Practice for students.docx

Practice for students.docx

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Practiceforstudents

Practice

1.Animportantinsightofinternationaltradetheoryisthatwhencountriesexchangegoodsandservicesonewiththeotherit

（a）isalwaysbeneficialtobothcountries.

（b）isusuallybeneficialtobothcountries.

（c）istypicallybeneficialonlytothelowwagetradepartnercountry.

（d）istypicallyharmfultothetechnologicallylaggingcountry.

（e）tendstocreateunemploymentinbothcountries.

Answer:

B

2Benefitsofinternationaltradearelimitedto

（a）tangiblegoods.

（b）intangiblegoods.

（c）allgoodsandservices.

（d）services.

（e）Noneoftheabove.

Answer:

c

3.Attemptstoexplainthepatternofinternationaltrade

（a）havebeenamajorfocusofinternationaleconomists.

（b）haveproventobehopeless.

（c）haveproventobeatrivialexercise.

（d）havebeenthepreoccupationofeconomicdevelopmenttheorists.

（e）Noneoftheabove.

Answer:

A

4.Cost-benefitanalysisofinternationaltrade

（a）isbasicallyuseless.

（b）isempiricallyintractable.

（c）focusesattentiononconflictsofinterestwithincountries.

（d）focusesattentiononconflictsofinterestsbetweencountries.

（e）Noneoftheabove.

Answer:

C

5.Internationaleconomicscanbedividedintotwobroadsub-fields:

（a）goodsandservices.

（b）developedandlessdeveloped.

（c）monetaryandbarter.

（d）internationaltradeandinternationalmoney.

（e）staticanddynamic.

Answer:

C

6.Internationaltradeissometimesusedasasubstituteforallofthefollowingexcept

（a）internationalmovementsofcapital.

（b）internationalmovementsoflabor.

（c）domesticproductionofthesamegoodsorservices.

（d）domesticproductionofdifferentgoodsandservices.

（e）Noneoftheabove.

Answer:

D

7.Internationaltradeforcesdomesticfirmstobecomemorecompetitiveintermsof

（a）theintroductionofnewproducts.

（b）productdesignandquality.

（c）productreliability.

（d）productprice.

（e）Alloftheabove.

Answer:

E

8.Internationaltradeislogicallyassociatedwithwhichassumption?

（a）Resourcesarelessmobileinternationallythandomestically.

（b）Resourcesaremoremobileinternationallythanaregoods.

（c）Importsshouldexceedexports.

（d）Exportsshouldexceedimports.

（e）Noneoftheabove.

Answer:

A

9.Argumentsforfreetradearesometimesdisregardedbythepoliticalprocessbecause

（a）economiststendtofavorhighlyprotecteddomesticmarkets.

（b）economistshaveauniversallyaccepteddecisivepoweroverthepoliticaldecisionmechanism.

（c）maximizingconsumerwelfaremaynotbeachiefpriorityforpoliticians.

（d）thegainsoftradeareofparamountconcerntotypicalconsumers.

（e）Noneoftheabove.

Answer:

C

10.____________istheabilityofafirmtodesign,produce,andmarketgoodsandservicesthatarebetterand/orcheaperthanthoseofotherfirms.

（a）Competitiveness

（b）Protectionism

（c）Comparativeadvantage

（d）Interventionism

（e）Noneoftheabove.

Answer:

A

11.Foracountrytomaximizeitsproductivityinaglobaleconomy,itrequires

（a）onlyimports.

（b）onlyexports.

（c）bothexportsandimports.

（d）neitherexportsnorimports.

（e）foreigndirectinvestment.

Answer:

C

12.Proponentsoffreetradeclaimallofthefollowingasadvantagesexcept

（a）relativelyhighwagelevelsforalldomesticworkers.

（b）awiderselectionofproductsforconsumers.

（c）increasedcompetitionforworldproducers.

（d）theutilizationofthemostefficientproductionprocesses.

（e）Noneoftheabove.

Answer:

A

13.Afirm’s____,relativetothatofotherfirms,isgenerallyregardedasthemostimportantdeterminantofcompetitiveness.

（a）incomelevel

（b）tastes

（c）preferences

（d）productivity

（e）environmentalregulation

Answer:

D

14.Onelikelyeffectofmovingtofreeinternationaltradeisthat

（a）amonopolyinthehomemarketbecomesanoligopolyintheworldmarket.

（b）anoligopolyinthehomemarketbecomesamonopolyintheworldmarket.

（c）apurelycompetitivefirmbecomesanoligopolist.

（d）apurelycompetitivefirmbecomesamonopolist.

（e）Noneoftheabove.

Answer:

A

15.Internationaltradeingoodsandservicestendsto

（a）increasealldomesticcostsandprices.

（b）keepalldomesticcostsandpricesatthesamelevel.

（c）lessentheamountofcompetitionfacinghomemanufactures.

（d）increasetheamountofcompetitionfacinghomemanufacturers.

（e）Noneoftheabove.

Answer:

D

16.Therealincomeofdomesticproducersandconsumersmaybeincreasedby

（a）technologicalprogress,butnotinternationaltrade.

（b）internationaltrade,butnottechnologicalprogress.

（c）neithertechnologicalprogressnorinternationaltrade.

（d）bothtechnologicalprogressandinternationaltrade.

（e）Noneoftheabove.

Answer:

D

17.Aclosedeconomyisoneinwhich

（a）importsexactlyequalexports.

（b）domesticfirmsinvestinforeigncountries.

