国际贸易练习题712章.docx

国际贸易练习题712章.docx

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国际贸易练习题712章

InternationalTrade（Chapter7-12）

Chapter7:

GrowthandTrade

MultipleChoice

1.Onefundamentalsourceoflong-runeconomicgrowthwouldbe:

a.Externalscaleeconomies.

b.Lowerwages.

c.Improvementsinproductiontechnologies.

d.Exploitingcomparativeadvantage.

ANSWER:

C

Figure7.1

Wheat

2.ReferringtoFigure7.1,thisoutwardshiftoftheproductionpossibilitiesfrontierisanexampleof:

a.Biasedgrowth.

b.Balancedgrowth.

c.Themovefromautarkytofreetrade.

d.Afallinproductioncosts.

ANSWER:

A

3.Whichofthefollowingstatementsistrue?

I.Increasesinacountry'sendowmentsofland,labor,andcapitalwillleadtolong-runeconomicgrowth.

II.Improvementsinthetechnologyusedinproductioncanleadtoincreasesinoutput,butcannotleadtolong-runeconomicgrowth.

III.Improvementsintechnologyandincreasesintheendowmentsofproductiveinputscanbothcausetheproduction-possibilitycurvetoshiftoutward.

a.IandII

b.IandIII

c.I,IIandIII

d.Noneoftheabove

ANSWER:

B

4.Acapital-abundantcountrytradestwogoodswiththerestoftheworld,medicalequipmentandcorn.Medicalequipmentisrelativelycapital-intensive.Anincreaseinthecountry’sendowmentofcapital,withnochangeinthepriceofeithermedicalequipmentorcorn,willcausetheoutputofmedicalequipmentto__________andtheoutputofcornto__________.

a.Rise;fall

b.Fall;rise

c.Rise;rise

d.Fall;fall

ANSWER:

A

True/FalseQuestions

5.Foracountryalreadyengagedintrade,biasedgrowthwillleadtoanincreasedwillingnesstotrade.

ANSWER:

FALSE

6.Ifacountryissmall,thenitstradewillhavenoeffectonitstermsoftrade.

ANSWER:

TRUE

7.Growthcouldleadtoeitheranincreaseoradecreaseinacountry'swillingnesstotrade.

ANSWER:

TRUE

8.Growthwithanincreasedwillingnesstoengageininternationaltradewillalwaysimprovetheeconomicwell-beingofacountry.

ANSWER:

FALSE

EssayQuestions

9.SupposethatCountryA,whichhasarelativeabundanceofcapital,furtherexpandsitsendowmentofcapital.Explainhowthismightaffectthevolume（amount）oftradeandtheinternationaltermsoftradewiththerestoftheworld?

Underwhatconditions（ifany）wouldtheeconomicwell-beingofCountryAgodownafterthisincreaseincapital?

Explain.

POSSIBLERESPONSE:

IftheamountofcapitalinCountryAincreases,theresultwillbeabiasedgrowthtowardtheproductionofcapital-intensivegoods.Asaresultofthisbiasedgrowth,thecountrywillexpanditsproductionofcapital-intensivegoodsandwillreduceitsproductionofgoodsrequiringtheintensiveuseofotherfactorsofproduction（Rybczynskitheorem）.Thecountryincreasesitswillingnesstotrade.Ifthecountryislarge,theincreasedwillingnesswillaffecttheinternationalpriceratio（termsoftrade）tothedisadvantageofthecountry.Ifthiseffectislargeenough,theresultwillbeimmizerisinggrowth,whichcausesthecountrytolosewell-beingeventhoughoneofthefactorsofproductionisgrowing.

Chapter8:

AnalysisofaTariff

MultipleChoiceQuestions

Figure8.1:

TheU.S.MarketforShoes

Price

1.ReferringtoFigure8.1,theimpactofatariffonshoesontheamountofdomesticproducersurplusisa__________measuredbyarea__________.

a.Gain;a

b.Loss;a

c.Gain;（a+b）

d.Loss;（a+b）

ANSWER:

A

2.ReferringtoFigure8.1,theimpactofatariffonshoesontheamountofdomesticconsumersurplusisa__________measuredbyarea__________.

a.Gain;d

b.Loss;d

c.loss;（a+b+c+d）

d.Loss;（b+d）

ANSWER:

C

3.ReferringtoFigure8.1,therevenuecollectedbytheU.S.governmentasaresultofthetariffonshoesisshownbyarea__________.

a.a

b.a+b

c.c

d.b+c+d

ANSWER:

C

4.ReferringtoFigure8.1,theimpositionofatariffonshoescausedeconomicwelfareintheU.S.to__________byanamountmeasuredbyarea__________.

a.Fall;c

b.Fall;（b+d）

c.Fall;（b+c+d）

d.Rise;（a+c）

ANSWER:

B

5.ReferringtoFigure8.1,whatareameasurestheproductioneffectofthetariffonshoes?

a.a

b.b

c.c

d.d

ANSWER:

B

6.ReferringtoFigure8.1,whatareameasurestheconsumptioneffectofthetariffonshoes?

a.a

b.b

c.c

d.d

ANSWER:

D

True/FalseQuestions

7.Atariffimposedbyasmallcountryhurtsthetariffimposingcountrybutbringsgainstotherestoftheworld.

ANSWER:

FALSE

8.Theconsumptioneffectshowsthewelfarelosstotheeconomyresultingfromconsumersshiftingfromimportstomoreexpensivedomesticproduction.

ANSWER:

FALSE

9.Theone-dollar,one-votemetricsaysthateverydollarofgainismoreimportantthaneverydollarofloss,regardlessofwhothegainersorlosersare.

