第四章习题.docx
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第四章习题.docx
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第四章习题
Chapter4SpecificFactorsandInternationalTrade
MultipleChoiceQuestions
1.Internationaltradehasstrongeffectsonincomedistributions.Therefore,internationaltrade
A.isbeneficialtoeveryoneinbothtradingcountries.
B.willtendtohurtonetradingcountry.
C.willtendtohurtsomegroupsineachtradingcountry.
D.willtendtohurteveryoneinbothcountries.
E.willbebeneficialtoallthoseengagedininternationaltrade.
2.Factorstendtobespecifictocertainusesandproducts
A.incountrieslackingcomparativeadvantage.
B.intheshortrun.
C.incapital-intensiveindustries.
D.inlabor-intensiveindustries.
E.incountrieslackingfairlaborlaws.
3.InaneconomydescribedbytheSpecificFactorsModel,theproductionpossibilityfrontierwillbe
A.linear.
B.concavetotheorigin.
C.convextotheorigin.
D.parabolicwithoneroot.
E.collapsedtoapoint.
4.Atthepointofproduction,theproductionpossibilityfrontierwillbetangentto
A.theorigin.
B.alinewhoseslopeistherelativequalityofthetwogoods.
C.alinewhoseslopeistherelativequantityofthetwogoods.
D.alinewhoseslopeistherelativepriceofthetwogoods.
E.Noneoftheabove.
5.Ifthepriceofthecapitalintensiveproductrisesmorethandoesthepriceofthelandintensiveproduct,then
A.demandwillshiftawayfromthecapital-intensiveproduct,anditsproductionwilldecrease.
B.demandwillshiftawayfromthecapital-intensiveproduct,anditsproductionwilldecreaserelativetothatofthelandintensiveproduct.
C.theproductionofthecapital-intensiveproductwillindeeddecrease,butnotforthereasonsmentionedinAorB.
D.thecountriesexportingthecapital-intensivegoodwillloseitscomparativeadvantage.
E.Noneoftheabove.
6.Ifthepriceofthecapitalintensiveproductrises,wageswill
A.risebutbylessthanthepriceofthecapital-intensiveproduct.
B.risebymorethantheriseinthepriceofthecapital-intensiveproduct.
C.remainproportionallyequaltothepriceofthecapital-intensiveproduct.
D.fall,sincehigherpricescauselessdemand.
E.Noneoftheabove.
7.IfAustraliahasrelativelymorelandperworker,andBelgiumhasrelativelymorecapitalperworker,theniftradeweretoopenupbetweenthesetwocountries,
A.therelativepriceofthecapital-intensiveproductwouldriseinAustralia.
B.theworldpriceoftheland-intensiveproductwouldbehigherthanithadbeeninBelgium.
C.theworldpriceofthelandintensiveproductwouldbehigherthanithadbeeninAustralia.
D.therelativepriceofthelandintensiveproductwouldriseinBelgium.
E.Noneoftheabove.
8.IfAustraliahasmorelandperworker,andBelgiumhasmorecapitalperworker,theniftradeweretoopenupbetweenthesetwocountries,
A.Australiawouldexporttheland-intensiveproduct.
B.Belgiumwouldimportthecapital-intensiveproduct.
C.Bothcountrieswouldexportsomeofeachproduct.
D.tradewouldnotcontinuesinceBelgiumisasmallercountry.
E.Noneoftheabove.
9.IfAustraliahasmorelandperworker,andBelgiumhasmorecapitalperworker,theniftradeweretoopenupbetweenthesetwocountries,
A.therealincomeofcapitalownersinAustraliawouldrise.
B.therealincomeoflaborinAustraliawouldclearlyrise.
C.therealincomeoflaborinBelgiumwouldclearlyrise.
D.therealincomeoflandownersinBelgiumwouldfall.
E.therealincomesofcapitalownersinbothcountrieswouldrise.
10.Iftradeopensupbetweenthetwoformerlyautarkiccountries,AustraliaandBelgium,then
A.therealincomeofAustraliaandofBelgiumwillincrease.
B.therealincomeofAustraliabutnotofBelgiumwillincrease.
C.therealincomeofneithercountrywillincrease.
D.therealincomeofbothcountriesmayincrease.
E.therealincomeofbothcountrieswillincrease.
11.Themarginalproductoflaborinmanufacturingslopesdownwardbecauseof
A.diseconomiestoscale.
B.discontinuitiesintheproductionfunction.
C.diminishingreturns.
D.grosssubstitutionwiththefoodsector.
E.Noneoftheabove.
12.IntheSpecificFactorsmodel,eachofthetwosectors
A.employsthesamefactorsusedbytheother.
B.employsdifferentfactorsthanthoseemployedintheother.
C.employsafixedcoefficientproductionfunction.
D.sharesonefactorofproductionwiththeothersector.
E.Noneoftheabove.
13.TheSpecificFactorsmodelassumes
A.imperfectionsinthelabormarket.
B.imperfectionsinthelandmarket.
C.imperfectionsinthecapitalmarket.
D.imperfectionsintheentrepreneurshipmarket.
E.Noneoftheabove.
14.Attheproductionpointtheproductionpossibilityfrontieristangenttoalinewhoseslopeis
A.thepriceofmanufactures.
B.therelativewage.
C.herealwage.
D.therelativepriceofmanufactures.
