国际贸易英文选择题.doc

Chapter 1: IntroductionWhich statement most accurately describes US trade since 1960?Imports continually exceeded exports.Exports continually exceeded imports.Exports and imports were more than 50% of GDP.Both imports and exports grew as a share of GDP.Which of the following is NOT true?As a share of their economies, small countries trade more than large countries.Imports can not exceed exports because trade will become unbalanced.Economists believe that trade generally benefits countries as a whole.U.S. imports currently exceed U.S. exports.The phrase gains from trade describes:The benefit for two countries when they trade or make a transaction.The profit of middlemen in a trade or a transaction.Profits made by business in trade or a transaction.Consumer surplus.A complaint that economists sometimes make against international trade is that itdoes not benefit large countries like the US.does not benefit consumers.weakens a nations security.changes the distribution of income in an unfavorable way.David Ricardo argued that trade occurs between countries because ofdifferences in endowments of factors of production.differences in the size of their economies.differences in climate and resources.differences in labor productivity.In theory, which of the following should be most averse to international trade?Countries that are more efficient at producing than other countries.Countries that are less efficient at producing than other countries.Owners of resources that are specifically used in industries that compete with imports.Consumers.Since the 1990sthe World Trade Organization has refused to accept cost-benefit analyses.the North American Free Trade Agreement has allowed trade between US and China.trade policy has been mostly determined by conflicts between nations.an anti-globalization movement has continued to fight trade negotiations.A system of floating exchange rates has currencies whose valuesare fixed by governments.are fixed in terms of gold.fluctuate according to market conditions.are fixed in terms of the US dollar.Which of the following organizations reviews trade agreements to determine if countries are keeping their promises?US Congress.The United Nations.The Organization for Economic Cooperation and Development.The World Trade Organization.Which of the following is NOT true regarding international capital markets?Currency fluctuations can cause the value of assets in the market to become unstable.Many countries regulate foreign investment.The value of assets traded in the market has fallen since the debt crisis of 1982.Nations may be able to default on their debt.Chapter 2: World Trade: An OverviewIn 2003, the US had the largest total amount of imports from and exports toGermany.Canada.Mexico.the United Kingdom.China.In its most basic form, the gravity model says that the most important factors that describe the amount of trade between countries are differences in wages and technology between countries.the amount that the countries produce and the distance between them.the cultural affinity between the countries and the existence or lack of a common language.differences in the amount of workers and physical capital between countries.the tariff barriers between the countries and the costs of transportation.Evidence shows that the effect of borders is not important when comparing international trade with trade between regions within a country. the amount of trade that a country undertakes is not related to its geography.countries farther apart have less trade between them on average. the amount of trade between countries is not related to the cultural affinity between the countries.the amount of US trade reached its peak in 1950.The North American Free Trade Agreementhas shown that international borders no longer affect the amount of trade between countries.has reduced tariffs and other trade restrictions among British Columbia, Manitoba and Ontario. has reduced the usefulness of the gravity model.has shown that cultural ties are more important in determining the amount of trade between countries than tariff rates.has reduced tariffs and other trade restrictions among Canada, Mexico and the US.While technologies have reduced the negative effect that distance has on trade, the effects of the Internet and airplanes on trade have been negligible.the effect of international borders has not been reduced through trade agreements.political factors have historically been more influential in determining the amount of trade than available technologies.cultural clashes have recently reduced the amount of US trade compared to the amount of trade in 1950.trade was a smaller part of the US and UK economies in 1995 than it was in 1950.Most international trade today is classified as trade inmanufactured products.agricultural products.dairy products.services.mineral products. In contrast to 50 years ago, most exports from low and middle income countries are now classified as dairy products.manufactured products.services.mineral products.agricultural products.Approximately what percent of US jobs are classified as non-tradable such that they can not be effectively moved to a foreign location?5%10%25%40%60%Service outsourcing refers to the case in whicha firm exports out of a country rather than selling products within a country.consumers find out the source of where services are rendered.a firm moves part of its services out of the domestic country.exports are promoted through subsidies and price supports.a firm imports from another country rather than buying products from within a domestic country.Gross domestic product measures the total value of all final goods and services produced within an economy.the gross weight of products that are imported into a domestic country.the gross profits from all final goods and services produced in an economy.the gross weight of products that are exported from a domestic country.the gross profits from products that are exported from a domestic country.