国际贸易选择题(2)

13 The additional cost of producing one additional unit of product is called the: C A) product cost. B) break-even cost. C) marginal cost. D) total cost.

14 The supply curve for a product illustrates the amounts of a product that will be supplied at different prices and assumes that other factors that might affect supply are constant. The factors that might cause a supply curve to shift include: A

A) availability of needed inputs and the technology that determines what inputs are needed to produce the product. B) demand.

C) personal preferences of consumers. D) the market price of the product.

15 If the quantity of a product supplied is not responsive to changes in the price of the product: D A) supply of that product is elastic. B) supply of that product is static. C) demand for the product is elastic. D) supply of that product is inelastic.

16 ______________________ is defined as the increase in the economic well-being of producers who sell a product at a market price higher than the lowest price that they would have been willing to accept. C

A) Opportunity cost B) Elasticity of supply C) Producer surplus D) National demand

17 ______________________ is buying something in one market and selling it at a profit in another market because of a price difference in those markets. A A) Arbitrage B) Equilibrium C) Free trade D) Demand

18 The value of goods and services that are not produced because available resources are used to produce another product is called: B A) sunk costs.

B) opportunity costs. C) economic costs. D) producer surplus.

19 The difference between what one group gains from international trade and another group loses from that trade is: D A) arbitrage.

B) supply of exports. C) equilibrium.

D) net national gain from trade.

20 International trade is a positive-sum activity. This means that: C A) everyone wins in international trade.

B) there is money to be made in international trade.

C) most countries gain from international trade, so the whole world has a net gain from international trade.

D) there is only a limited amount of trade that can be conducted, so there will always be winners and losers in international trade.

第三章

1 Mercantilism maintained that government regulation of trade was: A

A) necessary to provide the greatest national benefit because individual merchants tended to look after their own interests and not the national interests.

B) not justified because it interfered with the rights of merchants to do business as they thought best.

C) necessary to prevent wealthy countries from taking advantage of poorer countries. D) detrimental because it interfered with free trade.

2 A central belief of mercantilism was that: D A) wealth was based on labor efficiency. B) nations should favor free trade.

C) barter was preferable to dealing in any kind of currency.

D) national well-being was based on a country holding gold and silver.

3 Mercantilism viewed trade as a zero-sum activity, which means that: C

A) there was nothing to be gained from international trade so there was no reason to trade. B) once a country's trade is established, it cannot be increased or decreased.

C) one country's gains in international trade come at the expense of other countries because there is only a certain amount of international trade that is available.

D) every country that engages in international trade gains from that trade because as trade activity increases, the amount of goods traded increases.

4 Adam Smith maintained that national well-being depends on the ability to consume, so: B

A) a country should produce all that its citizens can consume and export everything that its citizens cannot consume.

B) imports are necessary so that expanding national consumption can be obtained and total consumption can increase.

C) government should encourage domestic production so that domestic consumption can

increase without increasing imports.

D) government should closely monitor imports and exports so that a proper balance can be maintained.

5 Adam Smith said that trade freely transacted between countries: B

A) is dangerous since there are no controls on what is exported and what is imported.

B) generally leads to gains for all countries, so international trade is a positive-sum activity. C) only benefits a country if that country has an absolute advantage in all products.

D) only benefits a country if that country has a comparative advantage in a specific product.

6 Adam's Smith's economic theories focused on: A

A) labor because he thought all value was determined by and measured in hours of labor. B) gold and silver as the only measure of a country's success in international trade. C) all aspects of the costs of producing goods for export.

D) balancing imports and exports so that a country does not gain or lose from international trade.

