收拢频隶觅剑骂窟扇杯刷频酸
01 World Trade： an Overview
1、 Trade includes_and_, contribute much to economic globalization, especially to world economic growth.
答案: export,import.
2、 In Nov. 2018, Chinese government started to have China International Import Expo,______.
答案: which is the first expo on the world that aims to encourage import.
3、 Nowadays members of WTO also pay more attention on service trade compared with before. Because_____.
答案: the issues of service trade usually combined with investment,which is important for world economic growth.
4、 Developing countries are becoming more important in world trade,__.
答案: because the share of developing countries in world merchandise exports has increased obviously.
5、 Why the three European Giants, Germany, U.K. and France usually have closer trade relationship with USA?
答案: Because of the economic size.
6、 According to the gravity model, a characteristic that tends to affect the probability of trade existing between any two countries is______.
答案: the distance between them.
7、 Which of following is NOT the factor affectting trade pattern?
答案: physics
8、 When world merchandise trade developed robust,______.
答案: the performance of world real GDP growth rate generally is also good.
9、 For the consumers, trade especially import is very important,NOT because_____.
答案: they can have more money to buy various products.
10、 Relying too much on trade,that’s to say, trade dependency or trade openness is too high,which is not very good for one country.Which of following is NOT ture?
答案: China’s trade dependency is very slow.
11、 _____still the most important content of world trade.
答案: Manufactured goods
12、 The change range of the value of world merchandise trade usually larger than the volume one. Why?
答案: The key reason is that the price of commodity has big influence on the trend of world trade development.
13、 Usually, when world economy is hot, world trade volume will _, at the same time the commodity price also will ___, so the value of world trade will expand more.
答案: expand,rise
14、 Which of the following is most likely among the key topic list of G20 summit?
答案: How to deal with the fluctuation of commodity prices.
15、 The traditional calculation usually misleads the understanding about global trade relationship. TiVA addresses this issue by _.
答案: considering the value added by each country in the production of goods and services that are consumed worldwide.
02 Classical Trade Theory 02 Classical Trade Theory
1、 In the Mercantilist view of international trade (in a two-country world),_____.
答案: one country’s gain from trade was associated with a loss for the other country.
2、 In the price-specie-flow doctrine, a deficit country will _ gold, and this gold flow will ultimately lead to _ in the deficit country’s exports.
答案: lose; an increase
3、 Which of the following policies would NOT be consistent with the Mercantilist balance-of-trade doctrine?
答案: payment of high wages to labor
4、 Referring to the following Table, the opportunity cost of one VCR in Japan is:Table: Output possibilities for South Korea and Japan Output per worker per dayCountry Tons of steel VCRsSouth Korea 80 40Japan 20 20
答案: 1 ton of steel
5、 Refer to the following table, according to the principle of absolute advantage, Japan should:Table: Output possibilities for South Korea and Japan Output per worker per dayCountry Tons of steel VCRsSouth Korea 80 40Japan 20 20
答案: None of the above; there is no basis for gainful trade
6、 Refer to the following table, according to the principle of comparative advantage,Table: Output possibilities for South Korea and Japan Output per worker per dayCountry Tons of steel VCRsSouth Korea 80 40Japan 20 20
答案: South Korea should export steel
7、 The Ricardian model demonstrates that
答案: trade between two countries may benefit both if each exports the product in which it has a comparative advantage.
8、 In the Ricardian model, comparative advantage is likely to be due to _____.
答案: labor productivity differences.
9、 Given the information in the following table, Foreign’s opportunity cost of widgets is_____. 
答案: 0.5
10、 In a two-product, two-country world, international trade can lead to increases in___.
答案: output of both products and consumer welfare in both countries.
11、 Trade between two countries can benefit both countries if
答案: each country exports that good in which it has a comparative advantage.
12、 A country engaging in trade according to the principles of comparative advantage gains from trade because it __.
答案: is producing imports indirectly more efficiently than it could domestically.
13、 The earliest statement of the principle of comparative advantage is associated with
答案: David Ricardo.
14、 The Ricardian model attributes the gains from trade associated with the principle of comparative advantage result to ___.
答案: differences in labor productivity.
15、 In the Ricardian model, comparative advantage is likely to be due to __.
答案: labor productivity differences.
03 Neoclassical trade Theory
1、 In the specific factors model, a 5% increase in the price of food accompanied by a 1% increase in the price of cloth will cause _ in the welfare of labor, _ in the welfare of the fixed factor in the production of food, and __ in the welfare of the fixed factor in the production of cloth.
答案: an ambiguous change; an increase; a decrease
2、 The slope of a country’s production possibility frontier with cloth measured on the horizontal and food measured on the vertical axis in the specific factors model is equal to _ and it _ as more cloth is produced.
答案: -MPLF/MPLC; becomes steeper
3、 Under perfect competition, the equilibrium price of labor used to produce cloth will be equal to __.
答案: the marginal product of labor in the production of cloth times the price of cloth.
4、 According to the Heckscher-Ohlin model, the source of comparative advantage is a country’s ______.
答案: factor endowments.
5、 According to the Heckscher-Ohlin model __.
答案: the gainers from trade could compensate the losers and still retain gains.
6、 If a good is labor intensive it means that the good is produced ______.
答案: using relatively more labor than goods that are not labor intensive.
7、 In the Heckscher-Ohlin model, when there is international-trade equilibrium _____.
