1.Labor may be internationally mobile, but capital and land do not migrate from one country to another.
2.The author of the Wealth of Nations was:
a. David Ricardo.
新思想是什么b. Paul Samuelson.
c. Adam Smith.
d. Karl Marx.
3.When Adam Smith prented his theory of absolute advantage, he thought
that all value was measured in terms of the amount of _______ ud in the production of the good.
a. land
b. labor
c. capital
d. money
4.Labor productivity is:
a. the number of units of output that a worker can produce in one
hour.
b. the total number of units that all workers in a firm produce in one
day.
c. the number of hours it takes a worker to produce one unit of output.
d. the total number of hours it takes all the workers in a firm to
produce a day’s output.
5.Which of the following is NOT true about mercantilism?
a. Under mercantilism, exports were encouraged and imports were
discouraged.
b. Mercantilists believed that one country’s gains from trade came at
the expen of another country or countries’ well being.
c. Domestic producers were often hurt by mercantilism.
d. Mercantilism focud on the accumulation of gold and silver
bullion.
6.If Britain’s labor productivity in the production of umbrellas is greater than
the rest of the world’s labor productivity in umbrellas, we would say that Britain has a(n) _______ in the production of umbrellas.
a. comparative advantage
b. absolute advantage
c. opportunity cost
d. superiority
7.In the two-country, two-good model, which of the following is true?
(1)As a result of trade, at least one country is better off and that country’s
gain does not reduce the economic welfare of the other country.
(2)Both countries can gain from trade by dividing the benefits of the
enhanced global production.
a. (1)
b. (2)
c. Both (1) and (2)
d. Neither (1) nor (2)
Table3.1
In the United Kingdom In the Rest of the World
Productivity
Umbrellas per labor hour 1.000.50
Bushels of corn per labor
hour
0.200.70
8.Refer to Table 3.1. The number of labor hours to make 1 umbrella in the United Kingdom is:
a. 0.5.
虞姬b. 1.
c. 1.43.
d. 2.
9.Refer to Table 3.1. The number of labor hours to produce 1 bushel of corn in the Rest of the World is:
a. 0.5.
b. 1.
c. 1.43.
d. 2.
10.Refer to Table 3.1. Given the productivity information in Table 3.1, the
rest of the world has an absolute advantage in the production of _______ and the United Kingdom has an absolute advantage in the production of _______.
a. umbrellas; corn
b. corn; umbrellas
c. corn; neither good
云浮景点
d. neither good; umbrellas
11.Refer to Table 3.1. If the United Kingdom shifts 1 hour of labor from the production of corn to the production of umbrellas and the rest of the world shifts 1 hour of labor from the production of umbrellas to the production of corn, total world production of corn will _______ by _______ bushels and total world production of umbrellas will _______ by _______.
a. increa; 1; decrea; 1
b. increa; 1.43; increa 1
c. increa; 0.5; increa; 0.5
d. decrea; 0.5; increa; 0.7
12.The theory of comparative advantage was first prented by:
a. Adam Smith.
b. Karl Marx.
c. David Ricardo.
d. Eli
哲学方法论Heckscher.
13.If a country exports the good that it can produce at a low opportunity cost and imports tho goods that it would otherwi produce at a high opportunity cost, we say that such trade is bad upon _______.
a. absolute advantage
b. arbitrage
c. labor productivity differences
d. comparative advantage
Table 3.3
In the United Kingdom In the Rest of the World
Productivity
Umbrellas per labor hour61
43
Bushels of corn per labor
hour
14.Refer to Table 3.3. The United Kingdom has an absolute advantage in the production of _______ and the Rest of the World has an absolute advantage in the production of _______.
a. both goods; neither good
b. neither good; both goods
c. umbrellas; corn
d. corn; umbrellas
15.Refer to Table 3.3. The United Kingdom has a comparative advantage in
the production of ______ and the Rest of the World has a comparative advantage in the production of _______.
a. both goods; neither good
b. neither good; both goods
c. umbrellas; corn
d. corn; umbrellas
16.Refer to Table 3.3. The opportunity cost of producing a bushel of corn in the United Kingdom is _______ umbrellas and the opportunity cost of producing a bushel of corn in the Rest of the World is _______ umbrellas.
a. 2/3; 3
b. 3; 2/3
c. 3/2; 1/3
d. 1/3; 3/2
27.Refer to Table 3.3. The opportunity cost of producing an umbrella in the United Kingdom is _______ bushels of corn and the opportunity cost of producing an umbrella in the Rest of the World is _______ bushels of corn.
