国际经济考试.docx

国际经济考试.docx

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国际经济考试

Chapter1:

Introduction

（一）MultipleChoiceQuestions

1.Attemptstoexplainthepatternofinternationaltrade

A.havebeenamajorfocusofinternationaleconomists.

B.haveproventobehopeless.

C.haveproventobeatrivialexercise.

D.havebeenthepreoccupationofeconomicdevelopmenttheorists.

2.Internationaleconomicscanbedividedintotwobroadsub-fields:

A.macroandmicro.

B.developedandlessdeveloped.

C.monetaryandbarter.

D.internationaltradeandinternationalmoney.

3.Proponentsoffreetradeclaimallofthefollowingasadvantagesexcept

A.relativelyhighwagelevelsforalldomesticworkers.

B.awiderselectionofproductsforconsumers

C.increasedcompetitionforworldproducers.

D.theutilizationofthemostefficientproductionprocesses.

4.Empiricalstudiesindicatethatproductivityperformanceis

A.directlyrelatedtoglobalizationofindustries.

B.inverselyrelatedtoglobalizationofindustries.

C.notrelatedtoglobalizationofindustries.

D.Anyoftheabove.

5.Aclosedeconomyisoneinwhich

A.importsexactlyequalexports.

B.domesticfirmsinvestinforeigncountries.

C.thehomeeconomyisisolatedfromforeigntradeorinvestment.

D.Alloftheabove.

（二）EssayQuestions

1.Itisarguedthatsmallcountriestendhavemoreopeneconomiesthanlargeones.Isthisempiricallyverified?

Whatarethelogicalunderpinningsofthisargument?

2.InternationalTradetheoryisoneoftheoldestareasofappliedeconomicpolicyanalysis.Itisalsoanareaforwhichdatawasrelativelywidelyavailableveryearlyon.Whydoyousupposethisisthecase?

（一）MultipleChoiceQuestions

1.A2.C3.A4.A5.C

（二）EssayQuestions

1.Answer:

Yes.Theydonothavesufficientresourcestosatisfyconsumptionneeds;andalsodonothaveasufficientlylargemarkettoenabletheirindustriestoavailthemselvesofscaleeconomypossibilities.

Anotheranswerwouldrelyonalocationargument.Assumethatthe"natural"marketforanygivenplantisacirclewitharadiusofnmileswiththeplantatitscenter.Assumingthattheproductionplantsarelocatedrandomlythroughoutthecountry,thentheprobabilitythatthetypicalcircularmarketwillencompasssomeforeigncountryisgreaterthesmalleristhecountry.

2.Answer:

Inancienttimes,publicfinancewasnotwelldeveloped.Mostofthepopulationwasnotproducingandconsumingwithinwell-developedmarketeconomies,sothatincomeandsalestaxeswerenotefficient.Oneofthemostconvenientwaysforgovernmentstoobtainresourceswastosetupcustompostsatbordersandtax.Henceinternationaltradewasofgreatpolicyinteresttoprincesandkings,aswasprecisedataoftheirmaintaxbase.

CHAPTER2:

LABORPRODUCTIVITYANDCOMPARATIVEADVANTAGE:

THERICARDIANMODEL

（一）MultipleChoiceQuestions

1.TheRicardiantheoryofcomparativeadvantagestatesthatacountryhasacomparativeadvantageinwidgetsif

A.outputperworkerofwidgetsishigherinthatcountry.

B.thatcountry'sexchangerateislow.

C.wageratesinthatcountryarehigh.

D.theoutputperworkerofwidgetsascomparedtotheoutputofsomeotherproductishigherinthatcountry

2.Acountryengagingintradeaccordingtotheprinciplesofcomparativeadvantagegainsfromtradebecauseit

A.isproducingexportsindirectlymoreefficientlythanitcouldalternatively.

B.isproducingimportsindirectlymoreefficientlythanitcoulddomestically.

C.isproducingexportsusingfewerlaborunits.

D.isproducingimportsindirectlyusingfewerlaborunits.

3.Giventhefollowinginformation:

UnitLaborRequirements

ClothWidgets

Home2040

Foreign12060

A.Neithercountryhasacomparativeadvantage.

B.Homehasacomparativeadvantageincloth.

C.Foreignhasacomparativeadvantageincloth.

D.Homehasacomparativeadvantageinwidgets.

4.Asaresultoftrade,specializationintheRicardianmodeltendstobe

A.completewithconstantcostsandwithincreasingcosts.

B.completewithconstantcostsandincompletewithincreasingcosts.

C.incompletewithconstantcostsandcompletewithincreasingcosts.

D.incompletewithconstantcostsandincompletewithincreasingcosts.

5.Ifonecountry'swagelevelisveryhighrelativetotheother's（therelativewageexceedingtherelativeproductivityratios）,then

A.itisnotpossiblethatproducersineachwillfindexportmarketsprofitable.

B.itisnotpossiblethatconsumersinbothcountrieswillenhancetheirrespectivewelfaresthroughimports.

C.itisnotpossiblethatbothcountrieswillfindgainsfromtrade.

D.itispossiblethatbothwillenjoytheconventionalgainsfromtrade.

