国际贸易51544.docx
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国际贸易51544
Assignment1
Duedate:
May7,2014
SectionIMultiplechoicequestions(20marks)
1..
Whichofthefollowingistrueofconsumersurplus?
A.
Itisgraphicallyrepresentedastheareaundertheequilibriumpriceandabovethesupplycurveofagood.
B.
Itisthenetgainineconomicwell-beingassociatedwithproducingandsellingtheequilibriumquantityofagood.
C.
Itisusedtomeasuretheimpactofachangeinpriceontheeconomicwell-beingoftheproducers.
D.
Itisthedifferencebetweenthevaluethatoneplacesonagoodandthepricepaidforthegood.
2.
RefertoFigure2.1below.Atapriceof$70,theconsumersurplusequals
A.
$6,000,000.
B.
$8,000,000.
C.
$5,000,000.
D.
$10,000,000.
3.
RefertoFigure2.1.above.Atapriceof$70,theproducersurplusequals:
A.
$6,000,000.
B.
$8,000,000.
C.
$15,000,000.
D.
$30,000,000.
4.AnincreaseintheimportsofclothingintotheUnitedStatesfromIndiawillbenefitthe_____andhurtthe____.
A.
U.S.clothingproducers;Indianclothingproducers
B.
Indianconsumers;Indianclothingproducers
C.
U.S.consumers;Indianclothingproducers
D.
U.S.consumers;theU.S.clothingproducers
5.SupposecountryAandcountryBaretheonlytwocountriesintheworld.CountryAimportsgoodXfromcountryBandexportsgoodY.Intheabsenceofanytransportationcost,attheworldpriceofgoodX:
A.
countryB'sexportsupplycurveisperfectlyinelastic.
B.
bothcountryA'simportdemandcurveandcountryB'sexportsupplycurvearepositivelysloped.
C.
countryA'simportdemandcurvewillbeperfectlyinelastic.
D.
countryA'simportdemandcurvewillintersectcountryB'sexportsupplycurve.
6.AccordingtotheMercantilists,governmentsshould:
A.
subsidizeandencourageimports.
B.
subsidizeandencourageexports.
C.
allowforfreetradeunencumberedbygovernmentregulationsandrestrictions.
D.
notspendmuchonnationaldefense.
7.Laborproductivityrefersto:
A.
thenumberofunitsofoutputthataworkercanproduceinonehour.
B.
thetotalnumberofunitsofagoodthatallworkersinafirmproduceinoneday.
C.
thenumberofhoursittakesaworkertoproduceoneunitofoutput.
D.
thetotalnumberofhoursittakesalltheworkersinafirmtoproduceagivenamountoftheoutputinoneday.
8.Ifacountryexportsthegoodthatitcanproduceatalowopportunitycostandimportsthosegoodsthatitwouldotherwiseproduceatahighopportunitycost,wesaythatsuchtradeisbasedon:
A.
thetheoryofabsoluteadvantage.
B.
thearbitragepricingtheory.
C.
thetheoryoffactorendowments.
D.
thetheoryofcomparativeadvantage.
9.AbottleofwinecanbeproducedinFrancewith2laborhours,andintheUnitedStateswith4laborhours.ApoundofbeefcanbeproducedinFrancewith1laborhour,andintheUnitedStateswith½laborhours.Whichofthefollowingistrueinthiscontext?
A.
Francehasacomparativeadvantageintheproductionofbeef.
B.
Francehasanabsoluteadvantageintheproductionofbeef.
C.
TheUnitedStateshasanabsolute,butnotacomparativeadvantageintheproductionofbeef.
D.
TheUnitedStateshasbothcomparativeandabsoluteadvantageintheproductionofbeef.
10.Inatwo-countrytwo-goodmodel,ifacountryhasanabsoluteadvantageintheproductionofacertaingood,itimpliesthat:
A.
itisnotpossiblethatthiscountrycangainbyimportingthisgoodfromtheothercountry.
B.
thiscountryalsohasacomparativeadvantageintheproductionofthisgood.
C.
ithasgreaterresourcesthantheothercountry.
D.
thiscountryhashigherlaborproductivityintheproductionofthisgood.
11.Whichofthefollowingbestexplainswhyincreasingmarginalcostsofproductionarise?
A.
Thefactorendowmentsvaryacrosscountries.
B.
Allthefactorinputsarenotfullyutilizedintheproductionofdifferentcommodities.
C.
Differentconsumershavedifferenttasteandpreferencesets.
D.
Differentcommoditiesuseinputsindifferentproportions.
12.Chinahas20%oftheworld'spopulationbutonly10%oftheworld'sfarmableland.WhichofthefollowingwillbepredictedbytheHeckscher-Ohlintheory,ifChinabeginstotradewithothercountries?
A.
Chinawillexportland-intensivegoodslikewheatandimportlabor-intensivegoodslikeclothing.
B.
Chinawillshiftresourcesintotheproductionofagriculturalgoodsandawayfrommanufacturedgoods.
C.
Chinawillshiftresourcesfromtheproductionofagriculturalgoodstotheproductionoflabor-intensivegoods.
D.
Chinawillexportcapital-intensivegoodslikeautomobilesandimportlabor-intensivegoodslikeclothing.
