第六章习题.docx
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第六章习题.docx
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第六章习题
Chapter6:
TheStandardTradeModel
1.Theconcept“termsoftrade”means
A.theamountofexportssoldbyacountry.
B.thepriceconditionsbargainedforininternationalmarkets.
C.thepriceofacountry'sexportsdividedbythepriceofitsimports.
D.thequantitiesofimportsreceivedinfreetrade.
E.Noneoftheabove.
2.Acountrycannotproduceamixofproductswithahighervaluethanwhere
A.theisovaluelineintersectstheproductionpossibilityfrontier.
B.theisovaluelineistangenttotheproductionpossibilityfrontier.
C.theisovaluelineisabovetheproductionpossibilityfrontier.
D.theisovaluelineisbelowtheproductionpossibilityfrontier.
E.theisovaluelineistangentwiththeindifferencecurve.
3.Tastesofindividualsarerepresentedby
A.theproductionpossibilityfrontier.
B.theisovalueline.
C.theindifferencecurve.
D.theproductionfunction.
E.Noneoftheabove.
4.IfPC/PFweretoincreaseintheinternationalmarketplace,then
A.allcountrieswouldbebetteroff.
B.thetermsoftradeofclothexportersimprove.
C.thetermsoftradeoffoodexportersimprove.
D.thetermsoftradeofallcountriesimprove.
E.Noneoftheabove
5.IfPC/PFweretoincrease,
A.theclothexporterwouldincreasethequantityofclothexports.
B.theclothexporterwouldincreasethequantityofclothproduced.
C.thefoodexporterwouldincreasethequantityoffoodexports.
D.BothAandC.
E.Noneoftheabove.
6.IfPC/PFweretoincrease,
A.worldrelativequantityofclothsuppliedanddemandedincreases.
B.worldrelativequantityofclothsuppliedanddemandeddecreases.
C.worldrelativequantityofclothsuppliedincreases..
D.worldrelativequantityofclothdemandeddecreases.
E.Noneoftheabove.
7.Whentheproductionpossibilityfrontiershiftsoutrelativelymoreinonedirection,wehave
A.biasedgrowth.
B.unbiasedgrowth.
C.immiserizinggrowth.
D.balancedgrowth.
E.imbalancedgrowth.
8.Export-biasedgrowthinCountryHwill
A.improvethetermsoftradeofCountryH.
B.triggeranti-biasregulationsoftheWTO.
C.worsenthetermsoftradeofCountryF(thetradepartner).
D.improvethetermsoftradeofCountryF.
E.decreaseeconomicwelfareinCountryH.
9.Immiserizinggrowthis
A.likelytooccuriftheexportingcountryispoor.
B.likelytooccuriftheexportingcountryisrich.
C.likelytooccurwhentermsoftradechange.
D.likelytooccurifrelativesuppliesareelastic.
E.Noneoftheabove.
10.IftheU.S.AgencyforInternationalDevelopmenttransfersfundstopoorcountriesinSub-SaharanAfrica,thismust
A.worsentheU.S.termsoftrade.
B.improvetheU.S.termsoftrade.
C.worsenthetermsoftradeoftheAfricanaidrecipients.
D.improvethetermsoftradeoftheAfricanaidrecipients.
E.Noneoftheabove.
11.IfthepoorAIDrecipientcountrieshaveahighermarginalpropensitytoconsumeeachandeveryproductthandoestheUnitedStates,thensuchaidwill
A.worsentheU.S.termsoftrade.
B.improvetheU.S.termsoftrade.
C.leavetheworldtermsoftradeunaffected.
D.worsenthetermsoftradeofbothdonorandrecipientcountries.
E.Noneoftheabove.
12.Ifalargecountryimposesatariffonitsimportedgood,thiswilltendto
A.havenoeffectontermsoftrade.
B.improvethetermsoftradeofallcountries.
C.improvethetermsoftradeoftheUnitedStates.
D.causeadeteriorationofU.S.termsoftrade.
E.raisetheworldpriceofthegoodimportedbytheUnitedStates.
13.Acountrywillbeabletoconsumeabundlewhichisnotattainablesolelyfromdomesticproductiononlyif
A.theworldtermsoftradedifferfromitsdomesticrelativecosts.
B.thecountryspecializesinoneproduct.
C.thecountryavoidsinternationaltrade.
D.theworldtermsoftradeequalthedomesticrelativecosts.
E.Noneoftheabove.
14.Termsoftraderefersto
A.whatgoodsareimported.
B.whatgoodsareexported.
C.thevolumeoftrade.
D.thepricesatwhichtradeoccurs.
E.Noneoftheabove.
15.Ifpointsaandbarebothontheproductionpossibilityfrontierofacountry,then
A.consumersareindifferentbetweenthetwobundles.
B.producersareindifferentbetweenthetwobundles.
C.atanypointintime,thecountrycouldproduceboth.
D.Bothcostthesame.
E.Thecountrycouldproduceeitherofthetwobundles.
16.Iftheeconomyisproducingatpointaonitsproductionpossibilityfrontier,then
A.allofthecountry'sworkersarespecializedinoneproduct.
B.allofthecounty'scapitalisusedforoneproduct.
C.allofthecounty'sworkersareemployed.
D.allofitscapitalisused,butnotefficiently.
E.Noneoftheabove.
