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1、MUltiDIe-ChOiCeOUeSIiOnSCh.2.TheMercantilistsdidnotadvocate:3.a.freetradeb.stimulatingthenationsexportsc.restrictingthenationsimportsd.theaccumulationofgoldbyIhenation2.AccordingtoAdamSmith,internationaltradewasbasedon:3a.absoluteadvantageparativeadvantagec.bothabsoluteandcomparativeadvantaged.neith
2、erabsolutenorcomparativeadvantage3.Whatproportionofinternationaltradeisbasedonabsoluteadvantage?C.a.AHb.mostc.somed.none4.ThecommodityinwhichthenationhasthesmallestabsolutedisadvantageistheCommodityofits:da.absolutedisadvantageb.absoluteadvantageparativedisadvantageparativeadvantage5.Ifinatwo-nation
3、(AandB),two-commodity(XandY)world,itisestablishedthatnationdAhasacomparativeadvantageincommodityX,thennationBmusthave:a.anabsoluteadvantageincommodityYb.anabsolutedisadvantageincommodityYc.acomparativedisadvantageincommodityYd.acomparativeadvantageincommodityY6.IfwithonehouroflabortimenationAcanprod
4、uceeither3Xor3YwhilenationBcanproduceeither1Xor3Y(andlaboristheonlyinput):Ca.nationAhasacomparativedisadvantageincommodityXb.nationBhasacomparativedisadvantageincommodityYc.nationAhasacomparativeadvantageincommodityXd.nationAhasacomparativeadvantageinneithercommodity7.WithreferencetothestatementinQu
5、estion6:Cla.PxPy=1innationAb.PxPy=3innationBc.PyPx=l3innationBd.alloftheabove8.WithreferencetothestatementinQuestion6,if3Xisexchangedfor3Y:.t)a.nationAgains2Xb.nationBgains6Yc.nationAgains3Yd.nationBgains3Y9.WithreferencetothestatementofQuestion6,therangeofmutuallybeneficialtradebetweennationAandBis
6、:.Ca.3Y3X5Yb.5Y3X9Yc.3Y3X9Yd.1Y3X3Y10.Ifdomestically3X=3YinnationA,whileIX=IYdomesticallyinnationB:d.a.therewillbenotradebetweenthetwonationsb.therelativepriceofXisthesameinbothnationsc.therelativepriceofYisthesameinbothnationsd.alloftheabove11.Ricardoexplainedthelawofcomparativeadvantageonthebasiso
7、f:a.a.thelabortheoryofvalueb.theopportunitycosttheoryc.thelawofdiminishingreturnsd.alloftheabove12.Whichofthefollowingstatementsistrue?d.a.Thecombineddemandforeachcommoditybythetwonationsisnegativelyslopedb.thecombinedsupplyforeachcommoditybythetwonationsisrisingstepwisec.theequilibriumrelativecommo
8、ditypriceforeachcommoditywithtradeisgivenbytheintersectionofthedemandandsupplyofeachcommoditybythetwonationsd.alloftheabove13.Adifferenceinrelativecommoditypricesbetweentwonationscanbebaseduponadifferencein:d.a.factorendowmentsb.technologyc.tastesd.alloftheabove14.Inthetradebetweenasmallandalargenat
9、ion:t)a.thelargenationislikelytoreceiveallofthegainsfromtradeb.thesmallnationislikelytoreceiveallofthegainsfromtradec.thegainsfromtradearelikelytobeequallysharedd.wecannotsay15.TheRicardiantrademodelhasbeenempiricallyH.a.verifiedb.rejectedc.nottestedd.testedbuttheresultswereinconclusiveMUlIiPIe-ChOi
10、CeOUeStionSCh.31.Aproductionfrontierthatisconcavefromtheoriginindicatesthatthenationincursincreasingopportunitycostsintheproductionof:m(xlityXonlymodityYonlyc.bothcommoditiesd.neithercommodity2.Themarginalrateoftransformation(MRT)ofXforYrefersto:a.theamountofYthatanationmustgiveuptoproduceeachadditi
11、onalunitofXb.theopportunitycostofXc.theabsoluteslopeoftheproductionfrontieratthepointofproductiond.alloftheabove3.Whichofthefollowingisnotareasonforincreasingopportunitycosts:a.technologydiffersamongnationsb.factorsofproductionarenothomogeneousc.factorsofproductionarenotusedinthesamefixedproportioni
12、ntheproductionofallcommoditiesd.forthenationtoproducemoreofacommodity,itmustuseresourcesthatarelessandlesssuitedintheproductionofthecommodity4.Communityindifferencecurves:a.arenegativelyslopedb.areconvextotheoriginc.shouldnotcrossd.alloftheabove5.Themarginalrateofsubstitution(MRS)ofXforYinconsumptio
