国际经济学作业答案第一章.docx

1、国际经济学作业答案第一章Chapter 1 IntroductionMultiple Choice QuestionsHistorians of economic thought often describe _ written by _ and published in _ as the first real exposition of an economic model.“Of the Balance of Trade,” David Hume, 1776“Wealth of Nations,” David Hume, 1758“Wealth of Nations,” Adam Smith

2、, 1758“Wealth of Nations,” Adam Smith, 1776“Of the Balance of Trade,” David Hume, 1758Answer: EFrom 1959 to 2000,the U.S. economy roughly tripled in size.U.S. imports roughly tripled in size.the share of US Trade in the economy roughly tripled in size.U.S. Imports roughly tripled as compared to U.S.

3、 exports.U.S. exports roughly tripled in size.Answer: CThe United States is less dependent on trade than most other countries becausethe United States is a relatively large country.the United States is a “Superpower.”the military power of the United States makes it less dependent on anything.the Uni

4、ted States invests in many other countries.many countries invest in the United States.Answer: AAncient theories of international economics from the 18th and 19th Centuries are:not relevant to current policy analysis.are only of moderate relevance in todays modern international economy.are highly rel

5、evant in todays modern international economy.are the only theories that actually relevant to modern international economy.are not well understood by modern mathematically oriented theorists.Answer: CAn important insight of international trade theory is that when countries exchange goods and services

6、 one with the other itis always beneficial to both countries.is usually beneficial to both countries.is typically beneficial only to the low wage trade partner country.is typically harmful to the technologically lagging country.tends to create unemployment in both countries.Answer: BIf there are lar

7、ge disparities in wage levels between countries, thentrade is likely to be harmful to both countries.trade is likely to be harmful to the country with the high wages.trade is likely to be harmful to the country with the low wages.trade is likely to be harmful to neither country.trade is likely to ha

8、ve no effect on either country.Answer: DBenefits of international trade are limited totangible goods.intangible goods.all goods but not services.services.None of the above.Answer: EAttempts to explain the pattern of international tradehave been a major focus of international economists.have proven t

9、o be hopeless.have proven to be a trivial exercise.have been the preoccupation of economic development theorists.None of the above.Answer: AWhich of the following does not belong?NAFTAUruguay RoundWorld Trade OrganizationNone Tariff BarriersNone of the above.Answer: DCost-benefit analysis of interna

10、tional tradeis basically useless.is empirically intractable.focuses attention on conflicts of interest within countries.focuses attention on conflicts of interests between countries.None of the above.Answer: CAn improvement in a countrys balance of payments means a decrease in its balance of payment

11、s deficit, or an increase in its surplus. In fact we know that a surplus in a balance of paymentsis good.is usually good.is probably good.may be considered bad.is always bad.Answer: DThe study of exchange rate determination is relativelydifficult.new and mathematical.old.obtuse.None of the above.Ans

12、wer: BThe GATT wasan international treaty.an international U.N. agency.an international IMF agency.a U.S. government agency.a collection of tariffs.Answer: AThe international debt crisis of early 1982 was precipitated when _ could not pay its international debts.RussiaMexicoBrazilMalaysiaChinaAnswer

13、: BInternational economics can be divided into two broad sub-fields:macro and micro.developed and less developed.monetary and barter.international trade and international money.static and dynamic.Answer: CA primary reason why nations conduct international trade is because of differences inhistorical

14、 perspective.location.resource availabilities.tastes.incomes.Answer: CInternational trade is sometimes used as a substitute for all of the following exceptinternational movements of capital.international movements of labor.domestic production of the same goods or services.domestic production of diff

15、erent goods and services.None of the above.Answer: DInternational trade forces domestic firms to become more competitive in terms ofthe introduction of new products.product design and quality.product reliability.product price.All of the above.Answer: EThe movement to free international trade is most

16、 likely to generate short-term unemployment in which industries?Industries producing non-tradable goodsImport-competing industriesExport industriesImport sectorsNone of the above.Answer: BInternational trade is logically associated with which assumption?Resources are less mobile internationally than

17、 domestically.Resources are more mobile internationally than are goods.Imports should exceed exports.Exports should exceed imports.None of the above.Answer: AArguments for free trade are sometimes disregarded by the political process becauseeconomists tend to favor highly protected domestic markets.

18、economists have a universally accepted decisive power over the political decision mechanism.maximizing consumer welfare may not be a chief priority for politicians.the gains of trade are of paramount concern to typical consumers.None of the above.Answer: CIncreased foreign competition tends toincrea

19、se profits of domestic import-competing industries.place constraints on the wages of domestic workers.induce falling output per worker for domestic workers.intensity inflationary pressures at homeNone of the above.Answer: B_ is the ability of a firm to design, produce, and market goods and services

20、that are better and/or cheaper than those of other firms.CompetitivenessProtectionismComparative advantageInterventionismNone of the above.Answer: AFor a country to maximize its productivity in a global economy, it requiresonly imports.only exports.both exports and imports.neither exports nor import

21、s.foreign direct investment.Answer: CProponents of free trade claim all of the following as advantages exceptrelatively high wage levels for all domestic workers.a wider selection of products for consumers.increased competition for world producers.the utilization of the most efficient production pro

22、cesses.None of the above.Answer: AA firms _, relative to that of other firms, is generally regarded as the most important determinant of competitiveness.income leveltastespreferencesproductivityenvironmental regulationAnswer: DOne likely effect of moving to free international trade is thata monopoly

23、 in the home market becomes an oligopoly in the world market.an oligopoly in the home market becomes a monopoly in the world market.a purely competitive firm becomes an oligopolist.a purely competitive firm becomes a monopolist.None of the above.Answer: AInternational trade in goods and services ten

24、ds toincrease all domestic costs and prices.keep all domestic costs and prices at the same level.lessen the amount of competition facing home manufactures.increase the amount of competition facing home manufacturers.None of the above.Answer: DThe real income of domestic producers and consumers may b

25、e increased bytechnological progress, but not international trade.international trade, but not technological progress.neither technological progress nor international trade.both technological progress and international trade.None of the above.Answer: DA sudden shift from import tariffs to free trade

26、 may cause short-term unemployment inimport competing industries.exporting industries.industries that neither import nor export.service industriesNone of the above.Answer: AEmpirical studies indicate that productivity performance isdirectly related to globalization of industries.inversely related to

27、 globalization of industries.not related to globalization of industries.Any of the above.None of the above.Answer: AA closed economy is one in whichimports exactly equal exports.domestic firms invest in foreign countries.the home economy is isolated from foreign trade or investment.All of the above.

28、None of the above.Answer: CThe dominant trading nation in the world market since World War II wasthe United Kingdom.the United States.Japan.Germany.China.Answer: BEmpirical studies indicate that _ best enhances productivity growth for local industrieslocal competitioncut-throat competitiondestabiliz

29、ing competitionglobal competitionNone of the above.Answer: DHigh levels of openness are most likely associated with a countryspolitical orientation.size.resource availability.historical association with foreign entangling alliances.None of the above.Answer: BEssay QuestionsIt is argued that small co

30、untries tend have more open economies than large ones. Is this empirically verified? What are the logical underpinnings of this argument?Answer: Yes. They do not have sufficient resources to satisfy consumption needs; and also do not have a sufficiently large market to enable their industries to ava

31、il themselves of scale economy possibilities.Another answer would rely on a location argument. Assume that the “natural” market for any given plant is a circle with a radius of n miles with the plant at its center. Assuming that the production plants are located randomly throughout the country, then the probability that the typical circular market will encompass some foreign country is greater the smaller is the co