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bài luyện tập trắc nghiệm thương mại quốc tế international trade Multiple Choice Questions Trade facts 1. United States exports of goods and services are about: A) 20 percent of U.S. GDP. B) 4 percent of U.S. GDP. C) 28 percent of U.S. GDP. D) 12 percent of U.S. GDP. 2. Since 1975 U.S. exports and imports have: A) declined as a percentage of U.S. GDP. B) more than doubled as a percentage of U.S. GDP. C) more than tripled as a percentage of U.S. GDP. D) remained virtually constant as a percentage of U.S. GDP.
Trang 13 Supply and demand analysis of exports and imports 53-76
2 Since 1975 U.S exports and imports have: A) declined as a percentage of U.S GDP
B) more than doubled as a percentage of U.S GDP C) more than tripled as a percentage of U.S GDP
D) remained virtually constant as a percentage of U.S GDP
3 In recent years the United States has:
A) exported more services abroad than it has imported
B) had a small goods trade surplus with Japan
C) had a large goods trade surplus with the rest of the world
D) fallen to third behind Japan and Germany in the list of leading export nations (absolute volume basis)
4 Which country has the largest share of world exports? A) Japan
B) Germany C) United States D) Saudi Arabia
5 In terms of absolute volume, world trade is dominated by: A) Japan, Germany, and China
Trang 2C) Germany, England, and France D) the United States, Germany, and Japan
6 The bulk of United States international trade is with: A) Canada, Japan, and Mexico
B) Japan, China, and Germany C) Canada, western Europe, and Japan D) Japan, England, and France
7 Four emerging economies have collectively expanded their share of world trade from 3 percent to nearly 10 percent since 1972 They are:
A) China, Taiwan, Malaysia, and Indonesia
B) Hong Kong (part of China), Singapore, South Korea, and Taiwan C) North Korea, China, Malaysia, and Cambodia
D) Japan, China, South Korea, and Taiwan
11 Differences in production efficiencies among nations in producing a particular good result from: A) different endowments of fertile soil
B) different amounts of skilled labor
C) different levels of technological knowledge D) all of the above
12 Countries engaged in international trade specialize in production based on: A) relative levels of GDP.
B) comparative advantage C) relative exchange rates D) relative inflation rates.
Trang 3Use the following to answer questions 13-15:
Answer the next question(s) on the basis of the following production possibilities data for Gamma and Sigma All data are in tons Gamma production possibilities:
13 On the basis of the above information:
A) Gamma should export both tea and pots to Sigma
B) Sigma should export tea to Gamma and Gamma should export pots to Sigma C) Gamma should export tea to Sigma and Sigma should export pots to Gamma
D) Gamma should export tea to Sigma, but it will not be profitable for the two nations to exchange pots
14 Refer to the above data What are the limits of the terms of trade between Gamma and Sigma? A) 1 tea = 2 pots to 1 tea = 6 pots
B) 1 tea = 3 pots to 1 tea = 6 pots C) 1 tea = 2 pots to 1 tea = 3.5 pots D) 1 tea = 1 pot to 1 tea = 3 pots
15 Refer to the above data Assume that before specialization and trade Gamma and Sigma both chose production possibility "C." Now if each specializes according to comparative advantage, the gains from specialization and trade will be:
A) mutually advantageous specialization and trade between A and B may still be possible B) we can conclude that A is an industrially advanced economy and B is a developing economy C) it will necessarily be advantageous for B to import both X and Y from A
D) then there is no possible basis for mutually advantageous specialization and trade between A and B
17 The terms of trade reflect the:
A) rate at which gold exchanges internationally for any domestic currency B) ratio at which nations will exchange two goods
C) fact that the gains from trade will be equally divided
D) cost conditions embodied in a single country's production possibilities curve
Trang 418 Assume that by devoting all of its resources to the production of X, nation Alpha can produce 40 units of X By devoting all of its resources to Y, Alpha can produce 60Y Comparable figures for nation Beta are 60X and 40Y We can conclude that: A) the terms of trade will be 3X equals 1Y
B) Alpha should specialize in Y and Beta in X C) Alpha should specialize in X and Beta in Y
D) there is no basis for mutually beneficial specialization and trade
Use the following to answer questions 19-23:
Answer the next question(s) on the basis of the following production possibilities tables for two countries, Latalia and Trombonia:
Latalia's production possibilities
19 The above data indicate that production in:
A) both Latalia and Trombonia is subject to constant opportunity costs
B) Trombonia is subject to decreasing costs, but production in Latalia occurs under increasing opportunity costs C) Latalia is subject to increasing costs, but production in Trombonia occurs under constant opportunity costs D) both Latalia and Trombonia are subject to the law of increasing opportunity costs
20 Refer to the above tables In Latalia the domestic real cost of 1 ton of pork: A) is 3 tons of beans
B) diminishes with the level of pork production C) is 5 tons of beans
D) is 1/5 of a ton of beans
21 Refer to the above tables If these two nations specialize on the basis of comparative advantage: A) Trombonia will produce beans and Latalia will produce pork
B) Trombonia will produce both beans and pork
C) Latalia will produce both beans and pork and Trombonia will produce neither D) Latalia will produce beans and Trombonia will produce pork
22 Refer to the above tables Assume that before specialization and trade, Latalia produced combination C and Trombonia produced combination B If these two nations now specialize completely based on comparative advantage, the total gains from specialization and trade will be:
A) 4 tons of beans
B) 1 ton of pork and 2 tons of beans C) 4 tons of pork
D) 2 tons of pork and 4 tons of beans
23 Refer to the above tables Which of the following would be feasible terms for trade between Latalia and Trombonia? A) 1 ton of beans for 1 ton of pork
