上 海 金 融 学 院

模拟试题一I. Multiple Choice (30%, 1.5×20)1. The movement to free international trade is most likely to generate short-termunemployment in which industries?a. Industries in which there are neither imports nor exportsb. Import-competing industriesc. Industries that sell to domestic and foreign buyersd. Industries that sell to only foreign buyers2. __________ is the ability of a firm/industry, under free and fair marketconditions, to design, produce, and market goods and services that are better and/or cheaper than those of other firms/industries.a. Competitivenessb. Protectionismc. Comparative advantaged. Absolute advantage3. In a two-product, two-country world, international trade can lead to increases in:a. Consumer welfare only if output of both products is increasedb. Output of both products and consumer welfare in both countriesc. Total production of both products, but not consumer welfare in bothcountriesd. Consumer welfare in both countries, but not total production of bothproducts4. 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 trade approaches the nation’s autarky price5. 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 curve6.The imposition of tariffs on imports results in deadweight welfare losses for thehome economy. These losses consist of the:a. Protective effect plus consumption effectb. Redistribution effect plus revenue effectc. Revenue effect plus protective effectd. Consumption effect plus redistribution effect7. Should the home country be “large” relative to the world, its imposition of atariff on imports would lead to an increase in domestic welfare if theterms-of-trade effect exceeds the sum of the:a. Revenue effect plus redistribution effectb. Protective effect plus revenue effectc. Consumption effect plus redistribution effectd. Protective effect plus consumption effect8.Hong Kong and South Korea are examples of developing nations that haverecently pursued industrialization policies.a. Import substitutionb. Export promotionc. Commercial dumpingd.Multilateral contract9.Which of the following represents the stage where economic integration is leastcomplete?a. Free trade areab. Monetary unionc. Common marketd. Customs union10. On the balance-of-payments statements, merchandise imports are classified in:a. Current accountb. Capital accountc. Unilateral transfer accountd. Official settlements account11. Which of the following tends to cause the China RMB to appreciate in value?a. An increase in China prices above foreign pricesb. Rapid economic growth in foreign countriesc. A fall in China interest rates below foreign levelsd. An increase in the level of China income12. If Canadian speculators believed the Swiss franc was going to appreciate againstthe U.S. dollar, they would:a. Purchase Canadian dollarsb. Purchase U.S. dollarsc. Purchase Swiss francsd. Sell Swiss francs13. The relationship between the exchange rate and the prices of tradable goods isknown as the:a. Purchasing-power-parity theoryb. Asset-markets theoryc. Monetary theoryd. Balance-of-payments theory14. An exchange rate is said to __________ when its short-run response to a changein market fundamentals is greater than its long-run response.a. Overshootb. Undershootc. Depreciated. Appreciate15. Given a system of floating exchange rates, assume that Boeing Inc. of the UnitedStates places a large order, payable in yen, with a Japanese contractor for jet engine parts. The immediate effect of this transaction will be a shift in the:a. Supply curve of yen to the left which causes the dollar to appreciateagainst the yenb. Supply curve of yen to the right which causes the dollar to depreciateagainst the yenc. Demand curve for yen to the left which causes the dollar to appreciateagainst the yend. Demand curve for yen to the right which causes the dollar to depreciateagainst the yen16. According to the quantity theory of money, a change in the domestic moneysupply will bring about:a. Inverse and proportionate changes in the price levelb. Inverse and less-than-proportionate changes in the price levelc. Direct and proportionate changes in the price leveld. Direct and less-than-proportionate changes in the price level17. According to the J-curve effect, when the exchange value of a country’scurrency appreciates, the country’s trade balance:a. First moves toward deficit, then later toward surplusb. First moves toward surplus, then later toward deficitc. Moves into deficit and stays thered. Moves into surplus and stays there18. The Marshall-Lerner condition deals with the impact of currency depreciationon:a. Domestic incomeb. Domestic absorptionc. Purchasing power of money balancesd. Relative prices19. According to the absorption approach (B = Y – A), currency devaluationimproves a nation’s trade balance if:a. Y increases and A increasesb. Y decreases and A decreasesc. Y increases and/or A decreasesd. Y decreases and/or A increases20. An expenditure-increasing policy would consist of an increase in:a. Import tariffsb. Import quotasc. Governmental taxesd. The money supplyII. True or False (15%, 1×15)1. In an open trading system, a country will import those commodities that itproduces at relatively low cost while exporting commodities that can beproduced at relatively high cost.2. The principle of comparative advantage contends that a nation should specializein and export the good in which its absolute advantage is smallest or its absolutedisadvantage is greatest.3. Free traders maintain that an open economy is advantageous in that it providesRelatively high wage levels for all domestic workers.4. According to the principle of comparative advantage, specialization and tradeincrease a nation’s total output since the nation can produce outside of itsproduction possibilities curve.5. A lower tariff on imported aluminum would most likely benefit domesticmanufacturers of aluminum.6. If a tariff and an import quota lead to equivalent increases in the domestic price ofsteel, then they have different impacts on how much is produced and consumed.7. Private gifts to foreign residents are credit items in the balance of payments.8. A depreciation of RMB refers to an increase in RMB price of foreign currency.9. Grain shortages in countries that buy large amounts of grain from the