ANSWER:

FALSE

EssayQuestions

10.YouaregiventhefollowinginformationaboutcopperintheUnitedStates:

SituationSituation

WithTariffWithoutTariff

WorldPrice$0.40perlb.$0.50perlb.

Tariff（specific）$0.20perlb.0

U.S.DomesticPrice$0.60perlb.$0.50perlb.

U.S.Consumption210millionlb.250millionlb.

U.S.Production140millionlb.100millionlb.

a.CalculatethelosstoU.S.consumersofcopperfromimposingthetariff.

b.CalculatethegaintoU.S.producersofcopperfromimposingthetariff.

c.CalculatethegainintariffrevenuetotheU.S.governmentfromimposingthetariff.

POSSIBLERESPONSE:

a.Asaresultofthetariffthedomesticpricerisesby$0.10（from$0.50to$0.60）perpound.Consumersconsume250-210=40millionpoundsless.Theconsumptioneffectis½x$0.10x40million=$2million.Consumersloseadditionally$0.10x210million=$21millionduetothehigherpricetheypayfortheirconsumptionafterthetariffisimposed.Theyloseatotalof$23million.

b.U.S.producerscharge$0.10moreperpoundandexpandtheirproductionby40millionpounds.Theirgainofproducersurplusfromexpandingtheproductionquantityis½x$0.10x40million=$2million.Theirgainfromsellingtheproductionquantitytheyusedtosellbeforethetariffnowata$0.10higherpriceis100millionx$0.10=$10million.Theirgaintotals$12million.

c.ThetariffrevenuetotheU.S.governmentequalstheproductoftheimportedquantityandthetariffperunit.AfterimposingthetarifftheU.S.imports210-140=70millionpounds.TheU.S.revenueis$0.20x70million=$14million.

Chapter9:

NontariffBarrierstoImports

MultipleChoiceQuestions

Figure9.1:

The.MarketforMP3PlayersinaSmallCountry

Price

$80

$90

1.ReferringtoFigure9.1,whatistheamountallowedinthequotaonMP3players?

a.2millionMP3players.

b.5millionMP3players.

c.12millionMP3players.

d.17millionMP3players.

ANSWER:

B

2.ReferringtoFigure9.1,thequotaonMP3playerswillcausedomesticproducersto:

a.Gain$10million.

b.Lose$10million.

c.Gain$110million.

d.Gain$120million.

ANSWER:

C

3.ReferringtoFigure9.1,thequotaonMP3playerswillcausedomesticconsumersto:

a.Lose$25million.

b.Gain$25million.

c.Lose$170million.

d.Lose$195million.

ANSWER:

D

4.ReferringtoFigure9.1,withacompetitiveauction,howmuchrevenuecanthegovernmentexpecttoreceive?

a.$20million.

b.$50million.

c.$120million.

d.$170million.

ANSWER:

B

5.ReferringtoFigure9.1,giventhatacompetitiveauctionisusedbythegovernmenttoallocateimportlicenses,thequotaonMP3playerswillcausea__________tothenationof__________.

a.Loss;$35million

b.Loss;$85million

c.Gain;$35million

d.Loss;$195million

ANSWER:

A

True/FalseQuestions

6.Unlikeatariff,aquotadoesnotcauseeitheraproductioneffectoraconsumptioneffect.

ANSWER:

FALSE

7.Atariffallowsadomesticmonopolisttoassertitsmonopolypower.Aquotadoesnot.

ANSWER:

FALSE

8.Exportingfirmssuffergreatlywhenhitwithvoluntaryexportrestraints.

ANSWER:

FALSE

EssayQuestions

9.Yourgovernmentispresentlydecidingwhetherornottoprotectthedomesticautomobileindustry.Aredomesticsteel-producingfirmsinfavorofpoliciesdesignedtoprotectthelocalautomobileproducers?

Whyorwhynot?

POSSIBLERESPONSE:

Steelisamajorinputintheautomotiveindustry.Theautomobileindustryisamajorconsumerofsteel,sothedemandforsteelislinkedtothedemandforautomobiles.Inparticular,itcanbeexpectedthattheprotectionoflocalautomotiveproducerswillkeepthelocalproductionofautomobileshigh,whichmeanstherewillbeahighdemandforsteellocally.Thisbenefitsdomesticsteel-producingfirms,sotheywillbeinfavorofsuchgovernmentpolicy.

Chapter10:

ArgumentsforandagainstProtection

MultipleChoiceQuestions

1.Ina“first-best”world:

a.Freetradeisnotoptimal.

b.Freetradeiseconomicallyefficient.

c.Freetradebenefitseveryone.

d.Freetradeharmseveryone.

ANSWER:

B

2.A“first-best”worldisoneinwhich:

a.Socialmarginalbenefit（SMB）>Price（P）=Buyer’sprivatemarginalbenefit（MB）=Seller’sprivatemarginalcost（MC）=Socialmarginalcost（SMC）

b.Socialmarginalcost（SMC）>Price（P）=Buyer’sprivatemarginalbenefit（MB）=Seller’sprivatemarginalcost（MC）=Socialmarginalbenefit（SMB）

c.Price（P）=Buyer’sprivatemarginalbenefit（MB）=Seller’sprivatemarginalcost（MC）=Socialmarginalcost（SMC）=Socialmarginalbenefit（SMB）

d.Socialmarginalbenefit（SMB）>Socialmarginalcost（SMC）

ANSWER:

C

3.Whichofthefollowingstatementsistrue?

I.Ifyoungfirmsarestrugglingtoobtainfundingfromunderdevelopedfinancialmarkets,themostefficientpolicysolutionwouldbeaproductionsubsidy.

II.Ifyoungfirmsarestrugglingtoretaintheirtrainedworkers,thengovernmentshouldofferasubsidytooffsetthecostsoftrainingworkers.

III.Infant