第四章习题Word格式文档下载.docx

第四章习题Word格式文档下载.docx

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E.incountrieslackingfairlaborlaws.

3.InaneconomydescribedbytheSpecificFactorsModel,theproductionpossibilityfrontierwillbe

A.linear.

B.concavetotheorigin.

C.convextotheorigin.

D.parabolicwithoneroot.

E.collapsedtoapoint.

4.Atthepointofproduction,theproductionpossibilityfrontierwillbetangentto

A.theorigin.

B.alinewhoseslopeistherelativequalityofthetwogoods.

C.alinewhoseslopeistherelativequantityofthetwogoods.

D.alinewhoseslopeistherelativepriceofthetwogoods.

E.Noneoftheabove.

5.Ifthepriceofthecapitalintensiveproductrisesmorethandoesthepriceofthelandintensiveproduct,then

A.demandwillshiftawayfromthecapital-intensiveproduct,anditsproductionwilldecrease.

B.demandwillshiftawayfromthecapital-intensiveproduct,anditsproductionwilldecreaserelativetothatofthelandintensiveproduct.

C.theproductionofthecapital-intensiveproductwillindeeddecrease,butnotforthereasonsmentionedinAorB.

D.thecountriesexportingthecapital-intensivegoodwillloseitscomparativeadvantage.

6.Ifthepriceofthecapitalintensiveproductrises,wageswill

A.risebutbylessthanthepriceofthecapital-intensiveproduct.

B.risebymorethantheriseinthepriceofthecapital-intensiveproduct.

C.remainproportionallyequaltothepriceofthecapital-intensiveproduct.

D.fall,sincehigherpricescauselessdemand.

7.IfAustraliahasrelativelymorelandperworker,andBelgiumhasrelativelymorecapitalperworker,theniftradeweretoopenupbetweenthesetwocountries,

A.therelativepriceofthecapital-intensiveproductwouldriseinAustralia.

B.theworldpriceoftheland-intensiveproductwouldbehigherthanithadbeeninBelgium.

C.theworldpriceofthelandintensiveproductwouldbehigherthanithadbeeninAustralia.

D.therelativepriceofthelandintensiveproductwouldriseinBelgium.

8.IfAustraliahasmorelandperworker,andBelgiumhasmorecapitalperworker,theniftradeweretoopenupbetweenthesetwocountries,

A.Australiawouldexporttheland-intensiveproduct.

B.Belgiumwouldimportthecapital-intensiveproduct.

C.Bothcountrieswouldexportsomeofeachproduct.

D.tradewouldnotcontinuesinceBelgiumisasmallercountry.

9.IfAustraliahasmorelandperworker,andBelgiumhasmorecapitalperworker,theniftradeweretoopenupbetweenthesetwocountries,

A.therealincomeofcapitalownersinAustraliawouldrise.

B.therealincomeoflaborinAustraliawouldclearlyrise.

C.therealincomeoflaborinBelgiumwouldclearlyrise.

D.therealincomeoflandownersinBelgiumwouldfall.

E.therealincomesofcapitalownersinbothcountrieswouldrise.

10.Iftradeopensupbetweenthetwoformerlyautarkiccountries,AustraliaandBelgium,then

A.therealincomeofAustraliaandofBelgiumwillincrease.

B.therealincomeofAustraliabutnotofBelgiumwillincrease.

C.therealincomeofneithercountrywillincrease.

D.therealincomeofbothcountriesmayincrease.

E.therealincomeofbothcountrieswillincrease.

11.Themarginalproductoflaborinmanufacturingslopesdownwardbecauseof

A.diseconomiestoscale.

B.discontinuitiesintheproductionfunction.

C.diminishingreturns.

D.grosssubstitutionwiththefoodsector.

12.IntheSpecificFactorsmodel,eachofthetwosectors

A.employsthesamefactorsusedbytheother.

B.employsdifferentfactorsthanthoseemployedintheother.

C.employsafixedcoefficientproductionfunction.

D.sharesonefactorofproductionwiththeothersector.

13.TheSpecificFactorsmodelassumes

A.imperfectionsinthelabormarket.

B.imperfectionsinthelandmarket.

C.imperfectionsinthecapitalmarket.

D.imperfectionsintheentrepreneurshipmarket.

14.Attheproductionpointtheproductionpossibilityfrontieristangenttoalinewhoseslopeis

A.thepriceofmanufactures.

B.therelativewage.

C.herealwage.

D.therelativepriceofmanufactures.

15.Ifthepriceofmanufacturesandthepriceoffoodincreaseby25%,then

A.theeconomymovesdownitsaggregatesupplycurve.

B.theeconomymovesbackalongitsaggregatedemandcurve.

