the product as high as possible.(iii)maximize profit.a.(i) and (ii) are true.b.(ii) and (iii) are true.c.(iii) is true.d.(i) and (iii) are true.ANS: C DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit maximizationMSC: Interpretive3. Economists normally assume that the goal of a firm is to earn(i)profits as large as possible, even if it means reducing output.(ii)profits as large as possible, even if it means incurring a higher total cost.(iii)revenues as large as possible, even if it reduces profits.a.(i) and (ii) are true.b.(i) and (iii) are true.c.(ii) and (iii) are true.d.(i), (ii), and (iii) are true.ANS: A DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit maximizationMSC: Interpretive4. A n entrepreneur’s motivation to start a business arises froma.an innate love for the type of business that he or she starts.b. a desire to earn a profit.c.an altruistic desire to provide the world with a good product.d.All of the above could be correct.ANS: D DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit maximizationMSC: Interpretive5. Economists normally assume that the goal of a firm is toa.maximize its total revenue.b.maximize its profit.c.minimize its explicit costs.d.minimize its total cost.ANS: B DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit maximizationMSC: DefinitionalChapter 13/The Costs of Production 8596. Economists assume that the goal of the firm is to maximize totala.revenue.b.profits.c.costs.d.satisfaction.ANS: B DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit maximizationMSC: Interpretive7. When a firm is making a profit-maximizing production decision, which of the following principles ofeconomics is likely to be most important to the firm's decision?a.The cost of something is what you give up to get it.b. A country's standard of living depends on its ability to produce goods and services.c.Prices rise when the government prints too much money.ernments can sometimes improve market outcomes.ANS: A DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit maximizationMSC: Interpretive8. The amount of money that a firm receives from the sale of its output is calleda.total gross profit.b.total net profit.c.total revenue. revenue.ANS: C DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Total revenueMSC: Definitional9. Total revenue equalsa.price x quantity.b.price/quantity.c.(price x quantity) - total cost.d.output - input.ANS: A DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Total revenueMSC: Definitional10. The amount of money that a firm pays to buy inputs is calleda.total cost.b.variable cost.c.marginal cost.d.fixed cost.ANS: A DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Total cost MSC: Definitional11. Total cost is thea.amount a firm receives for the sale of its output.b.fixed cost less variable cost.c.market value of the inputs a firm uses in production.d.quantity of output minus the quantity of inputs used to make a good.ANS: C DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Total cost MSC: Definitional12. Profit is defined as revenue minus depreciation.b.total revenue minus total cost.c.average revenue minus average total cost.d.marginal revenue minus marginal cost.ANS: B DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit MSC: Definitional13. Profit is defined as total revenuea.plus total cost.b.times total cost.c.minus total cost.d.divided by total cost.ANS: C DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit MSC: Definitional14. Which of the following can be added to profit to obtain total revenue? profitb.capital profitc.operational profitd.total costANS: D DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Total revenueMSC: Analytical15. If Kelsey sells 300 glasses of lemonade at $0.50 each, her total revenues area.$150.b.$299.50.c.$300.d.$600.ANS: A DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Total revenueMSC: Analytical16. If Amanda sells 200 glasses of lemonade at $0.50 each, her total revenues area.$100.b.$199.50.c.$200.d.$400.ANS: A DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Total revenueMSC: Analytical17. Kirsten sells 300 glasses of lemonade at $0.50 each. Her total costs are $125. Her profits area.$25.b.$124.50.c.$125.d.$150.ANS: A DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit MSC: Analytical18. Zoe sells 200 glasses of lemonade at $0.50 each. Her total costs are $25. Her profits area.$25.b.$75.c.$100.d.$175.ANS: B DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit MSC: Analytical19. XYZ corporation produced 300 units of output but sold only 275 of the units it produced. The average cost ofproduction for each unit of output produced was $100. Each of the 275 units sold was sold for a price of $95.Total profit for the XYZ corporation would bea.-$3,875.b.$26,125.c.$28,500.d.$30,000.ANS: A DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Profit MSC: Applicative20. Those things that must be forgone to acquire a good are calleda.implicit costs.b.opportunity costs.c.explicit costs.d.accounting costs.ANS: B DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Definitional21. Gordon is a senior majoring in computer network development at Smart State University. While he has beenattending college, Gordon started a computer consulting business to help senior citizens set up their network connections and teach them how to use e-mail. Gordon charges $25 per hour for his consulting services.Gordon also works 5 hours a week for the Economics Department to maintain that department's Web page.The Economics Department pays Gordon $20 per hour. From this information we can conclude:a.Gordon should increase the number of hours he works for the Economics Department to make itcomparable to his consulting business income.b.Gordon is obviously not maximizing his well-being if he continues to work for the EconomicsDepartment.c.If Gordon chooses one hour at the beach with his friends rather than spend one more hour with aconsulting client, the forgone income of $25 is considered a cost of the choice to go to the beach.d.Both b and c are correctANS: C DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Analytical22. A firm's opportunity costs of production are equal to itsa.explicit costs only.b.implicit costs only.c.explicit costs + implicit costs.d.explicit costs + implicit costs + total revenue.ANS: C DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Definitional23. Susan used to work as a telemarketer, earning $25,000 per year. She gave up that job to start a cateringbusiness. In calculating the economic profit of her catering business, the $25,000 income that she gave up is counted as part of the catering firm'sa.total revenue.b.opportunity costs.c.explicit costs.d.marginal costs.ANS: B DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Interpretive24. John has decided to start his own lawn-mowing business. To purchase the mowers and the trailer to transportthe mowers, John withdrew $1,000 from his savings account, which was earning 3% interest, and borrowed an additional $2,000 from the bank at an interest rate of 7%. What is John's annual opportunity cost of thefinancial capital that has been invested in the business?a.$30b.$140c.$170d.$300ANS: C DIF: 3 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Analytical25. Gavin has decided to start his own snow removal business. To purchase the necessary equipment, Gavinwithdrew $2,000 from his savings account, which was earning 3% interest, and borrowed an additional $4,000 from the bank at an interest rate of 7%. What is Gavin's annual opportunity cost of the financial capital that has been invested in the business?a.$60b.$280c.$340d.$660ANS: C DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Analytical26. Dianne has decided to start her own photography studio. To purchase the necessary equipment, Diannewithdrew $10,000 from her savings account, which was earning 3% interest, and borrowed an additional$5,000 from the bank at an interest rate of 8%. What is Dianne's annual opportunity cost of the financialcapital that has been invested in the business?a.$300b.$400c.$700d.$1,650ANS: C DIF: 2 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Analytical27. The value of a business owner's time is an example ofa.an opportunity cost.b. a fixed cost.c.an explicit cost.d.total revenue.ANS: A DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Interpretive28. An example of an opportunity cost that is also an implicit cost isa. a lease payment.b.the cost of raw materials.c.the value of the business owner’s time.d.All of the above are correct.ANS: C DIF: 1 REF: 13-1 NAT: AnalyticLOC: Costs of production TOP: Opportunity costMSC: Interpretive。