答案: the relative price of the capital-intensive good in the capital-rich country will be the same as that in the capital-poor country.
8、 Factors tend to be specific to certain uses and products
答案: in the short run.
9、 Empirical observations on actual North-South trade patterns tend to
答案: support the validity of the Heckscher-Ohlin model.
10、 According to the factor endowment model, countries heavily endowed with land will: ____.
答案: Export products that are land-intensive
11、 The Ricardian model of international trade demonstrates that trade can be mutually beneficial. Why, then, do governments restrict imports of some goods?
答案: Trade can have substantial effects on a country’s distribution of income.
12、 International trade can have important effects on the distribution of income because __.
答案: some resources are immobile in the short run.
13、 The Ricardian model of international trade demonstrates that trade can be mutually beneficial. Why, then, do governments restrict imports of some goods?
答案: Trade can have significant harmful effects on some segments of a country’s economy.
14、 International trade can have important effects on the distribution of income because __.
答案: different industries employ different factors of production.
15、 In the specific factors model, labor is defined as a(an) _____.
答案: mobile factor.
04 The Standard Trade Model
1、 The meaning of “terms of trade” is
答案: the price of a country’s exports divided by the price of its imports.
2、 If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, then
答案: the terms of trade of cloth exporters will improve.
3、 Refer to the figure below, which shows a country’s possible production possibility frontiers and indifference curves. If the country is producing at _, then moving to _ will cause utility to __.
答案: point b; point c; remain unchanged
4、 4) Refer to the figure below, which shows a country’s possible production possibility frontiers and indifference curves. If the country is producing at _, then moving to _ will cause utility to __.
答案: point c; point b; remain unchanged
5、 Refer to the figure below, which shows a country’s possible production possibility frontiers and indifference curves. If the country is producing at _, then moving to _ will cause utility to __.
答案: point b; point a; increase
6、 An increase in a country’s net commodity terms of trade will
答案: not always guarantee positive changes in the country’s economy.
7、 An import tariff will cause the terms of trade of the _ country to _ and will __ the country.
答案: importing; improve; benefit
8、 An export subsidy will cause the terms of trade of the _ country to _ and will __ the country.
答案: exporting; suffer; harm
9、 If Slovenia were a large country in world trade, then if it imposes a large set of tariffs on its imports, this must
答案: decrease the internal price of imports below the world market rate.
10、 If Slovenia were a large country in world trade, then if it instituted a large set of subsidies for its exports, this must
答案: harm its terms of trade.
11、 If the ratio of price of cloth (PC) divided by the price of food (PF) increases in the international marketplace, then
答案: the cloth exporter will increase the quantity of cloth produced.
12、 An increase in a country’s net commodity terms of trade will
答案: not always guarantee positive changes in the country’s economy.
13、 If Slovenia is a large country in world trade, then if it imposes a large set of tariffs on many of its imports, this would
答案: improve its terms of trade.
14、 If Slovenia were a large country in world trade, then if it instituted a large set of subsidies for its exports, this must
答案: improve the real income of its trade partners.
15、 If a small country were to levy a tariff on its imports then this would
答案: decrease the country’s economic welfare.
05 New Trade Theory and Frontier of Trade Theory 05 New Trade Theory and Frontier of Trade Theory
1、 If a firm’s output less than doubles when all inputs are doubled, production is said to occur under conditions of
答案: decreasing returns to scale.
2、 The existence of external economies of scale _.
答案: may be associated with a perfectly competitive industry.
3、 The primary determinant of patterns of interregional trade is ______.
答案: accidents of history.
4、 When a country both exports and imports a type of commodity, the country is engaged in _.
答案: intra-industry trade.
5、 Firms that produce _ products must be _ competitive.
答案: differentiated; imperfectly
6、 If the market for products produced by firms in a monopolistically competitive industry becomes _, then there will be _ firms and each firm will produce _ output and charge a _ price.
答案: larger; more; more; lower
7、 A monopoly firm engaged in international trade will ______.
答案: equate marginal costs with marginal revenues in both domestic and foreign markets.
8、 An industry is characterized by scale economies, and exists in two countries. Should these two countries engage in trade such that the combined market is supplied by one country’s industry, then _.
答案: consumers in both countries would have more varieties and lower prices.
9、 A product is produced in a monopolistically competitive industry with scale economies. If this industry exists in two countries, and these two countries engage in trade with each other, then we would expect _____.
答案: each country will export different varieties of the product to the other.
10、 Intra-industry trade will tend to dominate trade flows when which of the following exists?
答案: small differences between relative country factor availabilities
11、 In the model of monopolistic competition, if firms have _ average cost curves, then opening trade will _ the total number of firms and __ the average price.
答案: downward sloping; decrease; decrease
12、 In the model of monopolistic competition, an increase in industry output will cause individual firms’ demand curves to become _, which will _ demand for higher-priced goods and __ demand for lower-priced goods.
答案: flatter; reduce; increase
13、 In the model of monopolistic competition, trade costs between countries cause ______.
答案: marginal costs of exported goods to exceed the marginal costs of goods sold domestically.
14、 When a multinational affiliate replicates production in a foreign country it is called __ foreign direct investment.
答案: horizontal
15、 A firm’s foreign direct investment. decisions are, in the case of horizontal FDI, strongly influenced by _ and, in the case of vertical FDI, strongly influenced by _.
答案: trade costs; production costs
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