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1、International Economics, 8e (Krugman) Chapter 5 The Standard Trade Model5.1 A Standard Model of a Trading Economy1) The concept terms of trade means A) the amount of exports sold by a country. B) the price conditions bargained for in international markets. C) the price of a countrys exports divided
2、by the price of its imports. D) the quantities of imports received in free trade. E) None of the above. Answer: C Question Status: Previous Edition2) A country cannot produce a mix of products with a higher value than where A) the isovalue line intersects the production possibility frontier. B) the
3、isovalue line is tangent to the production possibility frontier. C) the isovalue line is above the production possibility frontier. D) the isovalue line is below the production possibility frontier. E) the isovalue line is tangent with the indifference curve. Answer: B Question Status: Previous Edit
4、ion3) Tastes of individuals are represented by A) the production possibility frontier. B) the isovalue line. C) the indifference curve. D) the production function. E) None of the above. Answer: C Question Status: Previous Edition4) If PC/PF were to increase in the international marketplace, then A)
5、all countries would be better off. B) the terms of trade of cloth exporters improve. C) the terms of trade of food exporters improve. D) the terms of trade of all countries improve. E) None of the above. Answer: B Question Status: Previous Edition5) If PC/PF were to increase, A) the cloth exporter w
6、ould increase the quantity of cloth exports. B) the cloth exporter would increase the quantity of cloth produced. C) the food exporter would increase the quantity of food exports. D) Both A and C. E) None of the above. Answer: B Question Status: Previous Edition 6) If PC/PF were to increase, A) worl
7、d relative quantity of cloth supplied and demanded would increase. B) world relative quantity of cloth supplied and demanded would decrease. C) world relative quantity of cloth supplied would increase. D) world relative quantity of cloth demanded would decrease. E) None of the above. Answer: C Quest
8、ion Status: Previous Edition7) A country will be able to consume a bundle which is not attainable solely from domestic production only if A) the world terms of trade differ from its domestic relative costs. B) the country specializes in one product. C) the country avoids international trade. D) the
9、world terms of trade equal the domestic relative costs. E) None of the above. Answer: A Question Status: Previous Edition8) Terms of trade refers to A) what goods are imported. B) what goods are exported. C) the volume of trade. D) the prices at which trade occurs. E) None of the above. Answer: D Qu
10、estion Status: Previous Edition9) If points A and B are both on the production possibility frontier of a country, then A) consumers are indifferent between the two bundles. B) producers are indifferent between the two bundles. C) at any point in time, the country could produce both. D) Both cost the
11、 same. E) The country could produce either of the two bundles. Answer: E Question Status: Previous Edition10) If the economy is producing at point a on its production possibility frontier, then A) all of the countrys workers are specialized in one product. B) all of the countys capital is used for o
12、ne product. C) all of the countys workers are employed. D) all of its capital is used, but not efficiently. E) None of the above. Answer: C Question Status: Previous Edition11) If at point A on the production possibility frontier, and the community indifference curve cuts through point a from northw
13、est to southeast, then the optimal autarky production bundle is A) at point A. B) to the right of point A. C) to the left of point A. D) to the northeast of point A. E) to the southwest of point A. Answer: B Question Status: Previous Edition 12) If two countries with diminishing returns and differen
14、t marginal rates of substitution between two products were to engage in trade, then A) the shapes of their respective production possibility frontiers would change. B) the marginal rates of substitution of both would become equal. C) the larger of the two countries would dominate their trade. D) the country with relatively elastic supplies would export more. E) None of the above. Answer: B Question Status: Previous Edition13) If a country b