精选全文完整版（可编辑修改）《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-fieldsA) 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 European Union.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 trade between neighboring countries.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 government promotion of trade and investment.C) Large economies have relatively larger areas which raises the probability that a productive activity will take place within the borders of that country.D) Large economies tend to have large incomes and tend to spend more on imports.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 small countries.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 China areA) 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 of 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 its consumption 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 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. 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 “Germany enjoys a comparative advantage over France in autos relative to ships”is equivalent toA) France having a comparative advantage over Germany in ships.B) France having a comparative disadvantage compared to Germany in autos and ships.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 be mutually 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 be mutually 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 standards of quality.E) 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 of its rice crop.C) there would be no gains from trade available to Japan if it engaged in free trade in rice.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 ________ factor(s) of production.A) two; threeB) two; twoC) two; oneD) three; twoE) 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 equal 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 cloth will 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 cloth.7. In the specific factors model, which of the following will increase the quantity of labor 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 of clothC) 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 mobile 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; positiveC) positive; ambiguous; ambiguousD) negative; ambiguous; ambiguousE) positive; positive; positive10.The effect of trade on specialized employees of import-competing industries will be ________ 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 rate.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 differ inA)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 (measured on the horizontal axis), then the absolute value of the slope of its production possibility 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 good Y.D) the opportunity cost of good Y.E) the cost of capital (assuming that good Y is capital intensive) divided by the cost of labor.14. In the 2-factor, 2 good Heckscher-Ohlin model, trade will ________ the owners of a country's ________ factor and will ________ the good that uses that factor intensively.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 countries 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 Country 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 across 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 industries.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-intensive 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 across 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 the international 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 the international 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 subsidies 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 should 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 associated withA) 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 trade isA) 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 foreign firm. In the second, a U.S. firm builds a new production facility in a foreign country. 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 is thatA) domestic consumers will purchase the foreign good regardless of the tariff.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 willA) 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 from 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 rate.19. Should the home country be "large" relative to its trade partners, its imposition of a tariff on imports would lead to an increase in domestic welfare if the terms of the trade 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 are dismantled and removed,A) government tariff revenue will decrease, and therefore national economic welfare will decrease.B) government tariff revenue will decrease, and therefore national economic welfare will increase.C) deadweight losses for producers and consumers will decrease, hence increasing national economic welfare.D) deadweight losses for producers and consumers will decrease, hence decreasing national economic welfare.E) government tariff revenue will increase, hence increasing national economic welfare.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 concentrated inA) 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 industry is 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.24. The optimum tariff is most likely to apply toA) 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) a large tariff imposed by a large country.E) an ad 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.By：某某。