窗体底端窗体底端Chapter 3: Labor Productivity and Comparative Advantage: The Ricardian ModelThe Ricardian modelaccounts for only one industry in each country.accounts for only one factor of production. predicts that differences in endowments of factors of production lead to trade.predicts that countries with cultural ties trade more.predicts that trade will occur even if countries are identical.If Country A has a comparative advantage in producing shoes, thenother countries will never produce shoes if trade is allowed.it can produce shoes at a lower relative cost than other countries can. the productivity of workers in the shoe industry in Country A is higher than in other countries.it can produce shoes using fewer resources than other countries can.it has more factors of production used in the production of shoes relative to other countries.The Ricardian model predicts that gains from trade occuronly if both countries have an absolute advantage in the industry in which they specialize.only if countries do not specialize completely.only if countries specialize completely.only if a country has an absolute advantage in production.for both countries that trade with each other.Suppose that Country A has 5000 units of labor services and that it takes 50 units of labor services to produce one computer and 1 unit to create a Web page. What is the opportunity cost of producing a Web page?10 computers not produced100 computers not produced0.0002 computers not produced50 computers not produced0.02 computers not producedSuppose that the opportunity cost of producing computers in Country A is 50 Web pages not produced and in Country B is 10 Web pages not produced. Under these conditions, the Ricardian model predicts thatCountry A will export computers and import Web pages.the pattern of trade is uncertain until wages are determined.Country A will export Web pages and import computers. trade will not occur.Country A has the comparative advantage in producing computers.Which of the following is NOT an assumption in the Ricardian model?Labor productivity in each country is fixed.Each country uses only one factor of production.Labor can freely move across countries.The amount of each factor of production is fixed.Markets are competitive.Suppose that Country A has 100 units of labor services and Country B has 200 units of labor services and that both countries produce computers and Web pages. The unit labor requirements are shown in the table: ComputersWeb pagesCountry A501Country B1001If both countries specialize completely in producing the good in which they have a comparative advantage, then the supply of computers relative to Web pages will be:0.005 (or 1/200)0.01 (or 1/100)0.013 (or 1/75)0.02 (or 1/50)It is impossible to determine without knowing the relative price of computers in terms of Web pages.Suppose that Country A has 100 units of labor services and Country B has 200 units of labor services and that both countries produce computers and Web pages. The unit labor requirements are shown in the table: ComputersWeb pagesCountry A501Country B1001At which of the following relative prices of computers in terms of Web sites will Country B produce both goods under free trade?0.012550100It is impossible to tell without the information on labor endowments in each country.According to the Ricardian model, the relative prices of goods when countries trade is determined byrelative demand and relative supply in each trading country.relative opportunity costs in the two countries.relative wages.relative demand and relative supply in world markets.relative exports and importsWhich of the following is true?Countries that have increased trade have seen their wages rise over time relative to U.S. wages.Countries that have increased trade have seen their wages fall over time relative to U.S. wages.Trade has generally helped poor countries but hurt rich countries.Trade has generally made rich countries less rich.Trade has generally made poor countries even poorer.11. Suppose a country is the most efficient producer of every good that is traded. The Ricardian trade model suggests which of the following?