经济学原理对应练习09.docx

经济学原理对应练习09.docx

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经济学原理对应练习09

Chapter9

Application:

InternationalTrade

MultipleChoice

1.AnimportantfactorinthedeclineoftheU.S.textileindustryoverthepast100orsoyearsis

a.foreigncompetitorsthatcouldproducequalitytextilegoodsatlowcost.

b.lowerpricesofgoodsthataresubstitutesforclothing.

c.adecreaseinAmericans’demandforclothing,duetoincreasedincomesandthefactthatclothingisaninferiorgood.

d.thefactthattheminimumwageintheU.S.hasfailedtokeeppacewiththecostofliving.

ANS:

APTS:

1DIF:

1REF:

9-0

TOP:

InternationaltradeMSC:

Interpretive

2.WithwhichoftheTenPrinciplesofEconomicsisthestudyofinternationaltrademostcloselyconnected?

a.Peoplefacetradeoffs.

b.Tradecanmakeeveryonebetteroff.

c.Governmentscansometimesimprovemarketoutcomes.

d.Pricesrisewhenthegovernmentprintstoomuchmoney.

ANS:

BPTS:

1DIF:

1REF:

9-0

TOP:

InternationaltradeMSC:

Interpretive

3.Alogicalstartingpointfromwhichthestudyofinternationaltradebeginsis

a.therecognitionthatnotallmarketsarecompetitive.

b.therecognitionthatgovernmentinterventioninmarketssometimesenhancestheeconomicwelfareofthesociety.

c.theprincipleofabsoluteadvantage.

d.theprincipleofcomparativeadvantage.

ANS:

DPTS:

1DIF:

1REF:

9-0

TOP:

Internationaltrade|ComparativeadvantageMSC:

Interpretive

4.Ataxonanimportedgoodiscalleda

a.quota.

b.tariff.

c.supplytax.

d.tradetax.

ANS:

BPTS:

1DIF:

1REF:

9-1

TOP:

TariffsMSC:

Definitional

5.Thepriceofagoodthatprevailsinaworldmarketiscalledthe

a.absoluteprice.

b.relativeprice.

c.comparativeprice.

d.worldprice.

ANS:

DPTS:

1DIF:

1REF:

9-1

TOP:

Price|WorldtradeMSC:

Definitional

6.Thepriceofcottonthatprevailsininternationalmarketsiscalledthe

a.exportpriceofcotton.

b.importpriceofcotton.

c.comparative-advantagepriceofcotton.

d.worldpriceofcotton.

ANS:

DPTS:

1DIF:

1REF:

9-1

TOP:

Internationaltrade|PricesMSC:

Definitional

7.Ifacountryallowstradeand,foracertaingood,thedomesticpricewithouttradeishigherthantheworldprice,

a.thecountrywillbeanexporterofthegood.

b.thecountrywillbeanimporterofthegood.

c.thecountrywillbeneitheranexporternoranimporterofthegood.

d.Additionalinformationisneededaboutdemandtodeterminewhetherthecountrywillbeanexporterofthegood,animporterofthegood,orneither.

ANS:

BPTS:

1DIF:

2REF:

9-1

TOP:

Prices|ImportsMSC:

Interpretive

8.Ifacountryallowstradeand,foracertaingood,thedomesticpricewithouttradeislowerthantheworldprice,

a.thecountrywillbeanexporterofthegood.

b.thecountrywillbeanimporterofthegood.

c.thecountrywillbeneitheranexporternoranimporterofthegood.

d.Additionalinformationisneededaboutdemandtodeterminewhetherthecountrywillbeanexporterofthegood,animporterofthegood,orneither.

ANS:

APTS:

1DIF:

2REF:

9-1

TOP:

Prices|ExportsMSC:

Interpretive

9.Foranycountry,iftheworldpriceofcomputersishigherthanthedomesticpriceofcomputerswithouttrade,thatcountryshould

a.exportcomputers,sincethatcountryhasacomparativeadvantageincomputers.

b.importcomputers,sincethatcountryhasacomparativeadvantageincomputers.

c.neitherexportnorimportcomputers,sincethatcountrycannotgainfromtrade.

d.neitherexportnorimportcomputers,sincethatcountryalreadyproducescomputersatalowcostcomparedtoothercountries.

ANS:

APTS:

1DIF:

2REF:

9-1

TOP:

Exports|ComparativeadvantageMSC:

Applicative

10.IftheworldpriceoftextilesishigherthanVietnam’sdomesticpriceoftextileswithouttrade,thenVietnam

a.shouldimporttextiles.

b.hasacomparativeadvantageintextiles.

c.shouldproducejustenoughtextilestomeetitsdomesticdemand.

d.shouldrefrainaltogetherfromproducingtextiles.

ANS:

BPTS:

1DIF:

2REF:

9-1

TOP:

Price|ComparativeadvantageMSC:

Interpretive

11.Assume,forCanada,thatthedomesticpriceofsteelwithoutinternationaltradeishigherthantheworldpriceofsteel.Thissuggeststhat,intheproductionofsteel,

a.CanadahasacomparativeadvantageoverothercountriesandCanadawillimportsteel.

b.CanadahasacomparativeadvantageoverothercountriesandCanadawillexportsteel.

c.othercountrieshaveacomparativeadvantageoverCanadaandCanadawillimportsteel.

d.othercountrieshaveacomparativeadvantageoverCanadaandCanadawillexportsteel.