UnitedStates would increase the demand for American grain and increase the demand for dollars.10. Long-run exchange rate movements can be governed by interest rate levels.11. Under the gold standard, a surplus nation facing a gold inflow and an increase inits money supply would also experience a rise in its interest rate and a short-term capital outflow.12. According to the Marshall-Lerner approach, a currency depreciation will bestlead to an improvement on the home country’s trade balance when the homedemand for imports is inelastic and foreign export demand is elastic.13. A nation experiences external balance if it achieves equilibrium in its balance ofpayments.14. Monetary and fiscal policy are expenditure-changing policies.15. Under a fixed exchange-rate system, a contractionary fiscal policy leads to atrade-account surplus and a capital-account deficit.III. Table & Figure Analysis (30%)1. Read the following table and answer questions based on analysis. (10%)Table Output Possibilities for China and the U.S.Output per Worker per DayCountry Tons of Steel TelevisionsUnited States 15 4520China 10(1) In which products does the United States have the absolute advantage?(2) In which product does the United States have the comparative advantage?(3) In Which product does China have the comparative advantage?(4) What product should Chinese firms specialize in, if trade opens up between theUnited States and China?(5) What is the opportunity cost of producing one ton of steel in the United States?2. The following figure is about effects of tariff. Read it and answer questions. (10%)(1) S d+w is the supply line for the nation in free trade. S d+w+t is the supply line forthe nation after government imposes tariff. What is the quantity of tariff imposed on each auto?(2) Is the nation in the figure a small nation or a large nation? Why?(3) What is the quantity of auto imports in free trade? After tariff, what is thequantity of auto imports then?(4) Among Area A, Area B, Area C and Area D, point out revenue effect,consumption effect, redistributive effect and protective effect.(5) Which areas are deadweight losses for the nation and what is its value?3. The following figure is about China’s foreign exchange market. It illustrates the supply and demand schedules for US dollars. Read the figure and answer questions. (10%)Figure Demand and Supply of US Dollars(1) What is the equilibrium exchange rate of RMB to US Dollar?(2) Compared to last year’s exchange rate of 8.27, is RMB depreciated orappreciated now? What do you think are reasons causing exchange rate tochange?(3) If the market expects exchange rate will change to 7.75 in the next year, what doyou think will be the change in exchange rate right now ？Explain your reason.IV. Answer Questions (15%)1. The following equation is about effective tariff rate. (8%)a ab n e −−=1(1) Point out the meaning of letter e, n, a & b here.(2) When is effective tariff rate larger than nominal tariff rate on final product?(3) What is tariff escalation? Give an example to show it.2. The key variables to adjust balance of payments under fixed exchange rates are price, interest rate, income and money. Select one among them to show its process of adjusting balance of payments, assuming the balance of payments is deficit now. (7%)V. Case Discussion （10%）In a country with a floating exchange rate and totally open capital market, which policy is more effective toward internal balance, fiscal policy or monetary policy? Use economic theories (Mundell-Flemming Model are preferred) to support your argument.答 案I. Multiple Choice (30%)1 2 3 4 5 6 7 8 9 10B A BC B AD B A A11 12 13 1415 1617 181920B C A A D C B D C DII. True or False (15%)1 2 3 4 5 6 7 8 9 10111213 14 15F F F F F F F T T F F F T T TIII. Table & Figure Analysis (30%)1. (10%)(1) Both steel and televisions(2) Televisions; (3) Steel; (4) Steel; (5) 3 televisions2. (10%)(1) 400(2) Small nation. Because the import of the nation does not influence the price of theworld.(3) In free trade: 90. After tariff: 40(4) Area A: redistributive effect; Area B: protective effect; Area C: revenue effect;Area D: consumption effect.(5) Deadweight loss: Area B + Area D; 100003. (10%)(1) 8.01(2) Appreciated; Supply of dollars exceed demand for dollars due to trade surplusand inflow of FDI.(3) Appreciate now. Because expected appreciation means RMB will become morevaluable in the future. So people would like to hold more RMB now, causingmore demand for RMB and less supply of USD resulting in appreciation of RMB right now.IV. Answer Questions (15%)1. (8%)(1) e: effective tariff rate; n: nominal tariff rate on final product; a: ratio of importedintermediate good to final product in value; b: nominal tariff rate on imported intermediate good.(2) When n > b.(3) Tariff escalation refers to higher tariff rate on goods with higher level of processing.2. (7%) Any of the following 4 parts can be regarded as a valid answer.(1) Price adjustment: deficit BOP => outflow of gold => less money supply =>lower price => stronger competitiveness => more export, lessimport => restore BOP equilibrium(2) Interest rate adjustment: deficit BOP => outflow of gold => less money supply=> higher interest rate => inflow of gold => restore BOPequilibrium(3) Income adjustment: deficit BOP => lower national income => less import =>less outflow of foreign exchange => patially offset deficitBOP;foreign repercussion effect: deficit BOP of home country =>surplus BOP of foreign country => more import of foreigncountry => more export of home country => more inflow offoreign exchange => finally restore BOP equilibrium(4) Monetary adjustment: excess supply of domestic money => higher nationalincome => more import => deficit BOP => less foreignexchange reserves => less money supply => lower nationalincome => less import => restore BOP equilibriumV. Case Discussion（10%）Monetary policy is more effective under floating exchange rate with totally open capital market.Expansionary monetary policy => LM shifts rightward => tendency to lower interest rate => immediate outflow of capital => exchange rate deprieciation => more export => IS shifts rightward => higher interest rate => inflow of capital => restore BP equilbrium => intense increase in output.。