E.Noneoftheabove.
15.Ifthepriceofmanufacturesandthepriceoffoodincreaseby25%,then
A.theeconomymovesdownitsaggregatesupplycurve.
B.theeconomymovesbackalongitsaggregatedemandcurve.
C.therelativequantitiesofmanufacturesandfoodremainunchanged.
D.therelativequantitiesofproductschangeby25%.
E.Noneoftheabove.
16.Ifthepriceofmanufacturesrises,then
A.thepriceoffoodalsorises.
B.thequantityoffoodproducedfalls.
C.thequantityofbothmanufacturesandfoodfalls.
D.thepurchasingpoweroflaborintermsoffoodfalls.
E.Noneoftheabove.
17.Inthemodeldescribedinthischapter,ifthepriceofmanufacturesrises,then
A.therealincomeofcapitalrises.
B.therealincomeoflandrises.
C.thepurchasingpoweroflandownersrises.
D.theproductionofbothproductsfalls.
E.Noneoftheabove.
18.Ifthepriceoffoodrises,thentheincomeofcapitalownerswillfallbecause
A.capitalownersconsumeonlyfood.
B.therealwageintermsofmanufacturesrises.
C.theymustpayhigherwagestomaintainsubsistencelevels.
D.foodisanelementoforganiccapitalforcapitalists.
E.Noneoftheabove.
19.IfadditionallandweretobebroughtintocultivationintheSpecificFactormodel,theoutputofmanufactureswouldfallbecauseof
A.lowermarginalproductivityoflaborinthissector.
B.lowermarginalproductivityoflaborinfoodproduction.
C.highermarginalproductivityoflaborinmanufacturesector.
D.lowerlaborinputinmanufacturesector.
E.Noneoftheabove.
20.IfJapanisrelativelycapitalrichandtheUnitedStatesisrelativelylandrich,thentradebetweenthesetwo,formerlyautarkiccountrieswill
A.leadtoperfectspecializationwithJapanaloneproducingmanufactures.
B.createaworldrelativepriceoffoodthatislowerthanthatoftheU.S.
C.lowerthepriceoffoodinbothcountries.
D.raisethepriceoffoodinbothcountries.
E.Noneoftheabove.
21.IfJapanistheland-richcountry,theninternationaltradewillclearly
A.raisetherealincomeofallfactorownersinthatcountry.
B.lowertherealincomeofworkers.
C.lowertherealincomeofcapitalowners.
D.lowertherealincomeoflandowners.
E.Noneoftheabove.
22.Thereasontradeclearlybenefitsacountryisthat
A.itraisestherealincomeofthemoreproductiveelementsinsociety.
B.itlowerstherealincomeofthelessproductiveelementsinsociety.
C.itincreasesthelevelsofconsumptionofeveryone.
D.itincreasessociety'sconsumptionchoices.
E.Noneoftheabove.
23.Thosewhostandtolosefromtrade
A.arelikelytomigratetoanothercountry.
B.tendtobemoreeffectivelyorganizedpolitically.
C.tendtorejectcompensationassmackingofsocialism.
D.areuniversallyopposedbyeconomistswhoconsiderthemparasites.
E.Noneoftheabove.
24.Thosewhostandtogainfromtrade
A.donotreallycareabouttheissueofincomeredistribution.
B.couldnotcompensateloserssincetherearesomanypoorpeople.
C.couldcompensatelosersbutwouldrathernotinmodernindustrialeconomies.
D.compensatelosersatleastpartiallythroughsuchlegislationasunemploymentcompensation.
E.Noneoftheabove.
25.Groupsthatlosefromtradetendtolobbythegovernmentto
A.shiftthedirectionofcomparativeadvantage.
B.abolishtheSpecificFactormodelfrompracticalapplication.
C.providepublicsupportfortherelativelyefficientsectors.
D.provideprotectionfortherelativelyinefficientsectors.
E.Noneoftheabove.
26.ItisknownthattheexistenceofthesugarquotacausesseveralbilliondollarsofaddedexpensestoU.S.consumers,whilepayingmuchlessinbenefitstoU.S.sugarproducers.Thecontinuedexistenceofthisquotaformanyyearstothepresentisattributabletothefactthat
A.asagrowingproportionoftheU.S.populationdevelopsTypeIIDiabetes,nooneisreallyinterestedinmakingsugarevencheaperthanitis.
B.obviouslythequotawillberemovednowthatithasbeencalculatedthatthecostsexceedthebenefits.
C.theper-capitaharmtothepublicissosmallthatitisnotworththetimeforanyonetofightthisquota.
D.itisunderstoodthatthesugarquotaisanimportantweaponinkeepingCommunismfromsweepingtheCaribbean.
E.Noneoftheabove.
27.ItwasfoundthatwhentheUnitedStatesimposedsteelquotas,thiscausedharmnotonlytosteelconsumers,butalsotomanyproducersforwhomsteelisanimportantinput.Thisinsight
A.suggeststhatgeneralequilibriummodelsoftariffswilldemonstratethatthepartialequilibriumdeadweightlosstrianglestendtooverstatethetariffharm.
B.suggeststhatthedeadweightlosstrianglesfrompartialequilibriummodelstendtounderstatetheharmtosocietyofprotectionism.
C.suggeststhatitisquitesensiblethatproducerstendtosupportquotas.
D
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