ANS:

CPTS:

1DIF:

2REF:

9-1

TOP:

Comparativeadvantage|PricesMSC:

Applicative

12.Assume,fortheU.S.,thatthedomesticpriceofbeefwithoutinternationaltradeislowerthantheworldpriceofbeef.Thissuggeststhat,intheproductionofbeef,

a.theU.S.hasacomparativeadvantageoverothercountriesandtheU.S.willexportbeef.

b.theU.S.hasacomparativeadvantageoverothercountriesandtheU.S.willimportbeef.

c.othercountrieshaveacomparativeadvantageovertheU.S.andtheU.S.willexportbeef.

d.othercountrieshaveacomparativeadvantageovertheU.S.andtheU.S.willimportbeef.

ANS:

APTS:

1DIF:

2REF:

9-1

TOP:

Comparativeadvantage|PricesMSC:

Applicative

13.SupposetheUnitedStatesexportscarstoFranceandimportscheesefromSwitzerland.Thissituationsuggeststhat

a.theUnitedStateshasacomparativeadvantagerelativetoSwitzerlandinproducingcheese,andFrancehasacomparativeadvantagerelativetotheUnitedStatesinproducingcars.

b.theUnitedStateshasacomparativeadvantagerelativetoFranceinproducingcars,andSwitzerlandhasacomparativeadvantagerelativetotheUnitedStatesinproducingcheese.

c.theUnitedStateshasanabsoluteadvantagerelativetoSwitzerlandinproducingcheese,andFrancehasanabsoluteadvantagerelativetotheUnitedStatesinproducingcars.

d.theUnitedStateshasanabsoluteadvantagerelativetoFranceinproducingcars,andSwitzerlandhasanabsoluteadvantagerelativetotheUnitedStatesinproducingcheese.

ANS:

BPTS:

1DIF:

2REF:

9-1

TOP:

ComparativeadvantageMSC:

Interpretive

14.Tradeamongnationsisultimatelybasedon

a.absoluteadvantage.

b.strategicadvantage.

c.comparativeadvantage.

d.technicaladvantage.

ANS:

CPTS:

1DIF:

1REF:

9-1

TOP:

Trade|ComparativeadvantageMSC:

Interpretive

15.Acountryhasacomparativeadvantageinaproductiftheworldpriceis

a.lowerthanthatcountry’sdomesticpricewithouttrade.

b.higherthanthatcountry’sdomesticpricewithouttrade.

c.equaltothatcountry’sdomesticpricewithouttrade.

d.notsubjecttomanipulationbyorganizationsthatgoverninternationaltrade.

ANS:

BPTS:

1DIF:

2REF:

9-1

TOP:

Price|ComparativeadvantageMSC:

Interpretive

16.SupposeHaitihasacomparativeadvantageoverothercountriesinproducingsugar,butothercountrieshaveanabsoluteadvantageoverHaitiinproducingsugar.Iftradeinsugarisallowed,Haiti

a.willimportsugar.

b.willexportsugar.

c.willeitherexportsugarorexportsugar,butitisnotclearfromthegiveninformation.

d.wouldhavenothingtogaineitherfromexportingorimportingsugar.

ANS:

BPTS:

1DIF:

2REF:

9-1

TOP:

Comparativeadvantage|AbsoluteadvantageMSC:

Interpretive

17.When,inouranalysisofthegainsandlossesofinternationaltrade,weassumethatacountryissmall,weareineffectassumingthatthecountry

a.cannotexperiencesignificantgainsorlossesbytradingwithothercountries.

b.cannothaveasignificantcomparativeadvantageoverothercountries.

c.cannotaffectworldpricesbytradingwithothercountries.

d.Alloftheabovearecorrect.

ANS:

CPTS:

1DIF:

2REF:

9-2

TOP:

Prices|InternationaltradeMSC:

Interpretive

18.When,inouranalysisofthegainsandlossesfrominternationaltrade,weassumethataparticularcountryissmall,weare

a.assumingthedomesticpricebeforetradewillcontinuetoprevailoncethatcountryisopeneduptotradewithothercountries.

b.assumingthereisnodemandforthatcountry’sdomestically-producedgoodsbyothercountries.

c.assuminginternationaltradecanbenefitproducers,butnotconsumers,inthatcountry.

d.makinganassumptionthatisnotnecessarytoanalyzethegainsandlossesfrominternationaltrade.

ANS:

DPTS:

1DIF:

2REF:

9-2

TOP:

Assumptions|InternationaltradeMSC:

Interpretive

19.Inanalyzingthegainsandlossesfrominternationaltrade,tosaythatMoldovaisasmallcountryistosaythat

a.Moldovacanonlyimportgoods;itcannotexportgoods.

b.Moldova’schoiceofwhichgoodstoexportandwhichgoodstoimportisnotbasedontheprincipleofcomparativeadvantage.

c.onlythedomesticpriceofagoodisrelevantforMoldova;theworldpriceofagoodisirrelevant.

d.Moldovaisapricetaker.

ANS:

DPTS:

1DIF:

2REF:

9-2

TOP:

Prices|InternationaltradeMSC:

Interpretive

20.Whenacountryallowstradeandbecomesanexporterofagood,

a.domesticproducersgainanddomesticconsumerslose.

b.domesticproducersloseanddomesticconsumersgain.

c.domesticproducersanddomesticconsumersbothgain.

d.domesticproducersanddomesticconsumersbothlose.

ANS:

APTS:

1DIF:

2REF:

9-2

TOP:

Exports|GainsfromtradeMSC:

Interpretive

21.Whenacountryallowstradeandbecomesanimporterofagood,

a.bothdomesticproducersanddomesticconsumersbecomebetteroff.

b.domesticproducersbecomebetteroff,anddomesticconsumersbecomeworseoff.

c.domesticproducersbecomeworseoff,anddomesticconsumersbecomebetteroff.

d.bothdomesticproducersanddomesticconsumersbecomeworseoff.

ANS:

CPTS:

1DIF:

2REF:

9-2

TOP:

Imports|GainsfromtradeMSC:

Interpretive

22.Whenacount