（c）thehomeeconomyisisolatedfromforeigntradeorinvestment.

（d）Alloftheabove.

（e）Noneoftheabove.

Answer:

C

18.Countriestradewitheachotherbecausetheyare_______andbecauseof______.

（a）different,costs

（b）similar,scaleeconomies

（c）different,scaleeconomies

（d）similar,costs

（e）Noneoftheabove.

Answer:

C

19.Tradebetweentwocountriescanbenefitbothcountriesif

（a）eachcountryexportsthatgoodinwhichithasacomparativeadvantage.

（b）eachcountryenjoyssuperiortermsoftrade.

（c）eachcountryhasamoreelasticdemandfortheimportedgoods.

（d）eachcountryhasamoreelasticsupplyforthesuppliedgoods.

（e）Both（c）and（d）.

Answer:

A

20.TheRicardiantheoryofcomparativeadvantagestatesthatacountryhasacomparativeadvantageinwidgetsif

（a）outputperworkerofwidgetsishigherinthatcountry.

（b）thatcountry’sexchangerateislow.

（c）wageratesinthatcountryarehigh.

（d）theoutputperworkerofwidgetsascomparedtotheoutputofsomeotherproductishigherinthatcountry.

（e）Both（b）and（c）.

Answer:

D

21.Acountryengagingintradeaccordingtotheprinciplesofcomparativeadvantagegainsfromtradebecauseit

（a）isproducingexportsindirectlymoreefficientlythanitcouldalternatively.

（b）isproducingimportsindirectlymoreefficientlythanitcoulddomestically.

（c）isproducingexportsusingfewerlaborunits.

（d）isproducingimportsindirectlyusingfewerlaborunits.

（e）Noneoftheabove.

Answer:

B

22.Giventhefollowinginformation:

UnitLaborRequirements

Cloth

Widgets

Home

10

20

Foreign

60

30

（a）Neithercountryhasacomparativeadvantage.

（b）Homehasacomparativeadvantageincloth.

（c）Foreignhasacomparativeadvantageincloth.

（d）Homehasacomparativeadvantageinwidgets.

（e）Homehasacomparativeadvantageinbothproducts.

Answer:

B

23.IfitisascertainedthatForeignusesprison-slavelabortoproduceitsexports,thenhomeshould

（a）exportcloth.

（b）exportwidgets.

（c）exportbothandimportnothing.

（d）exportandimportnothing.

（e）Alloftheabove.

Answer:

A

24.IftheHomeeconomysufferedameltdown,andtheUnitLaborRequirementsineachoftheproductsquadrupled（thatis,doubledto30forclothand60forwidgets）thenhomeshould

（a）exportcloth.

（b）exportwidgets.

（c）exportbothandimportnothing.

（d）exportandimportnothing.

（e）Alloftheabove.

Answer:

A

25.Iftheworldequilibriumpriceofwidgetswere1Cloths,then

（a）bothcountriescouldbenefitfromtradewitheachother.

（b）neithercountrycouldbenefitfromtradewitheachother.

（c）eachcountrywillwanttoexportthegoodinwhichitenjoyscomparativeadvantage.

（d）neithercountrywillwanttoexportthegoodinwhichitenjoyscomparativeadvantage.

（e）bothcountrieswillwanttospecializeincloth.

Answer:

A

26.Giventhefollowinginformation:

NumberofUnitsProducedbyoneUnitofLabor

Cloth

Widgets

Home

10

20

Foreign

60

30

（a）Neithercountryhasacomparativeadvantage.

（b）Homehasacomparativeadvantageincloth.

（c）Foreignhasacomparativeadvantageincloth.

（d）Foreignhasacomparativeadvantageinwidgets.

（e）Homehasacomparativeadvantageinbothproducts.

Answer:

C

27.TheopportunitycostofclothintermsofwidgetsinForeignisifitisascertainedthatForeignusesprison-slavelabortoproduceitsexports,thenhomeshould

（a）exportcloth.

（b）exportwidgets.

（c）exportbothandimportnothing.

（d）exportandimportnothing.

（e）Alloftheabove.

Answer:

B

28.Iftheworldequilibriumpriceofwidgetswere1Cloths,then

（a）bothcountriescouldbenefitfromtradewitheachother.

（b）neithercountrycouldbenefitfromtradewitheachother.

（c）eachcountrywillwanttoexportthegoodinwhichitenjoyscomparativeadvantage.

（d）neithercountrywillwanttoexportthegoodinwhichitenjoyscomparativeadvantage.

（e）bothcountrieswillwanttospecializeincloth.

Answer:

A

29.Inatwoproducttwocountryworld,internationaltradecanleadtoincreasesin

（a）consumerwelfareonlyifoutputofbothproductsisincreased.

（b）outputofbothproductsandconsumerwelfareinbothcountries.

（c）totalproductionofbothproductsbutnotconsumerwelfareinbothcountries.

（d）consumerwelfareinbothcountriesbutnottotalproductionofbothproducts.

（e）Noneoftheabove

Answer:

B

30.Asaresultoftrade,specializationintheRicardianmodeltendstobe

（a）completewithconstantcostsandwithincreasingcosts.

（b）completewithconstantcostsandincompletewithincreasingcosts.

（c）incompletewithconstantcostsandcompletewithincreasingcosts.

（d）incompletewithconstantcostsandincompletewithincreasingcosts.

（e）Noneoftheabove.

Answer:

B

31.Asaresultoftradebetweentwocountrieswhichareofcompletelydifferenteconomicsizes,specializ