TEST BANK OF INTERNATIONAL ECONOMICS.docx
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TEST BANK OF INTERNATIONAL ECONOMICS.docx
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TESTBANKOFINTERNATIONALECONOMICS
TESTBANKOFINTERNATIONALECONOMICS
PartⅠ.Fillintheblankwithsuitablecontent.
1.Seventhemesrecurthroughoutthestudyofinternationaleconomics.Theseare,,,thebalanceofpayments,exchangeratedetermination,internationalpolicycoordination,internationalcapitalmarket.
2.Countriesengageininternationaltradefortwobasicreasons:
and.
3.Acountryhasacomparativeadvantageinproducingagoodif
ofproducingthatgoodintermsofothergoodsislowerinthatcountrythanitisinothercountries.
4.Laboristheonlyonefactorofproduction.
、
and
、
aretheunitlaborrequirementincheeseandwineatHomeandForeign,respectively.If,Homehasacomparativeadvantageincheese.
/
istherelativepriceofcheese,whenHomeandForeignspecializeinproducingcheeseandwine,respectively.
5.Laboristheonlyonefactorofproduction.
、
and
、
aretheunitlaborrequirementincheeseandwineatHomeandForeign,respectively.LandL*areHome’sandForeign’slaborforce.If
/
<
/
<
/
theworldrelativesupplyofcheeseequals.Home’sgainsfromindirectlyproducingwinecanbeshownas
6.Inspecificfactorsmodel(QM=QM(K,LM);QF=QF(T,LF);L=LM+LF),ifHomeproducesandtradesmanufacturedgoodsforfood,theoverallcomparisonofthefivechangerateofgoodspriceandfactorprice
、
、
、
、
insideHomeis.Thatis,therealincomeofcapitalistsincrease,itcanbeshownas.
7.Therearetwomainreasonswhyinternationaltradehasstrongeffectsonthedistributionofincome.First,
Second.
8.IntheHeckscher-Ohlinmodel,Comparativeadvantageisinfluencedbytheinteractionbetweenand
9.Accordingto,iftherelativepriceofagoodrises,therealincomeofthefactorwhichintensivelyusedinthatgoodwillrise,whiletherealincomeoftheotherfactorwillfall.
10.Accordingto,atunchangedrelativegoodsprice,ifthesupplyofafactorofproductionincreases,theoutputofthegoodthatareintensiveinthatfactorwillrise,whiletheoutputoftheothergoodwillfall.
11.Accordingto,ownersofacountry’sabundantfactorsgainfromtrade,butownersofacountry’sscarefactorslose.
12.Accordingto,internationaltradeproducesaconvergenceofrelativegoodsprices.Thisconvergence,inturns,causestheconvergenceoftherelativefactorprices.Tradeleadstocompleteequalizationoffactorprices.
13.Threeassumptionscrucialtothepredictionoffactorpriceequalizationareinrealityuntrue.Theseassumptionsare
(1)
(2)(3).
14.“U.S.exportswerelesscapital-intensivethanU.S.imports”isknownas
.
15.TheRicardianModel,theSpecificFactormodelandtheH-Omodelmaybeviewedasspecialcasesof
16.Thestandardtrademodelderivesaworldrelativesupplycurvefrom
andaworldrelativedemandcurvefrom.
17.Toexport-biasedgrowth,ifthedeclineofthewelfarecausedbythedeteriorationofthetermsoftradeswapovertheriseofthewelfarecausedbygrowth,thegrowthis.
18.Someeconomistsarguedthatexport-biasedgrowthbypoornationswouldworsentheirtermoftradesomuchthattheywouldbeworseoffthaniftheyhadnotgrownatall.Thissituationisknownas.
19.Immiserizinggrowthdemandsstrictconditions,theseconditionsare
,
.
20.Accordingto“”,tariffsandexportsubsidiesmighthaveperverseeffectsoninternalprice.
21.Inthemodelof“MonopolisticCompetitionandTrade”,firmsofanindividualnationfacethetrade-offbetweenand.
22.Marshallarguedthattherewerethreemainreasonswhyaclusteroffirmsmaybemoreefficientthananindividualfirminisolation:
23.Thepatternofintraindustrytradeitselfisunpredicted,
determinethedetailsofthetradepattern.
39.Whenthereisexternaleconomies,thepatternofinternationaltradeisdeterminedby.
24.Theindexesofintrainindustrytradeofaindustrycanbecalculatedbythestandardformula:
I=.
25.Interindustrytradeandintrainindustrytradearethesourcesofgainsfromtrade.When、,intrainindustrytradeisthedominantsourceofgainsfromtrade,everyonegainsfromtrade.
26.Theargumentoftemporaryprotectionofindustriestoenablethemtogainexperienceisknownas
27.Ifweaddtogetherthegainsandlossesfromatariff,Wefindthetheneteffectonnationalwelfarecanbeseparatedintotwoparts:
and
28.Whydocountriesadopttradepoliciessuchastarifforimportquota,whichproducemorecoststhanbenefits?
——
29.Inthepoliticaleconomyoftradepolicy,governmentareassumedtomaximize
ratherthan.
30.Deviationsfromfreetradecansometimesincreasenationalwelfare.Theseargumentsincludeand
31.Accordingto“”,domesticmarketfailureshouldbecorrectedbydomesticpoliciesaimeddirectlyattheproblem’ssources.
