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1、1 International Trade (Chapter 7-12) Chapter 7: Growth and Trade Multiple Choice 1. One fundamental source of long-run economic growth would be: a.External scale economies. b. Lower wages. c.Improvements in production technologies. d. Exploiting comparative advantage. ANSWER:C Figure 7.1 Cloth 2. Re
2、ferring to Figure 7.1, this outward shift of the production possibilities frontier is an example of: a.Biased growth. b. Balanced growth. c.The move from autarky to free trade. d. A fall in production costs. ANSWER:A 3. Which of the following statements is true? I. Increases in a countrys endowments
3、 of land, labor, and capital will lead to long-run economic growth. II. Improvements in the technology used in production can lead to increases in output, but cannot lead to long-run economic growth. III. Improvements in technology and increases in the endowments of productive inputs can both cause
4、the production-possibility curve to shift outward. a.I and II Wheat 2 b. I and III c.I, II and III d. None of the above ANSWER:B 4. A capital-abundant country trades two goods with the rest of the world, medical equipment and corn. Medical equipment is relatively capital-intensive. An increase in th
5、e countrys endowment of capital, with no change in the price of either medical equipment or corn, will cause the output of medical equipment to _ and the output of corn to _. a.Rise; fall b. Fall; rise c.Rise; rise d. Fall; fall ANSWER:A True/False Questions 5. For a country already engaged in trade
6、, biased growth will lead to an increased willingness to trade. ANSWER: FALSE 6. If a country is small, then its trade will have no effect on its terms of trade. ANSWER: TRUE 7. Growth could lead to either an increase or a decrease in a countrys willingness to trade. ANSWER: TRUE 8. Growth with an i
7、ncreased willingness to engage in international trade will always improve the economic well-being of a country. ANSWER: FALSE Essay Questions 9. Suppose that Country A, which has a relative abundance of capital, further expands its endowment of capital. Explain how this might affect the volume (amou
8、nt) of trade and the international terms of trade with the rest of the world? Under what conditions (if any) would the economic well-being of Country A go down after this increase in capital? Explain. POSSIBLE RESPONSE: If the amount of capital in Country A increases, the result will be a biased gro
9、wth toward the production of capital-intensive goods. As a result of this biased growth, the country will expand its production of capital-intensive goods and will reduce its production of goods requiring the intensive use of other factors of production (Rybczynski theorem).The country increases its
10、 willingness to 3 trade. If the country is large, the increased willingness will affect the international price ratio (terms of trade) to the disadvantage of the country. If this effect is large enough, the result will be immizerising growth, which causes the country to lose well- being even though
11、one of the factors of production is growing. Chapter 8: Analysis of a Tariff Multiple Choice Questions Figure 8.1: The U.S. Market for Shoes Dd(domestic demand curve) Sd(domestic supply curve) World price Domestic price with tariff QuantityS0D1S1D0 a b c d 1. Referring to Figure 8.1, the impact of a
12、 tariff on shoes on the amount of domestic producer surplus is a _ measured by area _. a.Gain; a b. Loss; a c.Gain; (a+b) d. Loss; (a+b) ANSWER:A 2. Referring to Figure 8.1, the impact of a tariff on shoes on the amount of domestic consumer surplus is a _ measured by area _. a.Gain; d b. Loss; d c.l
13、oss; (a+b+c+d) d. Loss; (b+d) ANSWER:C 3. Referring to Figure 8.1, the revenue collected by the U.S. government as a result of the tariff on shoes is shown by area _. Price 4 a.a b. a + b c.c d. b + c + d ANSWER:C 4. Referring to Figure 8.1, the imposition of a tariff on shoes caused economic welfar
14、e in the U.S. to _ by an amount measured by area _. a.Fall; c b. Fall; (b+d) c.Fall; (b+c+d) d. Rise; (a+c) ANSWER:B 5. Referring to Figure 8.1, what area measures the production effect of the tariff on shoes? a.a b. b c.c d. d ANSWER:B 6. Referring to Figure 8.1, what area measures the consumption
15、effect of the tariff on shoes? a.a b. b c.c d. d ANSWER:D True/False Questions 7. A tariff imposed by a small country hurts the tariff imposing country but brings gains to the rest of the world. ANSWER: FALSE 8. The consumption effect shows the welfare loss to the economy resulting from consumers sh
16、ifting from imports to more expensive domestic production. ANSWER: FALSE 9. The one-dollar, one-vote metric says that every dollar of gain is more important than every dollar of loss, regardless of who the gainers or losers are. ANSWER: FALSE 5 Essay Questions 10. You are given the following information about copper in the United States: SituationSituation With TariffWithout Tariff World Price$0.40 per lb.$0.50 p