17.IfatpointAontheproductionpossibilityfrontier,andthecommunityindifferencecurvecutsthroughpointafromnorthwesttosoutheast,thentheoptimalautarkyproductionbundleis
A.atpointA.
B.totherightofpointA.
C.totheleftofpointA.
D.tothenortheastofpointA.
E.tothesouthwestofpointA.
18.Abundleindicatedbyapointtothenortheastoftheproductionpossibilityfrontieris
A.unattainableatapointintime.
B.unattainableatapointintimewithoutinternationaltrade.
C.unattainableatapointintimewithoutdomestictrade.
D.unattainableasaconsumptionpoint.
E.Noneoftheabove.
19.Iftwocountrieswithdiminishingreturnsanddifferentmarginalratesofsubstitutionbetweentwoproductsweretoengageintrade,then
A.theshapesoftheirrespectiveproductionpossibilityfrontierswouldchange.
B.themarginalratesofsubstitutionofbothwouldbecomeequal.
C.thelargerofthetwocountrieswoulddominatetheirtrade.
D.thecountrywithrelativelyelasticsupplieswouldexportmore.
E.Noneoftheabove.
20.IfacountrybeganexportingproductAandimportingproductB,then,ascomparedtotheautarky(no-trade)situation,themarginalcostofproductAwill
A.increase.
B.decrease.
C.shiftoutward.
D.shiftinward.
E.Noneoftheabove.
21.If,beginningfromafreetradeequilibrium,thetermsoftradeimproveforacountry,thenitwill
A.increaseproductionofitsimportcompetinggood.
B.increaseconsumptionofitsexportgood.
C.increasethequantityofitsimports.
D.experienceanexport-biasedshiftinitsproductionpossibilityfrontier.
E.Noneoftheabove.
22.Anincreaseinacountry'snetcommoditytermsoftradewillalways
A.increasethecountry'seconomicwelfare.
B.increasethecountry'srealincome.
C.increasethecountry'squantityofexports.
D.increasethecountry'sproductionofitsimportcompetinggood.
E.Noneoftheabove.
23.AfterWWI,Germanywasforcedtomakelargereparations-transfersofrealincome-toFrance.Ifthemarginalpropensitytoconsumewasequalinbothcountries,andifFrance'sdemandwasbiasedtowardfood(relativetoGermany'sdemandpattern)thenwewouldexpecttofind
A.theworld'srelativepriceforfoodremainsunchanged.
B.theworld'srelativepriceforfoodincrease.
C.theworld'srelativepriceforfooddecrease.
D.theworldrelativepriceforbothfoodandnon-foodrise.
E.Noneoftheabove.
24.IfweaddtoQuestion23thatFranceexportedmanufactures,whereasGermanyexportedfood,thenthereparationsfromGermanytoFrancewould
A.improveFrance'sinternationaltermsoftrade.
B.causeFrance'termsoftradetodeteriorate.
C.causebothFrance'andGermany'stermsoftradetodeteriorate.
D.causebothFrance'andGermany'stermsoftradetoimprove.
E.Noneoftheabove.
25.Ifacountrylentmoneytoanother,thismust
A.lowerthetermsoftradeoftherecipientcountry.
B.lowerthetermsoftradeofbothcountries.
C.improvethetermsoftradeoftherecipientcountry.
D.improvethetermsoftradeofthedonorcountry
E.Noneoftheabove.
26.Duringthe19thCentury,economicgrowthofthemajortradingcountrieswasbiasedtowardmanufacturesandawayfromfood.Thelessdevelopedcountriesofthattimewerenetexportersoffood.Fromthisinformation,wewouldexpecttohaveobserved
A.fallingtermsoftradeforthelessdevelopedcountries.
B.improving(rising)termsoftradeforthelessdevelopedcountries.
C.nochangeatallinthetermsoftradeofthelessdevelopedcountries.
D.adecreaseintherelativepriceoffood.
E.Noneoftheabove.
27.Immiserizinggrowthcouldoccurto
A.apoorcountryexperiencingexport-biasedeconomicgrowth.
B.apoorcountryexperiencingimport-biasedeconomicgrowth.
C.apoorcountryexperiencinggrowthinitsnon-tradedsector.
D.apoorcountryexperiencingcapital-intensivebiasedgrowth.
E.Noneoftheabove.
28.Alargecountryexperiencingimport-biasedeconomicgrowthwilltendtoexperience
A.positivetermsoftrade.
B.deterioratingtermsoftrade.
C.improvingtermsoftrade.
D.immiserizingtermsoftrade.
E.Noneoftheabove.
29.IntheperiodprecedingtherecentFinancialCrisisinAsia,theSouthEastAsiancountrieswerereceivinglargeinflowsoffinancialcapital.FollowingJohnMaynardKeynes'theory,thisshouldhavecaused
A.aglutintheirbankingassetsituation.
B.animprovementintheirtermsoftrade.
C.deteriorationintheirtermsoftrade.
D.afluctuationupwardandthendownwardintheirtermsoftrade.
E.Noneoftheabove.
30.IfSloveniaisasmallcountryinworldtradeterms,thenifitimposesalargeseriesoftariffsonmanyofitsimports,thiswould
A.havenoeffectonitstermsoftrade.
B.improveitstermsoftrade.
C.deteriorateitstermsoftrade.
D.decreaseitsmarginalpropensitytoconsume.
E.Noneoftheabove.
31.IfSloveniaisalargecountryinworldtrade,thenifitimposesalargesetoftariffsonmany
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