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1、Microeconomics 9e (Parkin)Chapter 7 Global Markets in Action1 How Global Markets Work1) Which of the following is correct?A) Both imports and exports include goods and services.B) Imports includes both goods and services but exports includes only goods.C) Imports includes only goods but exports incl
2、udes both goods and services.D) Both exports and imports include goods and neither includes services.Answer: ATopic: International Trade TodaySkill: ConceptualAACSB: Reflective Thinking2) Goods and services that we buy from people in other countries are called ourA) balance of payments.B) exports.C)
3、 imports.D) terms of trade.Answer: CTopic: International Trade TodaySkill: RecognitionAACSB: Reflective Thinking3) The goods and services that a country buys from other countries are called itsA) tariffs.B) quotas.C) exports.D) imports.Answer: DTopic: International Trade TodaySkill: RecognitionAACSB
4、: Reflective Thinking4) The goods and services that a country sells to people in other countries are called itsA) tariffs.B) quotas.C) exports.D) imports.Answer: CTopic: International Trade TodaySkill: RecognitionAACSB: Reflective Thinking5) International trade arises fromA) absolute advantage.B) co
5、mparative advantage.C) importation duties.D) the advantage of execution.Answer: BTopic: Comparative AdvantageSkill: RecognitionAACSB: Reflective Thinking6) The fundamental force that drives international trade isA) absolute advantage.B) importation duties and tariffs.C) export licenses.D) comparativ
6、e advantage.Answer: DTopic: Comparative AdvantageSkill: RecognitionAACSB: Reflective Thinking7) The fundamental force that generates international trade isA) absolute advantage.B) comparative advantage.C) law of diminishing returns.D) law of increasing costs.Answer: BTopic: Comparative AdvantageSkil
7、l: RecognitionAACSB: Reflective Thinking8) The fundamental force that drives international trade is:A) Comparative advantageB) Absolute advantageC) Countries desire to increase their trade surplusD) Cheap labor in countries like China or IndiaAnswer: ATopic: Comparative AdvantageSkill: RecognitionAA
8、CSB: Reflective Thinking9) Comparative advantage implies that a country willA) import those goods in which the country has a comparative advantage.B) export those goods in which the country has a comparative advantage.C) find it difficult to conclude free trade agreements with other nations.D) expor
9、t goods produced by domestic industries with low wages relative to its trading partners.Answer: BTopic: Comparative AdvantageSkill: ConceptualAACSB: Reflective Thinking10) The United States has a comparative advantage in producing airplanes if A) it can produce them at a lower opportunity cost.B) it
10、 can produce them at a lower dollar cost.C) it can produce a larger quantity.D) it has a larger quantity of skilled workers.Answer: ATopic: Comparative AdvantageSkill: ConceptualAACSB: Reflective Thinking11) Prior to international trade, if country A has a lower price of product X than does country
11、B, then we know definitely thatA) country B has an absolute advantage in the production of product X.B) country B has a comparative advantage in the production of product X.C) country A has an absolute advantage in the production of product X.D) country A has a comparative advantage in the productio
12、n of product X.Answer: DTopic: Comparative AdvantageSkill: ConceptualAACSB: Reflective Thinking12) When the principle of comparative advantage is used to guide trade, then a country will specialize by producing onlyA) goods with the highest opportunity cost.B) goods with the lowest opportunity costs
13、.C) goods for which production takes fewer worker-hour than another country.D) goods for which production costs are more than average total costs.Answer: BTopic: Comparative AdvantageSkill: ConceptualAACSB: Reflective Thinking13) Which of the following statements about U.S. international trade in 20
14、08 is correct?A) The value of U.S. exports exceeded the value of U.S. importsB) The value of U.S. exports was about 33 percent of the value of total U.S. productionC) The United States imported only goods.D) The United States was the worlds largest trader.Answer: DTopic: Study Guide Question, Intern
15、ational Trade TodaySkill: RecognitionAACSB: Reflective Thinking14) The United States has a comparative advantage in producing cotton if the U.S. price of cotton before international trade is _ the world priceA) less thanB) equal toC) greater thanD) not comparable toAnswer: ATopic: Study Guide Question, Comparative AdvantageSkill: ConceptualAACSB: Reflective Thinking15) Compared to the situation before international trade, after the United State
