国际经济考试.docx

1、国际经济考试Chapter 1: Introduction(一) Multiple Choice Questions1. Attempts to explain the pattern of international tradeA. have been a major focus of international economists.B. have proven to be hopeless.C. have proven to be a trivial exercise.D. have been the preoccupation of economic development theor

2、ists.2. International economics can be divided into two broad sub-fields:A. macro and micro.B. developed and less developed.C. monetary and barter. D. international trade and international money.3. Proponents of free trade claim all of the following as advantages exceptA. relatively high wage levels

3、 for all domestic workers.B. a wider selection of products for consumersC. increased competition for world producers.D. the utilization of the most efficient production processes.4. Empirical studies indicate that productivity performance isA. directly related to globalization of industries.B. inver

4、sely related to globalization of industries.C. not related to globalization of industries.D. Any of the above.5. A closed economy is one in whichA. imports exactly equal exports.B. domestic firms invest in foreign countries.C. the home economy is isolated from foreign trade or investment.D. All of t

5、he above.（二）Essay Questions1. It is argued that small countries tend have more open economies than large ones. Is this empirically verified? What are the logical underpinnings of this argument?2. International Trade theory is one of the oldest areas of applied economic policy analysis. It is also an

6、 area for which data was relatively widely available very early on. Why do you suppose this is the case?(一) Multiple Choice Questions1. A 2. C 3. A 4. A 5. C（二）Essay Questions1. Answer: Yes. They do not have sufficient resources to satisfy consumption needs; and also do not have a sufficiently large

7、 market to enable their industries to avail 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 locate

8、d randomly throughout the country, then the probability that the typical circular market will encompass some foreign country is greater the smaller is the country.2. Answer: In ancient times, public finance was not well developed. Most of the population was not producing and consuming within well-de

9、veloped market economies, so that income and sales taxes were not efficient. One of the most convenient ways for governments to obtain resources was to set up custom posts at borders and tax. Hence international trade was of great policy interest to princes and kings, as was precise data of their ma

10、in tax base.CHAPTER 2: LABOR PRODUCTIVITY AND COMPARATIVE ADVANTAGE: THE RICARDIAN MODEL(一) Multiple Choice Questions1. The Ricardian theory of comparative advantage states that a country has a comparative advantage in widgets ifA. output per worker of widgets is higher in that country.B. that count

11、rys exchange rate is low.C. wage rates in that country are high.D. the output per worker of widgets as compared to the output of some other product is higher in that country2. A country engaging in trade according to the principles of comparative advantage gains from trade because itA. is producing

12、exports indirectly more efficiently than it could alternatively.B. is producing imports indirectly more efficiently than it could domestically. C. is producing exports using fewer labor units.D. is producing imports indirectly using fewer labor units.3. Given the following information: Unit Labor Re

13、quirements Cloth Widgets Home 20 40 Foreign 120 60A. Neither country has a comparative advantage.B. Home has a comparative advantage in cloth.C. Foreign has a comparative advantage in cloth.D. Home has a comparative advantage in widgets.4. As a result of trade, specialization in the Ricardian model

14、tends to beA. complete with constant costs and with increasing costs.B. complete with constant costs and incomplete with increasing costs.C. incomplete with constant costs and complete with increasing costs.D. incomplete with constant costs and incomplete with increasing costs.5. If one countrys wag

15、e level is very high relative to the others (the relative wage exceeding the relative productivity ratios), thenA. it is not possible that producers in each will find export markets profitable.B. it is not possible that consumers in both countries will enhance their respective welfares through impor

16、ts.C. it is not possible that both countries will find gains from trade.D. it is possible that both will enjoy the conventional gains from trade.（二） Explain the key terms1. absolute advantage2. comparative advantage3. opportunity cost4. Ricardian model（三）Essay Questions1. Many countries in Sub-Sahar

17、an Africa have very low labor productivities in many sectors, in manufacturing and agriculture. They often despair of even trying to attempt to build their industries unless it is done in an autarkic context, behind protectionist walls because they do not believe they can compete with more productiv

18、e industries abroad. Discuss this issue in the context of the Ricardian model of comparative advantage.2. When we examine the 2 Good 2 Country version of the Ricardian model of comparative advantage, we note that comparative advantage is totally determined by physical productivity ratios. Changes in

19、 wage rates in either country cannot affect these physically determined comparative advantages, and hence cannot affect, which product will be exported by which country. However, when more than 2 goods are added to the model (still with 2 countries), changes in wage rates in one or the other country

20、 can in fact determine which good or goods each of the countries will export. How can you explain this anomaly?3. An examination of the Ricardian model of comparative advantage yields the clear result that trade is (potentially) beneficial for each of the two trading partners since it allows for an

21、expanded consumption choice for each. However, for the world as a whole the expansion of production of one product must involve a decrease in the availability of the other, so that it is not clear that trade is better for the world as a whole as compared to an initial situation of non-trade (but eff

22、icient production in each country). Are there in fact gains from trade for the world as a whole? Explain.（四）Quantitative/Graphing Problems1. Given the following information: Unit Labor Requirements Cloth WidgetsHome 100 200Foreign 60 30 What is the opportunity cost of Cloth in terms of Widgets in Fo

23、reign?2. Given the following information: Unit Labor Requirements Cloth WidgetsHome 100 200Foreign 60 30If these two countries trade these two goods in the context of the Ricardian model of comparative advantage, then what is the lower limit of the world equilibrium price of widgets? 3. Given the fo

24、llowing information: Unit Labor Requirements Cloth WidgetsHome 100 200Foreign 60 30If these two countries trade these two goods with each other in according to the Ricardian model of comparative advantage, what is the lower limit for the price of cloth?4. Given the following information: Units Produ

25、ced by One Worker/Hour Cloth WidgetsHome 100 200Foreign 60 30What is the opportunity cost of cloth in terms of widgets in Foreign?5. Given the following information: Units Produced by One Worker/Hour Cloth WidgetsHome 100 200Foreign 60 30If these two countries trade these two goods with each other i

26、n the following the Ricardian model of comparative advantage, then what is the lower limit for the world equilibrium price of cloth?(一) Multiple Choice Questions 1. D 2. B 3. B 4. B 5. D (二) Explain the key terms1. absolute advantage：when one country can produce a unit of a good with less labor than

27、 another country, we say that the first country has an absolute advantage in producing that good. 2. Comparative advantage: A country has a comparative advantage in producing a good if the opportunity cost or producing that good in terms of other goods is lower in that country than it is in other co

28、untries.3. Opportunity cost: the opportunity cost of good 1 in terms of good 2 is the number of good 2 that could have been produced with the resources used to produce a given number of good 1.4. Ricardian model: international trade is solely due to international differences in the productivity of l

29、abor.（三）Essay Questions1. Answer: The Ricardian model of comparative advantage argues that every country must have a comparative advantage in some product (assuming there are more products than countries.2. Answer: This is not really an anomaly. As long as only two goods exist, then as long as trade

30、 takes place, each country must have a comparative advantage in one of them (or none). However, if there are more goods than countries, then the physical productivity definition of comparative advantage becomes ambiguous. Changes in relative wage rates will shift the international competitiveness al

31、ong the chain of comparative advantage.3. Answer: If we were to combine the production possibility frontiers of the two countries to create a single world production possibility frontier, then it is true that any change in production points (from autarky to specialization with trade) would involve a

32、 tradeoff of one good for another from the worlds perspective. In other words, the new solution cannot possibly involve the production of more of both goods. However, since we know that each country is better off at the new solution, it must be true that the original points were not on the trade contract curve between the two countries, and it was in fact possible to make some people better off without making others worse off,