国际贸易14章.docx

1、国际贸易14章International Economics, 8e (Krugman) Chapter 1 Introduction1.1 What Is International Economics About?1) Historians of economic thought often describe _ written by _ and published in _ as the first real exposition of an economic model. A) ”Of the Balance of Trade,” David Hume, 1776 B) ”Wealth

2、 of Nations,” David Hume, 1758 C) ”Wealth of Nations,” Adam Smith, 1758 D) ”Wealth of Nations,” Adam Smith, 1776 E) ”Of the Balance of Trade,” David Hume, 1758 Answer: E2)Ancient theories of international economics from the 18th and 19th Centuries are A) not relevant to current policy analysis. B) a

3、re only of moderate relevance in todays modern international economy. C) are highly relevant in todays modern international economy. D) are the only theories that actually relevant to modern international economy. E) are not well understood by modern mathematically oriented theorists. Answer: C3) An

4、 important insight of international trade theory is that when countries exchange goods and services one with the other it A) is always beneficial to both countries. B) is usually beneficial to both countries. C) is typically beneficial only to the low wage trade partner country. D) is typically harm

5、ful to the technologically lagging country. E) tends to create unemployment in both countries. Answer: B4) If there are large disparities in wage levels between countries, then A) trade is likely to be harmful to both countries. B) trade is likely to be harmful to the country with the high wages. C)

6、 trade is likely to be harmful to the country with the low wages. D) trade is likely to be harmful to neither country. E) trade is likely to have no effect on either country. Answer: D5) Who sells what to whom A) has been a major preoccupation of international economics. B) is not a valid concern of

7、 international economics. C) is not considered important for government foreign trade policy since such decisions are made in the private competitive market. D) is determined by political rather than economic factors. E) None of the above Answer: A6) The insight that patterns of trade are primarily

8、determined by international differences in labor productivity was first proposed by A) Adam Smith. B) David Hume. C) David Ricardo. D) Eli Heckscher. E) Lerner and Samuelson. Answer: C7) The euro, a common currency for most of the nations of Western Europe, was introduced A) before 1900. B) before 1

9、990. C) before 2000. D) in order to snub the pride of the U.S. E) None of the above. Answer: C8) For the 50 years preceding 1994, international trade policies have been governed A) by the World Trade Organization. B) by the International Monetary Fund. C) by the World. D) by an international treaty

10、known as the General Agreement on Tariffs and Trade (GATT). E) None of the above. Answer: D9) The international capital market is A) the place where you can rent earth moving equipment anywhere in the world. B) a set of arrangements by which individuals and firms exchange money now for promises to p

11、ay in the future. C) the arrangement where banks build up their capital by borrowing from the Central Bank. D) the place where emerging economies accept capital invested by banks. E) None of the above. Answer: B10) Since 1994, trade rules have been enforced by A) the WTO. B) the G10. C) the GATT. D)

12、 The U.S. Congress. E) None of the above. Answer: A11) Cost-benefit analysis of international trade A) is basically useless. B) is empirically intractable. C) focuses attention primarily on conflicts of interest within countries. D) focuses attention on conflicts of interests between countries. E) N

13、one of the above. Answer: C12) An improvement in a countrys balance of payments means a decrease in its balance of payments deficit, or an increase in its surplus. In fact we know that a surplus in a balance of payments A) is good. B) is usually good. C) is probably good. D) may be considered bad. E

14、) is always bad. Answer: D13) The GATT was A) an international treaty. B) an international U.N. agency. C) an international IMF agency. D) a U.S. government agency. E) a collection of tariffs. Answer: A14) International economics can be divided into two broad sub-fields A) macro and micro. B) develo

15、ped and less developed. C) monetary and barter. D) international trade and international money. E) static and dynamic. Answer: DChapter 2 World Trade: An Overview2.1 Who Trades with Whom?1) What percent of all world production of goods and services is exported to other countries? A) 10% B) 30% C) 50

16、% D) 100% E) None of the above. Answer: B2) The gravity model offers a logical explanation for the fact that A) trade between Asia and the U.S. has grown faster than NAFTA trade. B) trade in services has grown faster than trade in goods. C) trade in manufactures has grown faster than in agricultural

17、 products. D) Intra-European Union trade exceeds International Trade of the European Union. E) None of the above. Answer: D3) According to the gravity model, a characteristic that tends to affect the probability of trade existing between any two countries is A) their cultural affinity. B) the averag

18、e weight/value of their traded goods. C) their colonial-historical ties. D) the distance between them. E) the number of varieties produced on the average by their industries. Answer: D4) Why does the gravity model work? A) Large economies became large because they were engaged in international trade

19、. B) Large economies have relatively large incomes, and hence spend more on government promotion of trade and investment. C) Large economies have relatively larger areas which raises the probability that a productive activity will take place within the borders of that country. D) Large economies ten

20、d to have large incomes and tend to spend more on imports. E) None of the above. Answer: D5) The two neighbors of the United States do a lot more trade with the United States than European economies of equal size. A) This contradicts predictions from gravity models. B) This is consistent with predic

21、tions from gravity models. C) This is relevant to any inferences that may be drawn from gravity models. D) This is because these neighboring countries have exceptionally large GDPs. E) None of the above. Answer: B6) Since World War II (the early 1950s), the proportion of most countries production be

22、ing used in some other country A) remained constant. B) increased. C) decreased. D) fluctuated widely with no clear trend. E) both A and D above. Answer: B7) Since World War II, the relative importance of raw materials, including oil, in total world trade A) remained constant. B) increased. C) decre

23、ased. D) fluctuated widely with no clear trend E) both A and D above. Answer: C 8) In the current Post-Industrial economy, international trade in services (including banking and financial services) A) dominates world trade. B) does not exist. C) is relatively small. D) is relatively stagnant. E) Non

24、e of the above. Answer: C9) In the pre-World War I period, the U.S. exported primarily A) manufactured goods. B) services. C) primary products including agricultural. D) technology intensive products. E) None of the above. Answer: C 10) In the pre-World War I period, the United Kingdom exported prim

25、arily A) manufactured goods. B) services. C) primary products including agricultural. D) technology intensive products. E) None of the above. Answer: A11) In the present, most of the exports from China are in A) manufactured goods. B) services. C) primary products including agricultural. D) technolo

26、gy intensive products. E) None of the above. Answer: AAnswer the textbook questio1. We saw that not only is GDP important in explaining how much two countries trade, but also, distance is crucial. Given its remoteness, Australia faces relatively high costs of transporting imports and exports, thereb

27、y reducing the attractiveness of trade. Since Canada has a border with a large economy (the U.S.) and Australia is not near any other major economy, it makes sense that Canada would be more open and Australia more self-reliant.2. Mexico is quite close to the U.S., but it is far from the European Uni

28、on (EU). So it makes sense that it trades largely with the U.S. Brazil is far from both, so its trade is split between the two. Mexico trades more than Brazil in part because it is so close to a major economy (the U.S.) and in part because it is a member of a free trade agreement with a large econom

29、y (NAFTA). Brazil is farther away from any large economy and is in a free trade agreement with relatively small countries.Chapter 3 Labor Productivity and Comparative Advantage: The Ricardian Model1) Trade between two countries can benefit both countries if A) each country exports that good in which

30、 it has a comparative advantage. B) each country enjoys superior terms of trade. C) each country has a more elastic demand for the imported goods. D) each country has a more elastic supply for the exported goods. E) Both C and D. Answer: A 2) In order to know whether a country has a comparative advantage in the production of one particular product we need information on at least _ unit labor requirements A) one B) two C) three D) four E) five Answer: D 3) A country engaging in trade according to th