C.therelativequantitiesofmanufacturesandfoodremainunchanged.

D.therelativequantitiesofproductschangeby25%.

16.Ifthepriceofmanufacturesrises,then

A.thepriceoffoodalsorises.

B.thequantityoffoodproducedfalls.

C.thequantityofbothmanufacturesandfoodfalls.

D.thepurchasingpoweroflaborintermsoffoodfalls.

17.Inthemodeldescribedinthischapter,ifthepriceofmanufacturesrises,then

A.therealincomeofcapitalrises.

B.therealincomeoflandrises.

C.thepurchasingpoweroflandownersrises.

D.theproductionofbothproductsfalls.

18.Ifthepriceoffoodrises,thentheincomeofcapitalownerswillfallbecause

A.capitalownersconsumeonlyfood.

B.therealwageintermsofmanufacturesrises.

C.theymustpayhigherwagestomaintainsubsistencelevels.

D.foodisanelementoforganiccapitalforcapitalists.

19.IfadditionallandweretobebroughtintocultivationintheSpecificFactormodel,theoutputofmanufactureswouldfallbecauseof

A.lowermarginalproductivityoflaborinthissector.

B.lowermarginalproductivityoflaborinfoodproduction.

C.highermarginalproductivityoflaborinmanufacturesector.

D.lowerlaborinputinmanufacturesector.

20.IfJapanisrelativelycapitalrichandtheUnitedStatesisrelativelylandrich,thentradebetweenthesetwo,formerlyautarkiccountrieswill

A.leadtoperfectspecializationwithJapanaloneproducingmanufactures.

B.createaworldrelativepriceoffoodthatislowerthanthatoftheU.S.

C.lowerthepriceoffoodinbothcountries.

D.raisethepriceoffoodinbothcountries.

21.IfJapanistheland-richcountry,theninternationaltradewillclearly

A.raisetherealincomeofallfactorownersinthatcountry.

B.lowertherealincomeofworkers.

C.lowertherealincomeofcapitalowners.

D.lowertherealincomeoflandowners.

22.Thereasontradeclearlybenefitsacountryisthat

A.itraisestherealincomeofthemoreproductiveelementsinsociety.

B.itlowerstherealincomeofthelessproductiveelementsinsociety.

C.itincreasesthelevelsofconsumptionofeveryone.

D.itincreasessociety'

sconsumptionchoices.

23.Thosewhostandtolosefromtrade

A.arelikelytomigratetoanothercountry.

B.tendtobemoreeffectivelyorganizedpolitically.

C.tendtorejectcompensationassmackingofsocialism.

D.areuniversallyopposedbyeconomistswhoconsiderthemparasites.

24.Thosewhostandtogainfromtrade

A.donotreallycareabouttheissueofincomeredistribution.

B.couldnotcompensateloserssincetherearesomanypoorpeople.

C.couldcompensatelosersbutwouldrathernotinmodernindustrialeconomies.

D.compensatelosersatleastpartiallythroughsuchlegislationasunemploymentcompensation.

25.Groupsthatlosefromtradetendtolobbythegovernmentto

A.shiftthedirectionofcomparativeadvantage.

B.abolishtheSpecificFactormodelfrompracticalapplication.

C.providepublicsupportfortherelativelyefficientsectors.

D.provideprotectionfortherelativelyinefficientsectors.

26.ItisknownthattheexistenceofthesugarquotacausesseveralbilliondollarsofaddedexpensestoU.S.consumers,whilepayingmuchlessinbenefitstoU.S.sugarproducers.Thecontinuedexistenceofthisquotaformanyyearstothepresentisattributabletothefactthat

A.asagrowingproportionoftheU.S.populationdevelopsTypeIIDiabetes,nooneisreallyinterestedinmakingsugarevencheaperthanitis.

B.obviouslythequotawillberemovednowthatithasbeencalculatedthatthecostsexceedthebenefits.

C.theper-capitaharmtothepublicissosmallthatitisnotworththetimeforanyonetofightthisquota.

D.itisunderstoodthatthesugarquotaisanimportantweaponinkeepingCommunismfromsweepingtheCaribbean.

27.ItwasfoundthatwhentheUnitedStatesimposedsteelquotas,thiscausedharmnotonlytosteelconsumers,butalsotomanyproducersforwhomsteelisanimportantinput.Thisinsight

A.suggeststhatgeneralequilibriummodelsoftariffswilldemonstratethatthepartialequilibriumdeadweightlosstrianglestendtooverstatethetariffharm.

B.suggeststhatthedeadweightlosstrianglesfrompartialequilibriummodelstendtounderstatetheharmtosocietyofprotectionism.

C.suggeststhatitisquitesensiblethatproducerstendtosupportquotas.

D