Trang 5B) 2 tons of beans for 1 ton of pork C) 6 tons of beans for 1 ton of pork D) 4 tons of beans for 1 ton of pork
24 In the theory of comparative advantage, a good should be produced in that nation where: A) the production possibilities line lies further to the right than the trading possibilities line B) its cost is least in terms of alternative goods that might otherwise be produced
C) its absolute cost in terms of real resources used is least D) its absolute money cost of production is least
25 If two nations have straight-line production possibilities curves:
A) then their trading possibilities curves must lie inside the production possibilities curves B) there will be no basis for mutually advantageous trade
C) there will be a basis for mutually advantageous trade whether the slopes are equal or not D) there will be a basis for mutually advantageous trade provided the slopes differ
Use the following to answer questions 26-30:
26 Refer to the above diagrams The solid lines are production possibilities curves; the dashed lines are trading possibilities curves The data contained in the production possibilities curves are based on the assumption of:
A) imperfect shiftability of resources as between beer and pizza production B) constant costs
C) decreasing costs D) increasing costs
27 Refer to the above diagrams The solid lines are production possibilities curves; the dashed lines are trading possibilities curves The opportunity cost of producing a:
A) pizza is 2 beers in both countries B) beer is 1/2 a pizza in both countries C) pizza in East Lothian is 1 beer D) beer in West Lothian is 1/2 a pizza
Trang 628 Refer to the above diagrams The solid lines are production possibilities curves; the dashed lines are trading possibilities curves The data suggest that:
A) West Lothian should specialize in, and export, beer
B) both countries will be better off if they do not engage in specialization and trade involving these two products C) West Lothian should specialize in, and export, pizza
D) East Lothian should specialize in, and export, beer
29 Refer to the above diagrams The solid lines are production possibilities curves; the dashed lines are trading possibilities curves The trading possibilities curves imply that:
A) both countries have a trade surplus that will result in economic growth
B) the domestic production possibilities curves entail unemployment and/or the domestic misallocation of resources C) world resources will be allocated more efficiently if the two nations specialize and trade based on comparative
advantage
D) both nations will be worse off as a result of international specialization and trade
30 Refer to the above diagrams The solid lines are production possibilities curves; the dashed lines are trading possibilities curves The trading possibilities curves suggest that the terms of trade are:
A) 1.5 beers for 1 pizza B) 1 beer for 2 pizzas C) 2 beers for 1 pizza D) 1 beer for 1.5 pizzas
31 The fact that international specialization and trade based on comparative advantage can increase world output is demonstrated by the reality that:
A) the production possibilities curve of any two nations are identical B) a nation's production possibilities and trading possibilities lines coincide
C) a nation's trading possibilities line lies to the right of its production possibilities line D) a nation's production possibilities line lies to the right of its trading possibilities line
32 Free trade based on comparative advantage is economically beneficial because: A) it promotes an efficient allocation of world resources
B) it increases competition
C) it provides consumers with a wider range of products D) of all of the above reasons
Use the following to answer questions 33-35:
Answer the next question(s) on the basis of the following information about the cost ratios for two products fish (F) and chicken (C) in Singsong and Harmony Assume that production occurs under conditions of constant costs and these are the only two nations
Trang 7D) decreases with the level of fish caught
34 Refer to the above information If these two nations specialize based on comparative advantage: A) Singsong will both produce chicken and catch fish
B) Harmony will both produce chicken and catch fish
C) Harmony will produce chicken and Singsong will catch fish D) Singsong will produce chicken and Harmony will catch fish
35 Refer to the above information Which one of the following would not be feasible terms for trade between Singsong and
Harmony?
A) 1 fish for 21/2 chicken B) 1 fish for 3 chicken C) 1 chicken for 1/5 of a fish D) 1 chicken for 1/3 of a fish
36 The gain from international trade is:
A) increased employment in the domestic export sector
B) more goods than would be attainable through domestic production alone C) tariff revenue
D) increased employment in the domestic import sector
Use the following to answer questions 37-38:
37 The production possibilities curves above suggest that:
A) West Mudville should specialize in, and export, baseball bats
B) West Mudville should specialize in, and export, both baseballs and baseball bats C) East Mudville should specialize in, and export, baseball bats
D) workers will try to immigrate from West Mudville to East Mudville
38 Assuming labor forces of equal size, the production possibilities curves above suggest that workers in West Mudville will have:
A) lower wages than workers in East Mudville before trade but equal wages after trade B) higher wages than workers in East Mudville both before and after trade
C) lower wages than workers in East Mudville both before and after trade
D) higher wages than workers in East Mudville before trade but lower wages after trade
Trang 839 If a nation has a comparative advantage in the production of X, this means the nation: A) cannot benefit by producing and trading this product
B) must give up less of other goods than other nations in producing a unit of X C) has a production possibilities curve identical to those of other nations D) is not subject to increasing opportunity costs
Use the following to answer questions 40-42:
C) both product A and B D) neither product A nor B.