《国际经济学》期末试卷（A卷）一、单项选择题（下列各题的四个选项中，只有一个是正确的，多选、错选均不得分，每题1分，共10分）1．贸易福利的国际间的相互比较是指（）。

A.比较优势B.比较利益C.比较成本D.国际分工2．关税减让原则主要包括（）A.关税保护原则B.关税减让原则C.关税稳定原则D.一般禁止数量限制原则3．在间接标价法下，汇率的变动以（）。

A.本国货币数额的变动来表示B.外国货币数额的变动来表示C.本国货币数额减少，外国货币数额增加来表示D.本国货币数额增加，外国货币数额减少来表示4.银行在购买外币现钞时，其买入价要（）。

A.等于外汇买入价B.等于中间汇率C.低于外汇买入价D.高于外汇买入价5.由于国内通货膨胀或通货紧缩而导致的国际收支不平衡，称为（）。

A.周期性不平衡B.收入性不平衡C.结构性不平衡D.货币性不平衡6. 以凯恩斯的国民收入方程式为基础来分析国际收支的理论是（）。

A.弹性分析理论B.吸收分析理论C.货币分析理论D.结构分析理论7．证券投资与直接投资的区别在于（）A.是否从买卖价差中获利B.是否获得股息C.是否获得红利D.是否拥有企业的实际管理控制权8. 根据欧盟的有关规定，欧元现钞开始流通的时间是（）。

A.1999年1月1日B.2000年1月1日C.2002年1月1日D.2002年7月1日9．布雷顿森林体系实行的汇率制度是（）。

A.自发的固定汇率制度B.可调整的固定汇率制C.浮动汇率制度D.弹性汇率制度10．在资本完全流动的情况下，BP曲线是（）。

A.水平线B.垂直线C.正斜率线D.负斜率线二、多项选择题（下列各题所给的五个选项中，至少有一项以上的答案是正确的，多选、少选、错选均不得分，每题2分，共10分）1．下列属于非关税壁垒的措施是（）A.歧视性的政府采购政策B.对外贸易的国家垄断C.技术标准D.卫生检疫标准E.自愿的出口限制2．下列不属于发展中国家之间的区域经济一体化组织的是（）A.南方共同市场B.阿拉伯共同市场C.东盟D.欧盟E.北美自由贸易区3. 具备干预货币的条件是（）。