13、nreferstothe:a.amountofXthatanationmustgiveupforoneextraunitofYandstillremainonthesameindifferencecurveb.amountofYthatanationmustgiveupforoneextraunitofXandstillremainonthesameindifferencecurvec.amountofXthatanationmustgiveupforoneextraunitofYtoreachahigherindifferencecurved.amountofYthatanationmust
14、giveupforoneextraunitofXtoreachahigherindifferencecurve6.WhichofthefollowingstatementsistruewithrespecttotheMRSofXforY?a.Itisgivenbytheabsoluteslopeoftheindifferencecurveb.declinesasthenationmovesdownanindifferencecurvec.risesasthenationmovesupanindifferencecurved.alloftheabove7.Whichofthefollowings
15、tatementsaboutcommunityindifferencecurvesistrue?a.Theyareentirelyunrelatedtoindividualscommunityindifferencecurvesb.theycross,theycannotbeusedintheanalysisc.theproblemsarisingfromintersectingcommunityindifferencecurvescanbeovercomebytheapplicationofthecompensationprincipled.alloftheabove.8.Whichofth
16、efollowingisnottrueforanationthatisinequilibriuminisolation?a.Itconsumesinsideitsproductionfrontierb.itreachesthehighestindifferencecurvepossiblewithitsproductionfrontierc.theindifferencecurveistangenttothenationsproductionfrontierd.MRTofXforYequalsMRSofXforY,andtheyareequaltoPx/Py9.IftheinternalPx/
17、Pyislowerinnation1thaninnation2withouttrade:a.nation1hasacomparativeadvantageincommodityYb.nation2hasacomparativeadvantageincommodityXc.nation2hasacomparativeadvantageincommodityYd.noneoftheabove10.Nationsshareofthegainsfromtradewillbegreater:a.thegreaterisnationsdemandfornation2,sexportsb.thecloser
18、Px/Pywithtradesettlestonation2,spretradePx/Pyc.theweakerisnation2sdemandfornationsexportsd.thecloserPx/PywithtradesettlestonationspretradePx/Py11.IfPx/PyexceedstheequilibriumrelativePx/Pywithtradea.thenationexportingcommodityXwillwanttoexportmoreofXthanatequilibriumb.thenationimportingcommodityXwill
19、wanttoimportlessofXthanatequilibriumc.Px/PywillfalltowardtheequilibriumPx/Pyd.alloftheabove12.Withfreetradeunderincreasingcosts:a.neithernationwillspecializecompletelyinproductionb.atleastonenationwillconsumeaboveitsprtxiuctionfrontierc.asmallnationwillalwaysgainfromtraded.alloftheabove13.Whichofthe
20、followingstatementsisfalse?a.Thegainsfromtradecanbebrokendownintothegainsfromexchangeandthegainsfromspecializationb.gainsfromexchangeresultevenwithoutspecializationc.gainsfromspecializationresultevenwithoutexchanged.noneoftheabove14.Thegainsfromexchangewithrespecttothegainsfromspecializationarealway
21、s:a.greaterb.smallerc.equald.wecannotsaywithoutadditionalinformation15.Mutuallybeneficialtradecannotoccurifproductionfrontiersare:a.equalbuttastesarenotb.differentbuttastesarethesamec.differentandtastesarealsodifferentd.thesameandtastesarealsothesame.MUltiPIeChoiCeOUeStionSCh.41.Whichofthefollowings
22、tatementsiscorrect?a.Thedemandforimportsisgivenbytheexcessdemandforthecommodityb.thesupplyofexportsisgivenbytheexcesssupplyofthecommodityc.thesupplycurveofexportsisflatterthanthetotalsupplycurveofthecommodityd.alloftheabove2.Atarelativecommoditypriceaboveequilibriuma.theexcessdemandforacommodityexce
23、edstheexcesssupplyofthecommodityb.thequantitydemandedofimportsexceedsthequantitysuppliedofexportsc.thecommoditypricewillfalld.alloftheabove3.Theoffercurveofanationshows:a.thesupplyofanationsimportsb.thedemandforanationsexportsc.thetradepartnersdemandforimportsandsupplyofexportsd.thenationsdemandfori
24、mportsandsupplyofexports4.Theoffercurveofanationbulgestowardtheaxismeasuringthenationsa.importcommodityb.exportcommodityc.exportorimportcommodityd.nontradedcommodity5.Exportpricesmustriseforanationtoincreaseitsexportsbecausethenation:a.incursincreasingopportunitycostsinexportproductionb.facesdecreas
