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1、CHAPTER 2The Basic Theory Using Demand and Supply1. The consumers problem is to maximize: (A)a.Utility. b.Profit. c.Trade. d.consumption.2. Refer to Figure 2.3. Consumer surplus associated with Q1 units is denoted by _. Consumer surplus associated with Q2 units is denoted by _. (C)a.a+b+d; d+c+e b.a
2、; b+d c.a; a+b+d d.a; d3. If a 1 percent decrease in the price of a good causes the quantity demanded of the good to increase by 2 percent, we call that portion of the demand curve: (B)a.Inelastic. b.Elastic. c.unit elastic. d.perfectly elastic.4.Price elasticity of demand is: (B)a.a measure of the
3、responsiveness of consumers to changes in income.b.a measure of the responsiveness of consumers to changes in price.c.the slope of the demand curve.d.a measure of the amount by which the demand curve shifts as a result of a change in price.5.If a 1 percent decrease in the price of a good results in
4、a 0.5% increase in the quantity demanded of the good, we can conclude that the demand for the good is relatively price: (A)a.Inelastic. b.Elastic. c.unit elastic. d.perfectly elastic.6.The motive of the firm is to: (C)a.produce as much as possible. b.maximize the economic well-being of consumers.c.m
5、aximize profit. d.minimize costs.7. Price elasticity of supply is: (B)a.a measure of the responsiveness of producers to changes in income.b.a measure of the responsiveness of producers to changes in price.c.the slope of the supply curve.d.a measure of the amount by which the supply curve shifts as a
6、 result of a change in price.8. When the price elasticity of supply is less than 1, we call supply _. (B)a.perfectly elastic b.Inelastic c.unit elastic d.elastic9. Refer to Figure 2.6. Producer surplus associated with producing and selling Qx units of the good is the area (A) a.a . b.b. c.a + b. d.b
7、 - a.10.Producer surplus is: (D)a.found on a graph as the area under the equilibrium price and above the supply curve.b.the net gain in economic well-being associated with producing and selling the a quantity of a good.c.used to measure the impact of a change in price on the economic well-being on p
8、roducers.d.all of the above.11.Buying something in one market and reselling it in another market to profit from a price difference is called: (C)a. consumer surplus. b.producer surplus. c.arbitrage. d.one-dollar, one-vote metric.12. Which of the following says that any dollar of gain or loss will be
9、 equally valued, regardless of who experiences it? (D)a. consumer surplus. b.producer surplus. c.Arbitrage. d.one-dollar,one-votemetric.13. Which of the following is the difference between what consumers and producers either gain or lose from trade? (D)a.Consumer surplus b.One-dollar, one-vote metri
10、cc. Arbitrage d. Net national gains from trade14. Which of the following statements are true about which country gains more from international trade in a two-country world? (D)(1) The gains from trade are divided in proportion to the price changes that trade brings to the two countries.(2) The count
11、ry with the steeper trade curve gains more.(3) The country that experiences the larger price change as a result of trade has the larger value of net gains from trade.a.(1) + (2) b.(1) + (3) c.(2) + (3) d.(1) + (2) + (3）CHAPTER 3-4Why Everybody Trades: Comparative Advantage and Factor Proportions1.Wh
12、en Adam Smith presented his theory of absolute advantage, he thought that all value was measured in terms of the amount of _ used in the production of the good. （B）a.Land b.Labor c.Capital d.money2.Labor productivity is: (A、C)a.the number of units of output that a worker can produce in one hour.b.th
13、e 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 days output.3.If Britains labor productivity in the production of umbrellas is great
14、er than the rest of the worlds labor productivity in umbrellas, we would say that Britain has a(n) _ in the production of umbrellas. (B)parative advantage b.absolute advantage c.opportunity cost d.superiority4.In the two-country, two-good model, which of the following is true? (C)(1)As a result of t
15、rade, at least one country is better off and that countrys 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)5.Constant cost production pos
16、sibility curves lead to _ specialization. Increasing cost production possibility curves lead to _ specialization. (C)a.no; partial plete; plete; partial d.partial; complete6.Which of the following statements is true about production possibility curves? (A)(1)Constant cost production possibility curv
17、es are straight lines and lead to complete specialization.(2)Bowed-out production possibility curves are associated with partial specialization, but the opportunity cost of producing each good is constant along the curve.a.(1) b.(2) c.(1) and (2) d.None of the above7.Assume that Country X produces t