a. 2/3; 3
b. 3; 2/3
c. 3/2; 1/3
d. 1/3; 3/2
18.Refer to Table 3.3. Once trade is opened, we can anticipate that the
international price of umbrellas will lie between _______ and _______.
a. 2/3 of a bushel of corn; 3 bushels of corn
b. 3/2 bushels of corn; 2/3 of a bushel of corn
合营企业c. 3/2 of a bushel of corn; 1/3 of a bushel of corn
d. 3 bushels of corn; 1/3 of a bushel of corn
19. Refer to Table 3.3. Once trade is open, we can anticipate that the international price of corn will lie between _______ and _______.
a. 2/3 of an umbrella; 3 umbrellas
b. 3/2 umbrellas; 2/3 of an
umbrella
c. 3/2 umbrellas; 1/3 of an umbrella
d. 3 umbrellas; 3/2 umbrellas
20.Which of the following theories predicts that a country will export tho
goods that u the country’s abundant factor(s) intensively in
production and import tho goods that u the country’s scarce
factor(s) intensively in production?
a. Absolute advantage
b. Comparative advantage
c. Heckscher-Ohlin theory
d. the production differentiation model
21.If Country A is labor-abundant and capital-scarce, Country B is labor-scarce and capital-abundant, Good X is produced in a labor-intensive process, and Good Y is produced in a capital-intensive process, we would expect that:
a. Country A would export Good X.
b. Country B would import
Good Y.
c. Country A would import Good X.
d. Country B would import both Good X and Good Y.
22.A product is relatively _______ if labor costs are a greater proportion of the product’s value than they are the value of other products.
嗯嗯不a. capital-abundant
b. labor-abundant
c. capital-intensive
d. labor-intensive
23.If Country A has a relatively higher ratio of labor to the other factors of production than does Country B, then:
a. Country A is labor-abundant.
b. Country A is labor-scarce.
c. Country A is labor-intensive.
红枣粥怎么熬d. Country B is labor-intensiv
e.
24.Given the following relationship:
(U.K. land supply) < (Rest of the world’s land supply)
(U.K. labor supply) > (Rest of the world’s labor supply)
one can conclude that:
a. the U.K is labor abundant.
南瓜灯b. the U.K. is labor intensive.
c. the Rest of the World is labor abundant.
d. the Rest of the World
is land intensive.
25. Which of the following economists propod an international trade model that explains international trade patterns using factor proportions?
a. Adam Smith
b. David Ricardo
c. Eli Heckscher and Bertil Ohlin
d. Joph Stiglitz
True/Fal Questions
26.David Ricardo is the author of the Wealth of Nations.
27.Adam Smith’s theory of absolute advantage relied on the labor theory of value.
28.Mercantilists believed that when one country benefited from international trade it was at the expen of another country or countries.
29.If Country X has a higher level of labor productivity than the rest of the world in the production of
a good, it is said that Country X has a comparative advantage in the production of the good.
30.If a country does not have an absolute advantage in the production of a least one good, then trade will not take place.
31.If Country A is more productive than Country B in the production of both Good X and Good Y, then economists expect that Country A will produce everything and export both Good X and Good Y to Country B.
32.In the two-country, two-good model, both countries can gain from trade as long as their relative advantages and disadvantages in producing different goods are different.
33.Heckscher-Ohlin theory relies upon the factor proportions ud in the
production of different goods and differences in the endowments of
different factors in different countries to explain international trade
patterns.
34.If Country A is relatively land-abundant and Country B is relatively labor-abundant, Heckscher-Ohlin theory predicts that Country A will export textiles (a relatively labor-intensive good) and Country B will export corn (a relatively land-intensive good).
35.Heckscher-Ohlin theory predicts that trade occurs becau of differences in:
a. the availability of factor inputs to production across countries.
b. the proportions of factor inputs ud in the production of different
products.
c. the composition of the work force in a country.
d. both a and b.
36.The theory that predicts that trade occurs becau of differences in the availability of factor inputs across countries and the differences in the proportions in which the factor inputs are ud in producing different products is called:
a. the Stolper-Samuelson theory.
b. the Heckscher-Ohlin theory.
c. comparative advantage.
d. absolute advantag
e.
37.In Country X land is relatively abundant and labor is relatively scarce. In the short-run after trade opens, we expect that:
a. landlords will charge lower rents and farm workers will earn lower
wages.
b. landlords will charge lower rents and farm workers will earn higher
wages.
c. landlords will charge higher rents and farm workers will earn lower
wages.
d. landlords will charge higher rents and farm workers will earn