25、ingopportunitycostsinproducingimportsubstitutesc.facesdecreasingmarginalrateofsubstitutioninconsumptiond.alloftheabove6.Whichofthefollowingstatementsregardingpartialequilibriumanalysisisfalse?a.Itreliesontraditionaldemandandsupplycurvesb.itisolatesforstudyonemarketc.itcanbeusedtodeterminetheequilibr
26、iumrelativecommoditypricebutnottheequilibriumquantitywithtraded.noneoftheabove7.Whichofthefollowingstatementsregardingpartialequilibriumanalysisistrue?a.Thedemandandsupplycurvesarederivedfromthenationsproductionfrontierandindifferencemapb.Itshowsthesamebasicinformationasoffercurvesc.Itshowsthesameeq
27、uilibriumrelativecommoditypricesaswithoffercurvesd.alloftheabove8.Inwhatwaydoespartialequilibriumanalysisdifferfromgeneralequilibriumanalysis?a.Theformerbutnotthelattercanbeusedtodeterminetheequilibriumpricewithtradeb.theformerbutnotthelattercanbeusedtodeterminetheequilibriumquantitywithtradec.thefo
28、rmerbutnotthelattertakesintoconsiderationtheinteractionamongallmarketsintheeconomyd.theformergivesonlyanapproximationtotheanswersought.9.Ifthetermsoftradeofanationare1.5inatwo-nationworld,thoseofthetradepartnerare:a.3/4b.2/3c.3/2d.4/310.Ifthetermsoftradeincreaseinatwo-nationworld,thoseofthetradepart
29、ner:a.deteriorateb.improvec.remainunchangedd.anyoftheabove11.Ifanationdoesnotaffectworldpricesbyitstrading,itsoffercurve:a.isastraightlineb.bulgestowardtheaxismeasuringtheimportcommodityc.intersectsthestraight-linesegmentoftheworldsoffercurved.intersectsthepositively-slopedportionoftheworldsoffercur
30、ve12.Ifthenationstastesforitsimportcommodityincreases:a.thenationsoffercurverotatestowardtheaxismeasuringitsimportcommodityb.thepartnersoffercurverotatestowardtheaxismeasuringitsimportcommodityc.thepartnersoffercurverotatestowardtheaxismeasuringitsexportcommodityd.thenationsoffercurverotatestowardth
31、eaxismeasuringitsexportcommodity13.Ifthenationstastesforitsimportcommodityincreases:a.thenationstermsoftraderemainunchangedb.thenationstermsoftradedeterioratec.thepartnerstermsoftradedeteriorated.anyoftheabove14.Ifthetastesforanationimportcommodityincreases,tradevolume:a.increasesb.declinesc.remains
32、unchangedd.anyoftheabove15.Adeteriorationofanationstermsoftradecausesthenationswelfareto:a.deteriorateb.improvec.remainunchangedd.anyoftheaboveMUItiDIe-ChoiCeOUeStiOnSch.51.TheH-Omodelextendstheclassicaltrademodelby:a.explainingthebasisforcomparativeadvantageb.examiningtheeffectoftradeonfactorprices
33、c.bothaandbd.neitheranorb2.WhichisnotanassumptionoftheH-Omodela.thesametechnologyinbothnationsb.constantreturnstoscalepletespecializationd.equaltastesinbothnations3.WithequaltechnologynationswillhaveequalK/Linproductionif:a.factorpricesarethesameb.tastesarethesamec.productionfunctionsarethesamed.all
34、oftheabove4.WesaythatcommodityYisK-intensivewithrespecttoXwhen:a.moreKisusedintheproductionofYthanXb.lessLisusedintheproductionofYthanXc.alowerL/KratioisusedintheproductionofYthanXd.ahigherK/LisusedintheproductionofXthanY5.Whenw/rfalls,L/Ka.fallsintheproductionofbothcommoditiesb.risesintheproduction
35、ofbothcommoditiesc.canriseorfalld.isnotaffected6.AnationissaidtohavearelativeabundanceofKifithasa:a.greaterabsoluteamountofKb.smallerabsoluteamountofLc.higherIKratiod.lowerr/w7.Adifferenceinrelativecommoditypricesbetweennationscanbebasedonadifferencein:a.technologyb.factorendowmentsc.tastesd.allofth