18、wo goodssugar and shoesand that the countrys production possibility curve is “bowed-out”. As the country produces more sugar, (A)a.the opportunity cost of sugar in terms of shoes foregone will increase.b.the opportunity cost of sugar in terms of shoes foregone will decrease.c.the opportunity cost of
19、 shoes in terms of sugar foregone will increase.d.the opportunity cost of sugar in terms of shoes foregone will be the same.8.In the two-country, two-good model with an increasing-cost production-possibility curve, the amount of both goods that are produced in the economy in autarky is determined by
20、: (C) a.the production-possibility curve. b.the specialization point.c.the production-possibility curve and the community indifference curve. d.the terms of trade.9.Refer to Figure 3.2. Before trade opens, the Rest of the World produces _ yards of cloth and _ bushels of wheat; while consuming _ yard
21、s of cloth and _ bushels of wheat. (D)a.10; 8; 8; 10 b.4; 16; 8; 10 c.8; 10; 12; 8 d.8; 10; 8; 1010.Refer to Figure 3.2. After trade, Canada produces _ yards of cloth and _ bushels of wheat and consumes _ yards of cloth and _ bushels of wheat. (A)a.20; 3; 12; 11 b.12; 11; 12; 11 c.20; 3; 20; 3 d.16;
22、 6; 12; 1111.Refer to Figure 3.2. In autarky, the Rest of the World produces and consumes _ yards of cloth and _ bushels of wheat. In autarky Canada produces and consumes _ yards of cloth and _ bushels of wheat. (B)a.8; 10; 20; 3 b.8; 10; 16; 6 c.4; 16; 20; 3 d.12; 8; 12; 1112.Refer to Figure 3.2. B
23、efore trade, the total amount of cloth produced in the world was _ yards and the total amount of wheat produced in the world was _. (B)a.24; 19 b.24; 16 c.19; 24 d.16; 2413.Refer to Figure 3.2. As a result of specialization and trade, cloth production in the world is increased by _ yards and wheat p
24、roduction is increased by _ bushels. (A)a.0; 3 b.0; 0 c.24; 19 d.3; 014.Which of the following can explain why product prices in two countries will differ in a world with no trade? (C)(1)Production conditions in the two countries are different and therefore the production-possibility curves in the t
25、wo countries are different.(2)Consumption conditions are different in the two countries and therefore the community indifference curves in the two countries are different.(3)Trade would not be possible because the international price ratio would be the same in the two countries.a.(1) + (3) b.(2) c.(
26、1) + (2) d.(1) + (2) + (3)15.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)a. Country A would export Good X. b.Country
27、 B would import Good Y.c.Country A would import Good X. d.Country B would import both Good X and Good Y.16.A product is relatively _ if labor costs are a greater proportion of the products value than they are the value of other products. (D)a.capital-abundant b.labor-abundant c.capital-intensive d.l
28、abor-intensive17.If Country A has a relatively higher ratio of labor to the other factors of production than does Country B, then: (A)a.Country A is labor-abundant. b.Country A is labor-scarce.c.Country A is labor-intensive. d.Country B is labor-intensive.18.Given the following relationship: (A)(U.K
29、. land supply) (Rest of the worlds land supply)(U.K. labor supply) (Rest of the worlds labor supply)one can conclude that:a.the U.K is labor abundant. 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.1Adam Smiths theory of absolute ad
30、vantage relied on the labor theory of value. （T）2.Mercantilists believed that when one country benefited from international trade it was at the expense of another country or countries. (T)3. If a country does not have an absolute advantage in the production of a least one good, then trade will not t
31、ake place. (F)4.In Country X, the opportunity cost of producing an additional unit of Good A is the amount of Good B given up. (T)5. 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 bo
32、th Good X and Good Y to Country B. (F)6.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. (T)7.According to the theory of comparative advantage, countries will export those goods f
33、or which they have a lower opportunity cost and import those goods for which they have a higher opportunity cost than the rest of the world. (T)8.The act of buying at a low price in one place and selling at a high price in another place is called relative pricing. (F)9.In the two-country, two-good m
34、odel, international trade will cause the two national prices that existed in autarky（自给自足的） to move towards a new worldwide equilibrium price. (T)10.A nations production-possibility curve shows the amounts of different products that an economy can produce if all of its resources are fully employed.