13.TheUnitedStatesisrelativelycapital-abundantbecause:
A.
capitalcostsmoreintheUnitedStatesthanintherestoftheworld.
B.
theUnitedStateshasmorecapitalthantherestoftheworld.
C.
theUnitedStatesproducesandexportsprimaryproductstotherestoftheworldandimportsmanufacturedgoods.
D.
theratioofcapitaltootherinputsisgreaterintheUnitedStatesthanthatintherestoftheworld.
14.RefertoFigure4.1.below.IntheabsenceoftradeCanadawill:
A.
produceandconsumeatpointS1.
B.
produceandconsumeatpointC0.
C.
produceatpointS1andconsumeatpointC0.
D.
produceandconsumeatpointC1.
Inthefiguregivenabove-ABistheproduction-possibilitycurveofCanada.Intheabsenceoftrade,thepriceratiois1bushelofwheat/baleofcottonasshownbythelinePQ.Theinternationalpriceratiois0.25bushelsofwheat/baleofcottonasshownbythelineRS.I1andI2arethepre-tradeandthepost-tradecommunityindifferencecurvesofCanadarespectively.
15.RefertoFigure4.1.above.AfterCanadaengagesinfreetrade,itwill:
A.
produceatpointS1andconsumeatpointC1.
B.
produceandconsumeatpointC0.
C.
produceatpointS1andconsumeatpointC0.
D.
produceandconsumeatpointC1.
16.
Intheshort-run,followingtheopeningoftrade:
A.
inputsmoveacrosssectors,butinputreturnsremainconstant.
B.
factorpaymentsintheimport-competingsectorswilldecline.
C.
thesupplyofresourcestotheexport-orientedsectorswilldecline.
D.
workersinallthesectorswillreceivelowerwagesduetocheapimports.
17.
IftradecorrespondstotheHeckscher-Ohlintheory,whichofthefollowingismostlikelytohappeninthelongrunafteralabor-abundantcountryengagesinfreetrade?
A.
Therateofunemploymentinthecountryismostlikelytoincrease.
B.
Thetotaloutputintheeconomywilldecline.
C.
Thecapitaltolaborratiointheexportsectorwillincrease.
D.
Therentalratesofcapitalwillincreasebutthewagerateswilldecline.
18.TheHeckscher-Ohlintheorypredictsthattheopeningoftradebetweenaland-abundantcountryandalabor-abundantcountryshouldresultin:
A.
higherrentsandwagesinbothcountries.
B.
lowerrentsandwagesinbothcountries.
C.
higherrentsinthelabor-abundantcountryandhigherwagesintheland-abundantcountry.
D.
higherwagesinthelabor-abundantcountryandhigherrentsintheland-abundantcountry.
19.
TheStolper-Samuelsontheoremindicatesthatgivencertainassumptionsandconditions:
A.
therealreturntothefactorusedintensivelyintheimport-competingindustrywillriseinthelong-run.
B.
therealreturntothefactorusedintensivelyintheexportindustrywillfallinthelong-run.
C.
therealreturntoalltheresourcesinaneconomywillincrease.
D.
therealreturntothefactorusedintensivelyintheexportindustrywillriseinthelong-run.
20.WhichofthefollowingismostlikelytobepredictedbytheHeckscher-Ohlintheory?
A.
Theindustrializednationswillmainlyexportlabor-intensivegoods.
B.
Thedevelopingcountrieswillmainlyexportlabor-intensivegoods.
C.
Thewagerateofthelow-skilledworkerswillbehigherinthedevelopingcountriesthaninthedevelopedcountries.
D.
CountriesliketheUnitedStateswillcompletelyspecializeintheproductionofprimarycommodities.
Section2IITrueorFalseQuestions(20marks)
Indicatewhetherthefollowingstatementsaretrueorfalse.Ifthestatementisfalse,provideanexplanationastowhyitisfalse.
1.Freetradeisazero-sumactivitybecauseacountryalwaysgainsattheexpenseofitstradingpartner.
2.Iftheworldpriceishigherthantheno-tradedomesticprice,thendomesticproducersgainanddomesticconsumersloseasaresultoffreetrade.
3.Mercantilistsbelievedthatacountrygainsfrominternationaltradeonlyattheexpenseofanothercountryorcountries.
4.IfcountryXhasahigherlaborproductivitythantherestoftheworldintheproductionofagood,thencountryXhasacomparativeadvantageintheproductionofthegood.
5.Accordingtothetheoryofcomparativeadvantage,tradewillnotoccurifonecountryislessefficientintheproductionofallproducts.
6.ThedifferencebetweentheHeckscher-OhlintheoryoftradeandtheRicardianmodelisthattheformerassumesthataneconomyproducesonlytwogoods.
7.Whenincreasingamountsofavariablefactorareaddedtoafixedfactor,theoutputincreasesbutatadiminishingrate.
8.AccordingtotheHeckscher-Ohlinmodel,countrieswillengageintradeonlyiftheyhavedifferentproductiontechnologies.
9.InternationaltradepatternsarebroadlyconsistentwiththeHeckscher-Ohlinpredictionthatnationstendtoexporttheproductsthatusetheirabundantfactorsintensively.
10
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