IE multiple choices国际经济学期末复习选择题.docx

1.International economics deals with:a. the flow of goods, services and payments among nationsb. policies directed at regulating the flow of goods, services and paymentsc. the effects of policies affecting international trade and finance on the welfare of the nation d. all of the above2.Which of the following is not the subject matter of international finance?a. foreign exchange marketsb. the balance of paymentsc. the basis and the gains from traded. policies to adjust balance of payments disequilibria3.Community indifference curves:a. are negatively slopedb. are convex to the originc. should not crossd. all of the above4. Which of the following is a debit?a. the export of goodsb. the export of servicesc. unilateral transfers given to foreignersd. capital inflows5.If with one hour of labor time nation A can produce either 3X or 3Y while nation B can produce either 1X or 3Y (and labor is the only input):a. nation A has a comparative disadvantage in commodity Xb. nation B has a comparative disadvantage in commodity Yc. nation A has a comparative advantage in commodity Xd. nation A has a comparative advantage in neither commodity6.If with one hour of labor time nation A can produce either 3X or 3Y while nation B can produce either 1X or 3Y (and labor is the only input), the range of mutually beneficial trade between nation A and B is:a. 3Y 3X 5Yb. 5Y 3X 9Yc. 3Y 3X 9Yd. 1Y 3X 3Y7.A difference in relative commodity prices between two nations can be based upon difference in:a. factor endowmentsb. technologyc. tastesd. all of the above8.Mutually beneficial trade cannot occur if production frontiers are:a. equal but tastes are notb. different but tastes are the samec. different and tastes are also differentd. the same and tastes are also the same.9.According to Adam Smith, international trade was based on:a. absolute advantageb. comparative advantagec. both absolute and comparative advantaged. neither absolute nor comparative advantage10.The commodity in which the nation has the smallest absolute disadvantage is the commodity of its:a. absolute disadvantageb. absolute advantagec. comparative disadvantaged. comparative advantage11.Which of the following is not true for a nation that is in equilibrium in isolation?a. it consumes inside its production frontierb. it reaches the highest indifference curve possible with its production frontierc. the indifference curve is tangent to the nations production frontierd. MRT of X for Y equals MRS of X for Y, and they are equal to Px/Py12.If the internal Px/Py is lower in nation 1 than in nation 2 without trade:a. nation 1 has a comparative advantage in commodity Yb. nation 2 has a comparative advantage in commodity Xc. nation 2 has a comparative advantage in commodity Yd. none of the above13.With free trade under increasing costs:a. neither nation will specialize completely in production if both nations are largeb. at least one nation will consume above its production frontierc. a small nation will always gain from traded. all of the above14.At a relative commodity price below equilibriuma. the quantity demand of imports is smaller than the quantity supplied of exportsb.the relative price of the commodity will fallc. the commodity price will rised. none of the above15.The gains from international trade increase as:a. a nation consumes inside of its production possibilities scheduleb. a nation consumes along its production possibilities schedulec. the international terms of trade rises above the nations autarky priced. the international terms of trade approaches the nations autarky price16.A fall in the price of imports or a rise in the price of exports will:a. improve the terms of tradeb. worsen the terms of tradec. expand the production possibilities curved. contract the production possibilities curve17.If actual Px/Py exceeds the equilibrium relative Px/Py with tradea. the nation exporting commodity X will want to export more of X than at equilibriumb. the nation importing commodity X will want to import less of X than at equilibriumc. Px/Py will fall toward the equilibrium Px/Pyd. all of the above18.The H-O model extends the classical trade model by:a. explaining the basis for comparative advantageb. examining the effect of trade on factor pricesc. both a and bd. neither a nor b19.A nation is said to have a relative abundance of K if it has a:a. greater absolute amount of Kb. smaller absolute amount of Lc. higher L/K ratiod. lower price of K in relation to the price of L20.In the H-O model, international trade is based mostly on a difference in:a. technologyb. factor endowmentsc. economies of scaled. tastes21.International trade can be based on economies of scale even if both nations have identical:a. factor endowmentsb. tastesc. technologyd. all of the aboveIntra-industry trade takes place:a.because products are homogeneousb. in order to take advantage of economies of scalec. because perfect competition is the prevalent form of market organizationd. all of the above22.The simultaneous export and import of autos by the United States is an example ofa. increasing returns to scale.b. imperfect competition.c. intra-industry trade.d. inter-industry trade23.Which of the following is classified as a credit in the U.S. balance of payments?a. U.S. exportsb. U.S. gifts to other countriesc. a flow of gold out of the U.S.d. foreign loans made by U.S. companies24.When the resident of a foreign nation (1) sells a U.S. stock and (2) deposits the proceeds in a U.S. bank, the U.S.:a. credits capital for (1) and debits capital for (2)b. credits the current account and debits capitalc. debits capital and credits official reservesd. debits capital for (1) and credits capital for (2)25.According to the Stolper-Samuelson theorem, international trade leads to:a. reduction in the real income of the nations relatively abundant factorb. reduction