35、(T)11.Straight-line production-possibility curves reflect that the opportunity cost of producing additional units of each good is constant. (T)12.Constant-cost production-possibility curves lead to partial specialization. (F)13.Increasing-cost production-possibility curves lead to partial specializa
36、tion. (T)14.Increasing marginal costs of production arise as a result of the fact that different inputs to production are used in different proportions in the production of different goods. (T)15.Indifference curves show the various bundles of consumption quantities that lead to the same level of we
37、ll-being. (T)16.Heckscher-Ohlin theory relies upon the factor proportions used in the production of different goods and differences in the endowments of different factors in different countries to explain international trade patterns. (T)17.If Country A is relatively abundant in labor and Country B
38、is relatively abundant in capital, Heckscher-Ohlins theory predicts that Country A will export relatively labor-intensive goods and Country B will export relatively capital-intensive goods. (T)18.If Country A is relatively land-abundant and Country B is relatively labor-abundant, Heckscher-Ohlin the
39、ory predicts that Country A will export textiles (a relatively labor-intensive good) and Country B will export corn (a relatively land-intensive good). (F)CHAPTER 5Who Gains and Who Loses from Trade?1.Heckscher-Ohlin theory predicts that trade occurs because of differences in: (D)a.the availability
40、of factor inputs to production across countries.b.the proportions of factor inputs used in the production of different products.c.the composition of the work force in a country. d.both a and b.2.The theory that predicts that trade occurs because of differences in the availability of factor inputs ac
41、ross countries and the differences in the proportions in which the factor inputs are used in producing different products is called: (B)a.the Stolper-Samuelson theory. b.the Heckscher-Ohlin parative advantage. d.absolute advantage.3.Trade: (D) a.occurs because of differences in the availability of f
42、actor inputs across countries and differences in the proportions of those factor inputs used in producing different products.b.causes expansion in the export-oriented sector. c.causes contraction in the import-competing sector. d.all of the above.4.Which of the following is not true about trade? (C)
43、a.Trade will cause expansion in the export-oriented sector. B. Trade will cause contraction in the import-competing sector.c.Trade occurs because of similarities in the availability of factor inputs across countries and differences in the proportions of those factors that are used in producing diffe
44、rent products.d.None of the above.5.In Country X land is relatively abundant and labor is relatively scarce. In the short-run after trade opens, we expect that: (D) A. landlords will charge lower rents and farm workers will earn lower wages.b.landlords will charge lower rents and farm workers will e
45、arn 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 higher wages.6. If the domestic country is labor abundant, which of the following groups will gain in the short-run, but lose in the long-run?
46、(B) a. domestic landowners in the farming sector. b.domestic landowners in the cloth-making sector.c.foreign landowners in the farming sector. d.foreign workers in the cloth-making sector.7.The Stolper-Samuelson Theorem states that trading that changes the relative product prices in a country can be expected to: (A)a.increase the return to the factor used intensively in the production of the good whose price is rising and decrease the return to the factor used intensively in the production of the good whose price is falling as a result of trade.b.decrease the return to the factor used in