Chapter 18The International Monetary System, 1870–1973?Chapter OrganizationMacroeconomic Policy Goals in an Open EconomyInternal Balance: Full Employment and Price-Level StabilityExternal Balance: The Optimal Level of the Current Account International Macroeconomic Policy under the Gold Standard, 1870–1914 Origins of the Gold StandardExternal Balance under the Gold StandardThe Price-Specie-Flow MechanismThe Gold Standard “Rules of the Game”: Myth and RealityBox: Hume v. the MercantilistsInternal Balance under the Gold StandardCase Study: The Political Economy of Exchange Rate Regimes:Conflict over America’s Monetary Standard During the 1890s The Interwar Years, 1918–1939The Fleeting Return to GoldInternational Economic DisintegrationCase Study: The International Gold Standard and the Great Depression The Bretton Woods System and the International Monetary Fund Goals and Structure of the IMFConvertibility and the Expansion of Private Capital FlowsSpeculative Capital Flows and CrisesAnalyzing Policy Options under the Bretton Woods SystemMaintaining Internal BalanceMaintaining External BalanceExpenditure-Changing and Expenditure-Switching PoliciesThe External-Balance Problem of the United StatesCase Study: The Decline and Fall of the Bretton Woods SystemWorldwide Inflation and the Transition to Floating Rates Summary?Chapter OverviewThis is the first of five international monetary policy chapters. These chapters complement the preceding theory chapters in several ways. They provide the historical and institutional background students require to place their theoretical knowledge in a useful context. The chapters also allow students, through study of historical and current events, to sharpen their grasp of the theoretical models and to develop the intuition those models can provide. (Application of the theory to events of current interest will hopefully motivate students to return to earlier chapters and master points that may have been missed on the first pass.)Chapter 18 chronicles the evolution of the international monetary system from the gold standard of1870–1914, through the interwar years, and up to and including the post-World War II Bretton Woods regime that ended in March 1973. The central focus of the chapter is the manner in which each system addressed, or failed to address, the requirements of internal and external balance for its participants.A country is in internal balance when its resources are fully employed and there is price level stability. External balance implies an optimal time path of the current account subject to its being balanced over the long run. Other factors have been important in the definition of external balance at various times, and these are discussed in the text. The basic definition of external balance as an appropriate current-account level, however, seems to capture a goal that most policy-makers share regardless of the particular circumstances.The price-specie-flow mechanism described by David Hume shows how the gold standard could ensure convergence to external balance. You may want to present the following model of the price-specie-flow mechanism. This model is based upon three equations: 1. The balance sheet of the central bank. At the most simple level, this is justgold holdings equals the money supply: G ? M.2. The quantity theory. With velocity and output assumed constant and bothnormalized to 1, this yields the simple equation M ? P.3. A balance of payments equation where the current account is a function of thereal exchange rate and there are no private capital flows: CA ? f(E ? P*/P)These equations can be combined in a figure like the one below. The 45? line represents the quantity theory, and the vertical line is the price level where the real exchange rate results in a balanced current account. The economy moves along the 45? line back towards the equilibrium Point 0 whenever it is out of equilibrium. For example, the loss of four-fifths of a country’s gold would put that country at Point a with lower prices and a lower money supply. The resulting real exchange rate depreciation causes a current account surplus which restores money balances as the country proceeds up the 45? line froma to 0.FigureThe automatic adjustment process described by the price-specie-flow mechanism is expedited by following “rules of the game” under which governments contract the domestic source components oftheir monetary bases when gold reserves are falling (corresponding to a current-account deficit) and expand when gold reserves are rising (the surplus case).In practice, there was little incentive for countries with expanding gold reserves to follow the “rules of the game.” This increased the contractionary burden shouldered by countries with persistent current account deficits. The gold standard also subjugated internal balance to the demands of external balance. Research suggests price-level stability and high employment were attained less consistently under the gold standard than in the post-1945 period.The interwar years were marked by severe economic instability. The monetization of war debt and of reparation payments led to episodes of hyperinflation in Europe. Anill-fated attempt to return to thepre-war gold parity for the pound led to stagnation in Britain. Competitive devaluations and protectionism were pursued in a futile effort to stimulate domestic economic growth during the Great Depression.These beggar-thy-neighbor policies provoked foreign retaliation and led to the disintegration of the world economy. As one of the case studies shows, strict adherence to the Gold Standard appears to have hurt many countries during the Great Depression.Determined to avoid repeating the mistakes of the interwar years, Allied economic policy-makers metat Bretton Woods in 1944 to forge a new international monetary system for the postwar world. The exchange-rate regime that emerged from this conference had at its center the . dollar. All other currencies had fixed exchange rates against the dollar, which itself had a fixed value in terms of gold.An International Monetary Fund was set up to oversee the system and facilitate its functioning by lending to countries with temporary balance of payments problems.A formal discussion of internal and external balance introduces the concepts of expenditure-switching and expenditure-changing policies. The Bretton Woods system, with its emphasis on infrequent adjustmentof fixed parities, restricted the use of expenditure-switching policies. Increases in U.S. monetary growth to finance fiscal expenditures after the mid-1960s led to a loss of confidence in the dollar and the termination of the dollar’s convertibility into gold. The analysis presented in the text demonstrateshow the Bretton Woods system forced countries to “import” inflation from the United States and shows that the breakdown of the system occurred when countries were no longer willing to accept this burden.?Answers to Textbook Problems1. a. Since it takes considerable investment to develop uranium mines, you