36、eabove8.IntheH-Omodel,internationaltradeisbasedmostlyonadifferencein:a.technologyb.factorendowmentsc.economiesofscaled.tastes9.AccordingtotheH-O-Smodel,tradereducesinternationaldifferencesin:a.relativebutnotabsolutefactorpricesb.absolutebutnotrelativefactorpricesc.bothrelativeandabsolutefactorprices
37、d.neitherrelativenorabsolutefactorprices10.AccordingtotheH-O-Smodel,internationaltradewill:a.reduceinternationaldifferencesinpercapitaincomesb.increasesinternationaldifferencesinpercapitaincomesc.mayincreaseorreduceinternationaldifferencesinpercapitaincomesd.leadtocompletespecialization11.TheH-Omode
38、lisageneralequilibriummodelbecauseitdealswith:a.productioninbothnationsb.consumptioninbothnationsc.tradebetweenthetwonationsd.alloftheabove12.TheH-Omodelisasimplificationoftheatrulygeneralequilibriummodelbecauseitdealswith:a.twonationsb.twocommoditiesc.twofactorsofproductiond.alloftheabove13.TheLeon
39、tiefparadoxreferstotheempiricalfindingthatU.S.a.importsubstitutesaremoreK-intensivethanexportsb.importsaremoreK-intensivethanexportsc.exportsaremoreL-intensivethanimportsd.exportsaremoreK-intensivethanimportsubstitutes14.Fromempiricalstudies,weconcludethattheH-Otheory:a.mustberejectedb.mustbeaccepte
40、dwithoutreservationsc.canbeacceptedwhileawaitingfurthertestingd.explainsallinternationaltrade15.Forfactorreversaltooccur,twocommoditiesmustbeproducedwith:a.sufficientlydifferentelasticityofsubstitutionoffactorsb.thesameK/Lratioc.technologically-fixedfactorproportionsd.equalelasticityofsubstitutionof
41、factorsMultiple-ChoiceQUeStiOnSCh.6:1.RelaxingtheassumptionsonwhichtheHeckscher-Ohlintheoryrests:a.leadstorejectionofthetheoryb.leavesthetheoryunaffectedc.requirescomplementarytradetheoriesd.anyoftheabove.1.WhichofthefollowingassumptionsoftheHeckscher-Ohlintheory,whenrelaxed,leavethetheoryunaffected
42、?a.Twonations,twocommodities,andtwofactorsb.bothnationsusethesametechnologyc.thesamecommodityisL-intensiveinbothnationsd.alloftheabove2.WhichofthefollowingassumptionsoftheHeckscher-Ohlintheory,whenrelaxed,requirenewtradetheories?a.Economiesofscaleb.incompletespecializationc.similartastesinbothnation
43、sd.theexistenceoftransportationcosts3.Internationaltradecanbebasedoneconomiesofscaleevenifbothnationshaveidentical:a.factorendowmentsb.tastesc.technologyd.alloftheabove5.Agreatdealofinternationaltrade:a.isintra-industrytradeb.involvesdifferentiatedproductsc.isbasedonmonopolisticcompetitiond.allofthe
44、above6.TheHeckscher-Ohlinandnewtradetheoriesexplainsmostofthetrade:a.amongindustrialcountriesb.betweendevelopedanddevelopingcountriesc.inindustrialgoodsd.alloftheabove4.Thetheorythatanationexportsthoseproductsforwhichalargedomesticmarketexistswasadvancedby:a.Linderb.Vernonc.Leontiefd.Ohlin8.Intra-in
45、dustrytradetakesplace:a.becauseproductsarehomogeneousb.inordertotakeadvantageofeconomiesofscalec.becauseperfectcompetitionistheprevalentformofmarketorganizationd.alloftheabove1.Ifanationexportstwiceasmuchofadifferentiatedproductthatitimports,itsintraindustry(T)indexisequalto:a.1.0()b.0.75c.0.666d.0.
46、2510.Tradebasedontechnologicalgapsiscloselyrelatedto:a.theH-Otheoryb.theproduct-cycletheoryc.Linderstheoryd.alloftheabove11.Whichofthefollowingstatementsistruewithregardtotheproduct-cycletheory?a.Itdependsondifferencesintechnologicalchangesovertimeamongcountriesb.itdependsontheopeningandtheclosingof
47、technologicalgapsamongcountriesc.itpostulatesthatindustrialcountriesexportmoreadvancedproductstolessadvancedcountriesd.alloftheabove12.Transportcosts:a.increasethepriceintheimportingcountryb.reducesthepriceintheexportingcountryc.bothoftheaboved.neitheranorb.13.Transportcostscanbeanalyzed:a.withdemandandsupplycurvesb.productionfrontiersc.offercurvesd.alloftheabove14.