32.Althoughmarketfailuresareprobablycommon,thedomesticmarketfailureargumentagainstfreetradeshouldnotbeappliedtoofreely.First
;Second.
33.Internationaltradeoftenproduceslosersaswellaswinners.Intheactualpoliticsoftradepolicy,incomedistributionisofcrucialimportance.
canexplainwhypoliciesthatnotonlyseemtoproducemorecoststhanbenefitsbutthatalsoseemtohurtfarmorevotersthemtheycanhelpcannonethelessbeadopted.
34.TheWTOincludesfouraspectscontent:
GATT1994,GATS,,
35.“Nondiscriminatory”principlesincludeprincipleand
principle
36.Forpreferentialtradingagreements,suchas,countriesmustcedepartoftheirsovereigntytosupranationalentity.
37.Whetheracustomsunionisdesirableorundesirabledependsonwhetheritlargelyleadstoor.
38.Tradepolicyindevelopingcountriesisconcernedwithtwoobjectives:
and.
39.Tradepolicyindevelopingcountriesisconcernedwithtwoobjectives:
promoting
industrializationandcopingwiththeproblemsofthedualeconomy.Correspondingly,therearetwomainargumentsfordevelopingcountriestopursuepolicyofimport-substitutingindustrialization.Thetwoargumentsare
and.
40.Sophisticatedproponentsoftheinfantindustryargumenthaveidentifiedtwomarketfailuresasreasonswhyinfantindustryprotectionmaybeagoodidea:
and.
PartⅡ.TrueorFalse(trueandfalsearedenotedby“T”and“F”,respectively)
1.IfaLW*/aLC* 2.AccordingtotheRicardianmodel,itispreciselybecausetherelativewageisbetweentherelativeproductivitiesthateachcountryendsupwithacostadvantageinonegood.Thegoodforwhich / > / willbeproducedinForeign.() 3.Itispreciselybecausetherelativewageisbetweentherelativeproductivitiesthateachcountryendsupwithacostadvantageinonegood.() 4.Long-runconvergenceinproductivityproduceslong-runconvergenceinwages.() 5.“Koreanworkersearnonly$2.50anhour;ifweallowKoreatoexportasmuchasitlikestotheUnitedStates,ourworkerswillbeforceddowntothesamelevel.Youcan’timporta$5shirtwithoutimportingthe$2.50wagethatgoeswithit.”() 6.Thepropositionthattradeisbeneficialisunqualified.Thatis,thereisnorequirementthatacountrybe“competitive”orthatthetradebe“fair”.() 7.Freetradeisbeneficialonlyifyourcountryisstrongenoughtostanduptoforeigncompetition.() 8.Foreigncompetitionisunfairandhurtsothercountrieswhenitisbasedonlowwages.() 9.Tradeexploitsacountryandmakeitworseoffifitsworkersreceivemuchlowerwagethanworkersinothernations.() 10.TheRicardianModelpredictsanextremedegreeofspecialization.() 11.TheRicardianModelneglectstheeffectsonincomedistribution.() 12.ThebasicpredictionoftheRicardianmodelhasbeenstronglyconfirmedbyanumberofstudiesoveryears.() 13.TheRicardianModelpredictsthatcountriestendtoexportthosegoodsinwhichtheirproductivityisrelativehigh.() 14.Wecanthinkoffactorspecificityasamatteroftime.() 15.TheopportunitycostofmanufactureintermsoffoodisdenotedbyMPLM/MPLF.() 16.Aequalproportionalchangeinpricehavenorealeffectsontherealwage,realincomeofcapitalownerandlandowner.() 17.Tradebenefitsthefactorthatisspecifictotheimport-competingsectorsofeachcountrybuthurtsthefactortotheexportsectors,withambiguouseffectsonmobilefactors.() 18.Itispossibleinprincipleforacountry’sgovernmenttousetaxesandsubsidiestoredistributeincometogiveeachindividualmoreofbothgoods.() 19.Althoughinternationaltradehasstrongeffectsonincomedistribution,therearestillpossibleinprincipletomakeeachindividualbetteroff.() 20.Typically,thosewhogainfromtradeinanyparticularproductareamuchmoreconcentrated,informed,andorganizedgroupthanthosewholose.() 21.Conflictsofinterestwithinnationsareusuallymoreimportantindeterminingtradepolicythanconflictsofinterestbetweennations.() 22.Generally,economistsdonotregardtheincomedistributioneffectsoftradeasagoodreasontolimittrade.() 23.Theformulationoftradepolicyisakindofpoliticalprocess.() 24.“Theworld’spoorestcountriescan’tfindanythingtoexport.Thereisnoresourcethatisabundant—certainlynotcapitalorland,andinsmallpoornationsnotevenlaborisabundant.”() 25.WageinequalityinU.S.increasedbetweenthelate1970sandtheearly1990s,economistsattributethechangetothegrowingexportsofmanufacturedgoodsfromNIEs.() 26.Ifthefactor-proportiontheorywasright,acountrywouldalwaysexportfactorsforwhichtheincomeshareexceededthefactorshare,importfactorsforwhichitwasless.() 27.TheH-Omodelcanpre
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