选择一个答案 a. This country cannot gain from trade. b. This country can gain from trade only if its government subsidizes the production of goods in which it is relatively inefficient. c. his country can gain from trade only if its government subsidizes the production of goods in which it is relatively efficient. d. This country can gain from trade if it specializes in the production of goods in which it is relatively efficient. Chapter 4: Resources, Comparative Advantage, and Income DistributionThe change in income distribution from trade affects trade policy becausemore people lose from trade than gain from trade.the welfare of those who lose from trade is more important than the welfare of those who gain from trade.those who lose from trade want to punish those who gain from trade.those who lose from trade are already very poor.those who lose from trade are more politically organized that those who gain from trade.Which of the following is NOT an assumption of the Heckscher-Ohlin model?Technology is the same across countries.Markets are competitive.The supply of factors of production grows over time.The amounts of factors of production are different in different countries.Factors of production can be used in different industries.According to the Heckscher-Ohlin model, trade can not make a country as a whole worse off becausethe autarky level of production and consumption is still available.of the assumption that tariffs increase the welfare of both producers and consumers.trade restrictions increase when imports increase. those who gain from trade can compensate those who lose from trade.of the assumption that exports exceed imports.A good is labor intensive in the Heckscher-Ohlin model ifit uses more labor than land in production.it uses a relatively low land to labor ratio in production compared to that of another good.it uses more land than labor in production.it uses a high land to labor ratio in production compared to that of another good.it uses only labor in production.What is the main difference between the Heckscher-Ohlin model and the Ricardian model?Unlike in the Ricardian model, endowments of factors of production affect trade patterns in the Heckscher-Ohlin model.Unlike in the Ricardian model, factors of production are mobile across industries in the Heckscher-Ohlin model.Unlike in the Ricardian model, trade is not assumed to be free in the Heckscher-Ohlin model.Unlike in the Ricardian model, all factors of production gain as a result of trade in the Heckscher-Ohlin model.Unlike in the Ricardian model, factors of production are mobile across countries in the Heckscher-Ohlin model.If cloth production is labor intensive and food production is land intensive, what would be the result of a decrease in the price of food in the Heckscher-Ohlin model?The real wage will rise in terms of both goods, and the real income of land owners will rise in terms of both goods.The real wage will rise in terms of both goods, and the real income of land owners will fall in terms of both goods.The real wage will fall in terms of both goods, and the real income of land owners will rise in terms of both goods.The real wage will rise in terms of both goods, and the real income of land owners will fall in terms of food and rise in terms of cloth.The real wage will rise in terms of both goods, and the real income of land owners will rise in terms of food and fall in terms of cloth.What does the Heckscher-Ohlin model predict about the pattern of trade?Each country specializes in production of goods that use its abundant resource intensively.The pattern of trade depends on cultures between countries.Each country sells abundant factors of production.Each country specializes in production of goods that use available technology most efficiently. The pattern of trade between countries depends on the size of their economies and the distance between them.According to the Heckscher-Ohlin model, how is income redistributed as a result of trade?The owners of abundant factors of production gain, but the effect on the owners of scarce factors of production is ambiguous.The owners of all factors of production gain, but unemployed people lose. Income distribution does not change because each member of society benefits from trade.The owners of scarce factors of production lose, and the owners of abundant factors of production gain.The owners of abundant factors of production lose, and the owners of scarce factors of production gain.The Heckscher-Ohlin model predicts that prices of factors of production equalize across countries. But we do not observe factor price equalization principally because:there are non-tradable goods that the Heckscher-Ohlin model does not account for.prices of factors of production are inconsistently measured across countries.prices of goods are inconsistently measured across countries.there are differences in technology across countries that the Heckscher-Ohlin model ignores. the Heckscher-Ohlin model is not useful.The Leontief paradox states that:countries export goods that use available technology inefficiently.prices of factors of production are not equalized across countries.countries do not engage in international trade to the extent that they should.US exports are less capital intensive than US imports.owners of an abundant factor of production do not gain from trade.窗体底端Chapter 5: The Standard Trade ModelWhich of the following is NOT a common feature of the Ricardian, specific factors, and Hecksher-Ohlin models?Factors of