Part 1: Choose the best option from the list to answer each of the following questions.
国际贸易代考 Consider two identicaleconomieswith increasing returns to scale in both industries that trade. Point C on the graph
The UnitedStates-Chinabilateral trade balance may overstate the trade gap if: 国际贸易代考
a) some of the inputs used to produce Chinese exports are imported.
b) noneofthe inputs used to produce Chinse exports are imported.
c) Chineseexportsare valued in the United States versus Chinese currency.
d) theUnitedStates imposes trade restrictions on Chinese imports.
Whydolarger countries tend to have lower ratios of international trade to GDP ratio than smaller countries?
a) Largercountriestend to have more trade between states or provinces within their borders than smaller countries.
b)Larger countries tend to have higher tariffs than smaller countries. 国际贸易代考
c)Largercountries tend to trade with other larger countries.
d) Largercountriestend to have larger trade deficits than smaller countries.
Theslopeof the PPF can be expressed as: 国际贸易代考
a)the ratio of abundance of capital to labour
b)the preferences of consumers in terms of marginal utility.
c) theratioof the quantities of good 1 and good
d) thenegativeof the ratio of the marginal products of labour in producing each good.
If the maximum number of units of cloth produced is 300 and the maximum number ofunitsof corn produced is 600, then with an MPLcloth =2, what is the MPLcorn?
a) 4
b) 5
c) 6
d)7
Chile and Argentina each producejellybeansand peanut butter, using labour as their only resource. Each country has 1000 hours of labour. In Chile, an hour produces a pound ofjellybeans and 2 hours produce a pound of peanut butter. In Argentina, an hour produces a pound ofjellybeans and 3 hours produce a pound of peanut butter. When they do not trade with each other, Chile consumes 600 pounds ofjellybeans and 200 pounds of peanut butter, and Argentina consumes 400 pounds ofjellybeans and 200 pounds of peanut butter. In order for Chile to gain from trade, the price of jellybeans must be less than; 国际贸易代考
a) 2 poundsofpeanut butter per pound ofjellybeans.
b)3 poundsof peanut butter per pound ofjellybeans.
c) 1/3 poundsofpeanut butter per pound ofjellybeans.
d)1/2 poundpf peanut butter per pound ofjellybeans.
6. Inwhatway does the specific factors model add to the conclusions of the Ricardian model?
a)Inthe Ricardian model, only labour is better off with free trade. In the specific factors model, all resources (labour, land and capital) are better off with free trade.
b) In the Ricardian model, a country is better off withfreetrade. In the specific factors model, some of a country’s resources will be worse off with free trade.
c) In the Ricardianmodel, someof the country’s resources will be worse off with free trade. In the specific factors model, some of a country’s resources will be better off with free trade. 国际贸易代考
d)Inthe Ricardian model, labour will be worse off with free trade. In the specific factors model, labour will be better off with free trade.
Supposethatthe home country in the two sector (manufacturing and agriculture) specific factors model has a comparative advantage in manufactured output. Which specific factor(s) will gain the most after trade occurs?
a) Capital
b)Land
c) Labour
d)Landand capital
8. Supposethatthe home country in the two sector (manufacturing and agriculture) specific factor model has a comparative advantage in manufactured output. After trade occurs, the return on capital will________ the price of the manufactured good. 国际贸易代考
a) increase fasterthan
b)increaseslower than
c) increaseatthe same rate as
d) decreasefasterthan
Inthetwo-sector (manufacturing and agriculture) specific factors model, suppose that the home country has comparative advantage in manufacturing output. Why does the return to capital change after trade occur?
a) Thereismore labour used per unit of capital in the manufacturing
b) Thereis more capial used per unit of labour in the manufacturing sector. 国际贸易代考
c) Thereismore labour used per unit of land in the agriculture sector.
d) Thereismore land used per unit of labour in the agriculture
IntheHeckscher-Ohlin Model, as trade occurs in a capital-abundant country, increased imports will force domestic import competing firms to decrease price and production. Labour and capital will move to exporting firms. What will then happen to wages and returns to capital? 国际贸易代考
a)Bothwages and return to capital will increase.
b) Bothwages and return to capital will decrease.
c)Wageswill increase and returns to capital will decrease.
d)Wageswill decrease and returns to capital will increase.
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Supposethat, withtrade, the price of shoes (which are labour intensive) increases by 10%. Then which of the following can you say for sure about returns to labour and capital in the country?
a) Wageswillrise by more than 10%. 国际贸易代考
b) Rentalrateswill rise by more than 10%.
c) Wageswillrise by no more than 10%.
d)Rental rates will fall by at least 10%.
Withincreasingreturns (falling average costs), international trade will cause the demand curves of monopolistically competitive firms to become ________ because of foreign competition and firms must ________to meet foreign competition. 国际贸易代考
a) steeper; raiseprices
b)flatter; lowerprices
c) flatter; raiseprices
d)steeper; lowerprices
Suppose that there is a negativeexternalityassociated with alcohol consumption in the United States (e.g., the costs of publicly funded alcoholism treatment centers). Will the United States be better or worse off if it eliminates all tariffs on alcohol imports?
a) TheUnitedStates will always better off when tariffs on imported alcohol are eliminated.
b)TheUnited States will always worse off when tariffs on imported alcohol are eliminated. 国际贸易代考
c) TheUnitedStates will be no better or worse off when tariffs on imported alcohol are eliminated.
d) TheUnitedStates will always better off only ifthe private gains from trade exceed the increased social costs of alcohol consumption when tariffs on imported alcohol are eliminated.
Which of the following statementisfalse? 国际贸易代考
a) Tradecreationis always good for
b)Tradediversion is always good for countries.
c) Regionaltradeagreements may cause welfare losses.
d)Regional trade agreements may cause welfare gains.
Whichof the following is an effect of an international trade agreement that provides anincentive for nations NOT to impose tariffs?
a)Anopportunity for small countries to improve their terms of trade.
b) Anopportunityfor large countries to improve their terms of trade.
c) Anincrease in world welfare and standard of living. 国际贸易代考
d) Anopportunity for low-income nations to receive foreign aid.
Consider two identicaleconomieswith increasing returns to scale in both industries that trade. Point C on the graph is not a viable equilibrium because
a) Itwouldproduce worldwide excess supply for good X
b) Itwouldproduce worldwide excess demand for good Y 国际贸易代考
c) It wouldproduceworldwide excess demand for good X
d) Pricesdon’t change with trade if the countries are identical
The optimal tariff for asmallopen economy is 国际贸易代考
a)Always0
b) Non-zerogiventhe impact of the tariff on prices
c) Only0 ifthere are no other distortions
d)Only0 if there exists additional distortions
A drawback to joining a preferential tradeareais
a)Asmall country gains market power as a member of a PTA
b)Asmall country must accept the trade policies of the PTA 国际贸易代考
c) Thecountryis still a small open economy with respect to terms of trade gains
d) Asmallcountry can effectively retaliate a trading partner’s trade restriction
In the abovediagram,considera small open economy that imposes a factor tax on Kx. The distorted autarky equilibrium would be represented by: 国际贸易代考
a)PtA
b)PtB
c)PtC
d) PtD
Intheabove diagram, consider two identical countries save for H imposed a consumption tax on X. Relative to autarky, under free trade, F’s welfare:
a) Increases from UD to UE 国际贸易代考
b)Increasesfrom UB to UE
c)Declinesfrom UE to UD
d)Declinesfrom UE to UA
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