国际经济学作业答案第一章.docx
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国际经济学作业答案第一章.docx
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国际经济学作业答案第一章
Chapter1Introduction
⏹ MultipleChoiceQuestions
Historiansofeconomicthoughtoftendescribe___________writtenby_______andpublishedin__________asthefirstrealexpositionofaneconomicmodel.
“OftheBalanceofTrade,”DavidHume,1776
“WealthofNations,”DavidHume,1758
“WealthofNations,”AdamSmith,1758
“WealthofNations,”AdamSmith,1776
“OftheBalanceofTrade,”DavidHume,1758
Answer:
E
From1959to2000,
theU.S.economyroughlytripledinsize.
U.S.importsroughlytripledinsize.
theshareofUSTradeintheeconomyroughlytripledinsize.
U.S.ImportsroughlytripledascomparedtoU.S.exports.
U.S.exportsroughlytripledinsize.
Answer:
C
TheUnitedStatesislessdependentontradethanmostothercountriesbecause
theUnitedStatesisarelativelylargecountry.
theUnitedStatesisa“Superpower.”
themilitarypoweroftheUnitedStatesmakesitlessdependentonanything.
theUnitedStatesinvestsinmanyothercountries.
manycountriesinvestintheUnitedStates.
Answer:
A
Ancienttheoriesofinternationaleconomicsfromthe18thand19thCenturiesare:
notrelevanttocurrentpolicyanalysis.
areonlyofmoderaterelevanceintoday’smoderninternationaleconomy.
arehighlyrelevantintoday’smoderninternationaleconomy.
aretheonlytheoriesthatactuallyrelevanttomoderninternationaleconomy.
arenotwellunderstoodbymodernmathematicallyorientedtheorists.
Answer:
C
Animportantinsightofinternationaltradetheoryisthatwhencountriesexchangegoodsandservicesonewiththeotherit
isalwaysbeneficialtobothcountries.
isusuallybeneficialtobothcountries.
istypicallybeneficialonlytothelowwagetradepartnercountry.
istypicallyharmfultothetechnologicallylaggingcountry.
tendstocreateunemploymentinbothcountries.
Answer:
B
Iftherearelargedisparitiesinwagelevelsbetweencountries,then
tradeislikelytobeharmfultobothcountries.
tradeislikelytobeharmfultothecountrywiththehighwages.
tradeislikelytobeharmfultothecountrywiththelowwages.
tradeislikelytobeharmfultoneithercountry.
tradeislikelytohavenoeffectoneithercountry.
Answer:
D
Benefitsofinternationaltradearelimitedto
tangiblegoods.
intangiblegoods.
allgoodsbutnotservices.
services.
Noneoftheabove.
Answer:
E
Attemptstoexplainthepatternofinternationaltrade
havebeenamajorfocusofinternationaleconomists.
haveproventobehopeless.
haveproventobeatrivialexercise.
havebeenthepreoccupationofeconomicdevelopmenttheorists.
Noneoftheabove.
Answer:
A
Whichofthefollowingdoesnotbelong?
NAFTA
UruguayRound
WorldTradeOrganization
NoneTariffBarriers
Noneoftheabove.
Answer:
D
Cost-benefitanalysisofinternationaltrade
isbasicallyuseless.
isempiricallyintractable.
focusesattentiononconflictsofinterestwithincountries.
focusesattentiononconflictsofinterestsbetweencountries.
Noneoftheabove.
Answer:
C
Animprovementinacountry’sbalanceofpaymentsmeansadecreaseinitsbalanceofpaymentsdeficit,oranincreaseinitssurplus.Infactweknowthatasurplusinabalanceofpayments
isgood.
isusuallygood.
isprobablygood.
maybeconsideredbad.
isalwaysbad.
Answer:
D
Thestudyofexchangeratedeterminationisrelatively
difficult.
newandmathematical.
old.
obtuse.
Noneoftheabove.
Answer:
B
TheGATTwas
aninternationaltreaty.
aninternationalU.N.agency.
aninternationalIMFagency.
aU.S.governmentagency.
acollectionoftariffs.
Answer:
A
Theinternationaldebtcrisisofearly1982wasprecipitatedwhen_____couldnotpayitsinternationaldebts.
Russia
Mexico
Brazil
Malaysia
China
Answer:
B
Internationaleconomicscanbedividedintotwobroadsub-fields:
macroandmicro.
developedandlessdeveloped.
monetaryandbarter.
internationaltradeandinternationalmoney.
staticanddynamic.
Answer:
C
Aprimaryreasonwhynationsconductinternationaltradeisbecauseofdifferencesin
historicalperspective.
location.
resourceavailabilities.
tastes.
incomes.
Answer:
C
Internationaltradeissometimesusedasasubstituteforallofthefollowingexcept
internationalmovementsofcapital.
internationalmovementsoflabor.
domesticproductionofthesamegoodsorservices.
domesticproductionofdifferentgoodsandservices.
Noneoftheabove.
Answer:
D
Internationaltradeforcesdomesticfirmstobecomemorecompetitiveintermsof
theintroductionofnewproducts.
productdesignandquality.
productreliability.
productprice.
Alloftheabove.
Answer:
E
Themovementtofreeinternationaltradeismostlikelytogenerateshort-termunemploymentinwhichindustries?