wouldwant a larger current account deficit to allow your country to finance some of the investment with foreign savings.b. A permanent increase in the world price of copper would cause a short-termcurrent account deficit if the price rise leads you to invest more in coppermining. If there are no investment effects, you would not change yourexternal balance target because it would be optimal simply to spend youradditional income.c. A temporary increase in the world price of copper would cause a currentaccount surplus. You would want to smooth out your country’s consumption bysaving some of its temporarily higher income.d. A temporary rise in the world price of oil would cause a current accountdeficit if you were an importer of oil, but a surplus if you were an exporter of oil.2. Because the marginal propensity to consume out of income is less than 1, atransfer of income from B to A increases savings in A and decreases savings in B.Therefore, A has a current account surplus and B has a corresponding deficit.This corresponds to a balance of payments disequilibrium in Hume’s world, which must be financed by gold flows from B to A. These gold flows increase A’s money supply and decrease B’s money supply, pushing up prices in A and depressingprices in B. These price changes cease once balance of payments equilibrium has been restored.3. Changes in parities reflected both initial misalignments and balance of paymentscrises. Attempts to return to the parities of the prewar period after the war ignored the changes in underlying economic fundamentals that the war caused. This made some exchange rates less than fully credible and encouraged balance ofpayments crises. Central bank commitments to the gold parities were also less than credible after the wartime suspension of the gold standard, and as a result of the increasing concern of governments with internal economic conditions.4. A monetary contraction, under the gold standard, will lead to an increase in thegold holdings of the contracting country’s central bank if other countries do not pursue a similar policy. All countries cannot succeed in doing thissimultaneously since the total stock of gold reserves is fixed in the short run.Under a reserve currency system, however, a monetary contraction causes anincipient rise in the domestic interest rate, which attracts foreign capital. The central bank must accommodate the inflow of foreign capital to preserve theexchange rate parity. There is thus an increase in the central bank’s holdings of foreign reserves equal to the fall in its holdings of domestic assets. There is no obstacle to a simultaneous increase in reserves by all central banksbecause central banks acquire more claims on the reserve currency country while their citizens end up with correspondingly greater liabilities.5. The increase in domestic prices makes home exports less attractive and causes acurrent account deficit. This diminishes the money supply and causescontractionary pressures in the economywhich serve to mitigate and ultimately reverse wage demands and price increases.6. A “demand determined” increase in dollar reserve holdings would not affect theworld supply of money as central banks merely attempt to trade their holdings of domestic assets for dollar rese rves. A “supply determined” increase in reserve holdings, however, would result from expansionary monetary policy in the United States (the reserve center). At least at the end of the Bretton Woods era the increase in world dollar reserves arose in part because of an expansionarymonetary policyin the United States rather than a desire by other central banks to increasetheir holdings of dollar assets. Only the “supply determined” increase indollar reserves is relevant for analyzing the relationship between world holdings of dollar reserves by central banks and inflation.7. An increase in the world interest rate leads to a fall in a central bank’sholdings of foreign reserves as domestic residents trade in their cash forforeign bonds. This leads to a d ecline in the home country’s money supply. The central bank of a “small” country cannot offset these effects sinceit cannot alter the world interest rate. An attempt to sterilize the reserve loss through open market purchases would fail unless bonds are imperfect substitutes.8. Capital account restrictions insulate the domestic interest rate from the worldinterest rate. Monetary policy, as well as fiscal policy, can be used to achieve internal balance. Because there are no offsetting capital flows, monetary policy, as well as fiscal policy, can be used to achieve internal balance. The costs of capital controls include the inefficiency which is introduced when the domestic interest rate differs from the world rate and the high costs of enforcing the controls.9. Yes, it does seem that the external balance problem of a deficit country is moresevere. While the macroeconomic imbalance may be equally problematic in the long run regardless of whether it is a deficit or surplus, large external deficits involve the risk that the market will fix the problem quickly by ceasing to fund the external deficit. In this case, there may have to be rapid adjustment that could be disruptive. Surplus countries are rarely forced into rapid adjustments, making the problems less risky.10. An inflow attack is different from capital flight, but many parallels exist. Inan “outflow” attack, speculators sell the home currency and drain the central bank of its foreign assets. The central bank could always defend if it so chooses (they can raise interest rates to improbably high levels), but if it is unwilling to cripple the economy with tight monetary policy, it must relent. An “inflow”attack is similar in that the central bank can always maintain the peg, it is just that the consequences of doing so may be more unpalatable than breaking the peg. If money flows in, the central bank must buy foreign assets to keep thecurrency from appreciating. If the central bank cannot sterilize all the inflows (eventually they may run out of domestic assets to sell to sterilize thetransactions where they are buying foreign assets), it will have to either let the currency appreciate or let the money supply rise. If it is unwilling to allow and increase in inflation due to a rising money supply, breaking the peg may be preferable.11. a. We know that China has a very large current account surplus, placing them highabove the XX line. They also have moderate inflationary pressures (describedas “gathering” in the question, implying they are not yet very strong). This suggests that China is above the II line, but not too far above it. It wouldbe placed in Zone 1 (see below).b. China needs to appreciate the exchange rate to move down on the graph towardsbalance. (Shown on the graph with the dashed line down)c. China would need to expand government spending to move to the right and hitthe overall balance point. Such a policy would help cushion the negativeaggregate demand pressurethat the appreciation might generate.。