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1、International Economics Middle Test1.The mercantilists would have objected to:a.Export promotion policies initiated by the government b. The use of tariffs or quotas to restrict importsc.Trade policies designed to accumulate gold and other precious metals d. International trade based on open markets
2、2.Unlike Adam Smith, David Ricardos trading principle emphasizes the:a. Demand side of the market b. Supply side of the market c. Role of comparative costs d. Role of absolute costs3.A nation that gains from trade will find its consumption point being located:a.Inside its production possibilities cu
3、rve b.Along its production possibilities curvec.Outside its production possibilities curve d.None of the above4.If a production possibilities curve is bowed out (i.e., concave) in appearance, production occurs under conditions of:a. Constant opportunity costs b. Increasing opportunity costs c. Decre
4、asing opportunity costs d. Zero opportunity costs5.Increasing opportunity costs suggest that:a.Resources are not perfectly shiftable between the production of two goodsb.Resources are fully shiftable between the production of two goodsc.A countrys production possibilities curve appears as a straight
5、 lined.A countrys production possibilities curve is bowed inward (i.e., convex) in appearance6.The trading-triangle concept is used to indicate a nations:a.Exports, marginal rate of transformation, terms of trade b.Imports, terms of trade, marginal rate of transformationc.Marginal rate of transforma
6、tion, imports, exports d.Terms of trade, exports, imports7.The earliest statement of the principle of comparative advantage is associated with:a.Adam Smith b.David Ricardo c.Eli Heckscher d.Bertil Ohlin8.When a nation achieves autarky equilibrium:a.Input price equals final product price b.Labor prod
7、uctivity equals the wage ratec.Imports equal exports d.Production equals consumption9.The gains from international trade increase as:a.A nation consumes inside of its production possibilities scheduleb.A nation consumes along its production possibilities schedulec.The international terms of trade ri
8、ses above the nations autarky priced. The international terms of trade approaches the nations autarky price10.Under free trade, Canada would not enjoy any gains from trade with Sweden if Canada:a.Trades at the Canadian rate of transformation b. Trades at Swedens rate of transformationc.Specializes c
9、ompletely in the production of its export good d. Specializes partially in the production of its export good11.A rise in the price of imports or a fall in the price of exports will:a.Improve the terms of trade b.Worsen the terms of tradec.Expand the production possibilities curve d.Contract the prod
10、uction possibilities curve12.A term-of-trade index that equals 90 indicates that compared to the base year:a.It requires a greater output of domestic goods to obtain the same amount of foreign goodsb.It requires a lesser amount of domestic goods to obtain the same amount of foreign goodsc.The price
11、of exports has fallen from $100 to $90d. The price of imports has fallen from $100 to $9013.The use of indifference curves helps us determine the point:a. Along the production possibilities curve a country will choose b. At which a country maximizes its resource productivityc. At which a country cea
12、ses to become competitive d. Where the marginal rate of transformation approaches zero14.The equilibrium prices and quantities established after trade are fully determinate if we know:a.The location of all countries indifference curves b.The shape of each countrys production possibilities curvec.The
13、 comparative costs of each trading partner d.The strength of world supply and demand for each good15.In the absence of trade, a nation is in equilibrium where a community indifference curve:a.Lies above its production possibilities curve b.Is tangent to its production possibilities curvec.Intersects
14、 its production possibilities curve d.Lies below its production possibilities curve16.Which of the following is false concerning indifference curves?a.They illustrate how the nation ranks alternative consumption bundles b.Higher curves refer to more satisfactionc. They are negatively sloped, being b
15、owed out away from the diagrams origind. They reflect the tastes and preferences of a consumer17.The marginal rate of substitution is measured by the absolute value of the slope of a (an):a. Production possibilities curve b. Indifference curve c. Production possibilities curve d. Demand curve18.According to Staffan Linder, trade between two countries tends to be most pronounced when the countries:a.Find their tastes and preferences to be quite harmoniousb.Experience