（二）Explainthekeyterms

1.absoluteadvantage

2.comparativeadvantage

3.opportunitycost

4.Ricardianmodel

（三）EssayQuestions

1.ManycountriesinSub-SaharanAfricahaveverylowlaborproductivitiesinmanysectors,inmanufacturingandagriculture.Theyoftendespairofeventryingtoattempttobuildtheirindustriesunlessitisdoneinanautarkiccontext,behindprotectionistwallsbecausetheydonotbelievetheycancompetewithmoreproductiveindustriesabroad.DiscussthisissueinthecontextoftheRicardianmodelofcomparativeadvantage.

2.Whenweexaminethe2Good2CountryversionoftheRicardianmodelofcomparativeadvantage,wenotethatcomparativeadvantageistotallydeterminedbyphysicalproductivityratios.Changesinwageratesineithercountrycannotaffectthesephysicallydeterminedcomparativeadvantages,andhencecannotaffect,whichproductwillbeexportedbywhichcountry.However,whenmorethan2goodsareaddedtothemodel（stillwith2countries）,changesinwageratesinoneortheothercountrycaninfactdeterminewhichgoodorgoodseachofthecountrieswillexport.Howcanyouexplainthisanomaly?

3.AnexaminationoftheRicardianmodelofcomparativeadvantageyieldstheclearresultthattradeis（potentially）beneficialforeachofthetwotradingpartnerssinceitallowsforanexpandedconsumptionchoiceforeach.However,fortheworldasawholetheexpansionofproductionofoneproductmustinvolveadecreaseintheavailabilityoftheother,sothatitisnotclearthattradeisbetterfortheworldasawholeascomparedtoaninitialsituationofnon-trade（butefficientproductionineachcountry）.Arethereinfactgainsfromtradefortheworldasawhole?

Explain.

（四）Quantitative/GraphingProblems

1.Giventhefollowinginformation:

UnitLaborRequirements

ClothWidgets

Home100200

Foreign6030

WhatistheopportunitycostofClothintermsofWidgetsinForeign?

2.Giventhefollowinginformation:

UnitLaborRequirements

ClothWidgets

Home100200

Foreign6030

IfthesetwocountriestradethesetwogoodsinthecontextoftheRicardianmodelofcomparativeadvantage,thenwhatisthelowerlimitoftheworldequilibriumpriceofwidgets?

3.Giventhefollowinginformation:

UnitLaborRequirements

ClothWidgets

Home100200

Foreign6030

IfthesetwocountriestradethesetwogoodswitheachotherinaccordingtotheRicardianmodelofcomparativeadvantage,whatisthelowerlimitforthepriceofcloth?

4.Giventhefollowinginformation:

UnitsProducedbyOneWorker/Hour

ClothWidgets

Home100200

Foreign6030

WhatistheopportunitycostofclothintermsofwidgetsinForeign?

5.Giventhefollowinginformation:

UnitsProducedbyOneWorker/Hour

ClothWidgets

Home100200

Foreign6030

IfthesetwocountriestradethesetwogoodswitheachotherinthefollowingtheRicardianmodelofcomparativeadvantage,thenwhatisthelowerlimitfortheworldequilibriumpriceofcloth?

（一）MultipleChoiceQuestions

1.D2.B3.B4.B5.D

（二）Explainthekeyterms

1.absoluteadvantage：

whenonecountrycanproduceaunitofagoodwithlesslaborthananothercountry,wesaythatthefirstcountryhasanabsoluteadvantageinproducingthatgood.

2.Comparativeadvantage:

Acountryhasacomparativeadvantageinproducingagoodiftheopportunitycostorproducingthatgoodintermsofothergoodsislowerinthatcountrythanitisinothercountries.

3.Opportunitycost:

theopportunitycostofgood1intermsofgood2isthenumberofgood2thatcouldhavebeenproducedwiththeresourcesusedtoproduceagivennumberofgood1.

4.Ricardianmodel:

internationaltradeissolelyduetointernationaldifferencesintheproductivityoflabor.

（三）EssayQuestions

1.Answer:

TheRicardianmodelofcomparativeadvantagearguesthateverycountrymusthaveacomparativeadvantageinsomeproduct（assumingtherearemoreproductsthancountries.

2.Answer:

Thisisnotreallyananomaly.Aslongasonlytwogoodsexist,thenaslongastradetakesplace,eachcountrymusthaveacomparativeadvantageinoneofthem（ornone）.However,iftherearemoregoodsthancountries,thenthephysicalproductivitydefinitionofcomparativeadvantagebecomesambiguous.Changesinrelativewagerateswillshifttheinternationalcompetitivenessalongthe"chainofcomparativeadvantage."

3.Answer:

Ifweweretocombinetheproductionpossibilityfrontiersofthetwocountriestocreateasingleworldproductionpossibilityfrontier,thenitistruethatanychangeinproductionpoints（fromautarkytospecializationwithtrade）wouldinvolveatradeoffofonegoodforanotherfromtheworld'sperspective.Inotherwords,thenewsolutioncannotpossiblyinvolvetheproductionofmoreofbothgoods.However,sinceweknowthateachcountryisbetteroffatthenewsolution,itmustbetruethattheoriginalpointswerenotonthetradecontractcurvebetweenthetwocountries,anditwasinfactpossibletomakesomepeoplebetteroffwithoutmakingothersworseoff,