7 _________________ is defined as the number of units of output that a worker can produce in an hour. C

A) Labor efficiency B) Labor costs

C) Labor productivity D) Production possibilities

8 __________________ means that the labor productivity for a particular product in a particular country is higher than the rest of the world's labor productivity of that product. B A) Comparative advantage B) Absolute advantage C) Labor efficiency D) Ability to export

9 If there is no trade, each country will have to produce all products demanded in that country. When trade is established, countries can: D

A) increase domestic production for domestic consumption and avoid the necessity of imports. B) decrease dependency on foreign imports and export domestically produced products. C) increase exports of products that it is not very efficient at producing.

D) shift labor resources toward producing goods in which it has a comparative advantage.

10 _____________________ says that a country will export goods that it can produce at relatively low opportunity cost and import goods that it would otherwise produce at a relatively high opportunity cost. D

A) Smith's theory of absolute advantage B) The concept of production possibilities C) The theory of import substitution

D) Ricardo's principle of comparative advantage

11 Each country can benefit from trade by: C

A) balancing its imports and exports so that it does not send its financial resources to other countries.

B) controlling imports so that imported products do not compete with domestically produced products.

C) exporting products in which it has the greatest relative advantage and importing products in which it has the least relative advantage.

D) importing only products for which it has a comparative disadvantage.

12 Normal trade on an ongoing basis will be conducted at: C A) whatever price is set by countries with absolute advantages. B) whatever price is set by countries with comparative advantages. C) the world equilibrium price.

D) the price set by government regulation in the importing country.

13 Countries can have a(n) _______________ even if they do not have a(n) ______________________. A

A) comparative advantage, absolute advantage B) absolute advantage, comparative advantage C) absolute advantage, labor efficiency D) comparative advantage, labor efficiency

14 Having an absolute disadvantage in all products means that a country: B A) cannot profitably engage in international trade. B) is less productive than other countries.

C) is able to negotiate below- market prices for imports. D) can import products but cannot export products.

15 ______________________ illustrates all combinations of amounts of different products that an economy can produce with full employment of its resources and maximum feasible productivity of those resources. C A) Absolute advantage B) Comparative advantage

C) Production possibilities curve D) Ricardo's Constant Cost Case

16 The opening of trade will lead to the loss of jobs that produced the products that are imported as a result of the opening of trade, D

A) and that job loss will offset any economic gains that result from the opening of trade.

B) but that economic detriment caused by that job loss will be offset by economic gains from increased imports.

C) and reduce the country's production possibilities curve.

D) but those workers who lose jobs because of imports can shift to the expanding export-oriented industries.

17 The cost of producing a unit of a product is the ratio between the wage rate and productivity of the worker. Production costs can be low: C

A) only if wages are low and worker productivity is high. B) if wages are low and if worker productivity is low. C) if wages are low or if worker productivity is high. D) if wages and worker productivity are high.

18 A country with a current account deficit pays for that deficit by: B A) increasing its imports.

B) either piling up debts or giving up assets to foreigners. C) increasing its exports.

D) borrowing heavily from foreign governments.

19 Complete specialization by countries is not common. For instance, the U.S.: B A) imports essentially the same value of goods as it exports.

B) produces some products that are consumed domestically and that it also imports. C) imports significantly more than it exports.

D) does not specialize in the production of any category of goods.

20 The theory of comparative advantage as an explanation of international trade is based on the concept of: A

A) opportunity costs.

B) Smith's absolute advantage. C) Ricardo's Constant Cost Case. D) world equilibrium price.

第四章

1 Ricardo's principle of comparative advantage unrealistically assumes that: A

A) marginal opportunity costs will be constant when, in fact, they are generally increasing. B) prices will continue to increase so comparative advantages may disappear over time. C) the number of countries that import and export will remain constant in the short term. D) total production costs will remain constant so long as input prices remain the same.

2 As one industry expands, the expanding industry's increased use of resources means that: D A) the cost of the resources used by that industry will decrease and the cost of producing the product will increase.

B) additional resources will have to be found to satisfy the increased need and costs will probably decrease.

C) there will be an overall decrease in exports which will increase the price of domestic products.

D) those resources are taken away from other industries, resulting in increasing marginal costs.

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