Industriesproducingnon-tradablegoods
Import-competingindustries
Exportindustries
Importsectors
Noneoftheabove.
Answer:
B
Internationaltradeislogicallyassociatedwithwhichassumption?
Resourcesarelessmobileinternationallythandomestically.
Resourcesaremoremobileinternationallythanaregoods.
Importsshouldexceedexports.
Exportsshouldexceedimports.
Noneoftheabove.
Answer:
A
Argumentsforfreetradearesometimesdisregardedbythepoliticalprocessbecause
economiststendtofavorhighlyprotecteddomesticmarkets.
economistshaveauniversallyaccepteddecisivepoweroverthepoliticaldecisionmechanism.
maximizingconsumerwelfaremaynotbeachiefpriorityforpoliticians.
thegainsoftradeareofparamountconcerntotypicalconsumers.
Noneoftheabove.
Answer:
C
Increasedforeigncompetitiontendsto
increaseprofitsofdomesticimport-competingindustries.
placeconstraintsonthewagesofdomesticworkers.
inducefallingoutputperworkerfordomesticworkers.
intensityinflationarypressuresathome
Noneoftheabove.
Answer:
B
____________istheabilityofafirmtodesign,produce,andmarketgoodsandservicesthatarebetterand/orcheaperthanthoseofotherfirms.
Competitiveness
Protectionism
Comparativeadvantage
Interventionism
Noneoftheabove.
Answer:
A
Foracountrytomaximizeitsproductivityinaglobaleconomy,itrequires
onlyimports.
onlyexports.
bothexportsandimports.
neitherexportsnorimports.
foreigndirectinvestment.
Answer:
C
Proponentsoffreetradeclaimallofthefollowingasadvantagesexcept
relativelyhighwagelevelsforalldomesticworkers.
awiderselectionofproductsforconsumers.
increasedcompetitionforworldproducers.
theutilizationofthemostefficientproductionprocesses.
Noneoftheabove.
Answer:
A
Afirm’s____,relativetothatofotherfirms,isgenerallyregardedasthemostimportantdeterminantofcompetitiveness.
incomelevel
tastes
preferences
productivity
environmentalregulation
Answer:
D
Onelikelyeffectofmovingtofreeinternationaltradeisthat
amonopolyinthehomemarketbecomesanoligopolyintheworldmarket.
anoligopolyinthehomemarketbecomesamonopolyintheworldmarket.
apurelycompetitivefirmbecomesanoligopolist.
apurelycompetitivefirmbecomesamonopolist.
Noneoftheabove.
Answer:
A
Internationaltradeingoodsandservicestendsto
increasealldomesticcostsandprices.
keepalldomesticcostsandpricesatthesamelevel.
lessentheamountofcompetitionfacinghomemanufactures.
increasetheamountofcompetitionfacinghomemanufacturers.
Noneoftheabove.
Answer:
D
Therealincomeofdomesticproducersandconsumersmaybeincreasedby
technologicalprogress,butnotinternationaltrade.
internationaltrade,butnottechnologicalprogress.
neithertechnologicalprogressnorinternationaltrade.
bothtechnologicalprogressandinternationaltrade.
Noneoftheabove.
Answer:
D
Asuddenshiftfromimporttariffstofreetrademaycauseshort-termunemploymentin
importcompetingindustries.
exportingindustries.
industriesthatneitherimportnorexport.
serviceindustries
Noneoftheabove.
Answer:
A
Empiricalstudiesindicatethatproductivityperformanceis
directlyrelatedtoglobalizationofindustries.
inverselyrelatedtoglobalizationofindustries.
notrelatedtoglobalizationofindustries.
Anyoftheabove.
Noneoftheabove.
Answer:
A
Aclosedeconomyisoneinwhich
importsexactlyequalexports.
domesticfirmsinvestinforeigncountries.
thehomeeconomyisisolatedfromforeigntradeorinvestment.
Alloftheabove.
Noneoftheabove.
Answer:
C
ThedominanttradingnationintheworldmarketsinceWorldWarIIwas
theUnitedKingdom.
theUnitedStates.
Japan.
Germany.
China.
Answer:
B
Empiricalstudiesindicatethat_______________bestenhancesproductivitygrowthforlocalindustries
localcompetition
cut-throatcompetition
destabilizingcompetition
globalcompetition
Noneoftheabove.
Answer:
D
Highlevelsofopennessaremostlikelyassociatedwithacountry’s
politicalorientation.
size.
resourceavailability.
historicalassociationwithforeignentanglingalliances.
Noneoftheabove.
Answer:
B
⏹ EssayQuestions
Itisarguedthatsmallcountriestendhavemoreopeneconomiesthanlargeones.Isthisempiricallyverified?
Whatarethelogicalunderpinningsofthisargument?
Answer:
Yes.Theydonothavesufficientresourcestosatisfyconsumptionneeds;andalsodonothaveasufficientlylargemarkettoenabletheirindustriestoavailthemselvesofscaleeconomypossibilities.
Anotheranswerwouldrelyonalocationargument.Assumethatthe“natural”marketforanygivenplantisacirclewitharadiusofnmileswiththeplantatitscenter.Assumingthattheproductionplantsarelocatedrandomlythroughoutthecountry,thentheprobabilitythatthetypicalcircularmarketwillencompasssomeforeigncountryisgreaterthesmalleristheco
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