in the real income of the nations relatively scarce factorc. increase in the real income of the nations relatively scarce factord. none of the above26.Which of the following is true with respect to the infant-industry argument for protection?A. It refers to temporary protection to establish a domestic industry.B. To be valid, the return to the grown-up industry must be sufficiently high also to repay for the higher prices paid by domestic consumers of the commodity during the infancy period.C. It is inferior to an equivalent production subsidy to the infant industry.D. All of the above.27.A producer successfully practicing international dumping would charge:a. a relatively higher price in the more elastic marketb. a relatively higher price in the less elastic marketc. the same price in all markets, regardless of their elasticitiesd. different prices in all markets, regardless of their elasticities27.A rise in the price of imports or a fall in the price of exports will:a. improve the terms of tradeb. worsen the terms of tradec. expand the production possibilities curved. contract the production possibilities curve29.Which of the following tends to cause the China RMB to appreciate in value?a. an increase in China prices above foreign pricesb. rapid economic growth in foreign countriesc. a fall in China interest rates below foreign levelsd. an increase in the level of China income30.If Canadian speculators believed the Swiss franc was going to appreciate against the U.S. dollar, they would:a. purchase Canadian dollarsb. purchase U.S. dollarsc. purchase Swiss francsd. sell Swiss francs31.If wheat costs $4 per bushel in the United States and 2 pounds per bushel in Great Britain, then in the presence of purchasing-power parity the exchange rate should be:a. $0.50 per poundb. $1.00 per poundc. $2.00 per poundd. $8.00 per pound32.The Marshall-Lerner condition for a stable foreign exchange market is:a. the sum of the absolute values of the elasticity of the nations demand of imports and the foreign demand for the nations exports is greater than oneb. the sum of the absolute values of the elasticity of the nations demand of imports and the foreign demand for the nations exports is smaller than onec. the sum of the absolute values of the elasticity of the nations demand of imports and the foreign demand for the nations exports equals oned. none of the above33.According to the J-curve effect, when the exchange value of a countrys currency appreciates, the countrys trade balance:a. first moves toward deficit, then later toward surplusb. first moves toward surplus, then later toward deficitc. moves into deficit and stays thered. moves into surplus and stays there34.An import quota:a. increases the domestic price of the imported commodityb. reduces domestic consumptionc. increases domestic productiond. all of the above35.According to the Stolper-Samuelson theorem, international trade leads to:a. reduction in the real income of the nations relatively abundant factorb. reduction in the real income of the nations relatively scarce factorc. increase in the real income of the nations relatively scarce factord. none of the above 36.If only the supply of labor increases in a nation, the nations production frontier shiftsa. only along the axis measuring the L-intensive commodityb. only along the axis measuring the K-intensive commodityc. more along the axis measuring the L-intensive commodityd. in the same proportion along both axes37.Which of the following statements is true with regard to the product-cycle theory?a. it depends on differences in technological changes over time among countriesb. it depends on the opening and the closing of technological gaps among countriesc. it postulates that industrial countries export more advanced products to less advanced countriesd. all of the above38. Which of the following statements is incorrect?a. an ad valorem tariff is expressed as a percentage of the price of the traded commodity.b. a specific tariff is expressed as a fixed sum of the value of the traded commodity.c. export tariffs are prohibited by the U.S. Constitutiond. the U.S. uses exclusively the specific tariff39.A small nation is one:a. which does not affect world price by its tradingb. which faces an infinitely elastic world supply curve for its import commodityc. whose consumers will pay a price that exceeds the world price by the amount of the tariffd. all of the above40.If a small nation increases the tariff on its import commodity, its:a. consumption of the commodity increasesb. production of the commodity decreasesc. imports of the commodity increased. none of the above41. The optimum tariff for a small nation is:a. 100%b. 50%c. 0d. It depends on the elasticity of demand and supply for the import commodity in the nation.42. The effective tariff rate is the tariff calculated on thea. price of the input used in the production of the commodityb. commodity or servicec. value added in the nationd. all of the above43. How many members in European Union:a. 26b. 27c. 28d. 2944. An increase in the demand of the imported commodity subject to a given import quota:a. reduces the domestic quantity demanded of the commodityb. increases the domestic production of the commodityc. reduces the domestic price of the commodityd. reduces the producers surplus45. Which of the following statements is correct?a. in a customs union, member nations apply a uniform external tariffb. in a free-trade area, member nations harmonize their monetary and fiscal policiesc. within a customs union there is unrestricted factor movementd. a customs union is a higher form of economic integration than a common market46. A customs union that allows for the free movement of labor and capital among its member nations is called a:a. preferential trade arrangementb. free-trade areac. common marketd. all of the above47.A customs union creates t