41 Refer to the above graphs Terryville has a comparative advantage in producing: A) product A.
B) product B.
C) both product A and B D) neither product A nor B.
42 Refer to the above graphs These production possibilities curves:
A) demonstrate that there can be gains from specialization and trade between the two nations B) reflect the law of increasing opportunity costs.
C) reflect the law of diminishing marginal utility D) imply that specialization will be incomplete.
Use the following to answer questions 43-47:
Answer the next question(s) on the basis of the following production possibilities data for two countries, Alpha and Beta, which have populations of equal size.
Alpha's production possibilities:
Trang 943 The above data show that:
A) Beta has a comparative advantage in producing chips B) Alpha has a comparative advantage in catching fish
C) Alpha is subject to constant costs and Beta is subject to increasing costs D) Beta is more efficient than Alpha both in catching fish and in producing chips
44 Refer to the above data The domestic opportunity cost of: A) producing a ton of chips in Alpha is 1/5 of a ton of fish B) producing a ton of chips in Beta is 6 tons of fish C) catching a ton of fish in Alpha is 5 tons of chips D) catching a ton of fish in Beta is 6 tons of chips
45 Refer to the above data Beta:
A) should specialize in catching fish and trade with Alpha for chips B) should specialize in producing chips and trade with Alpha for fish C) will not realize gains from specialization and trade
D) will export both fish and chips to Alpha
46 Refer to the above data Suppose that before specialization and trade Alpha chose production alternative C and Beta chose production alternative B After specialization and trade the gains will be:
A) 20 tons of fish B) 20 tons of chips
C) 20 tons of fish and 20 tons of chips D) 240 tons of fish and 20 tons of chips
47 Refer to the above data Assume the production possibilities in Beta double at alternatives A through E while remaining as shown in the table for Alpha As a result Beta should:
A) continue to specialize in producing chips B) continue to specialize in fishing
C) no longer specialize and trade
D) specialize both in fishing and in producing chips and sell the surplus to Alpha
Use the following to answer questions 48-49:
Trang 1048 Refer to the above diagram in which line AB is the United States production possibility curve and AC is its trading
possibilities curve We can conclude that the United States: A) has chosen to specialize in the production of cheese B) has chosen to specialize in the production of beef C) has decided to trade beef for cheese
D) is relatively more efficient than its trading partners in producing both cheese and beef
49 Refer to the above diagram in which line AB is the United States production possibility curve and AC is its trading
possibilities curve The international exchange ratio between beef and cheese (terms of trade):
A) is the absolute value of slope of line AB B) is the absolute value of slope of line AC
C) could lie anywhere between the absolute value of the slopes of lines AB and AC
D) cannot be determined on the basis of this information
50 The impact of increasing, as opposed to constant, costs is to:
A) intensify and prolong the comparative advantages that any nation may have initially B) expand the limits of the terms of trade
C) cause the bases for further specialization to disappear as nations specialize according to comparative advantage D) cause nations to realize economies of scale in those products in which they specialize
51 In the real world, specialization is rarely complete because:
A) nations normally experience increasing opportunity costs in producing more of the product in which they are specializing
B) production possibilities curves are straight lines rather than curves bowed outward as viewed from the origin C) one nation's imports are necessarily another nation's exports
D) international law prohibits monopolies
52 The law of increasing opportunity costs:
A) applies to land-intensive commodities, but not to labor-intensive or capital-intensive commodities
B) results in straight-line production possibilities curves rather than curves that are bowed outward from the origin C) refutes the principle of comparative advantage
D) may limit the extent to which a nation specializes in producing a particular product
Trang 11Supply and demand analysis of exports and imports
53 Suppose the domestic price (no-international-trade price) of copper is $1.20 a pound in the United States while the world price is $1.00 a pound Assuming no transportation costs, the United States will:
A) have a domestic surplus of copper B) export copper
C) import copper
D) neither export nor import copper
54 Suppose the domestic price (no-international-trade price) of wheat is $3.50 a bushel in the United States while the world price is $4.00 a bushel Assuming no transportation costs, the United States will:
A) have a domestic shortage of wheat B) export wheat
C) import wheat
D) neither export nor import wheat
55 A nation's import demand curve for a specific product: A) is upsloping
B) shows the amount of the product it will import at prices below its domestic price C) lies above its export supply curve for the product
D) depends on domestic demand for the product, but not on domestic supply
56 A nation's export supply curve for a specific product: A) is upsloping
B) shows the amount of the product it will export at prices below its domestic price C) lies below its import demand curve for the product
D) depends on domestic supply of the product, but not on domestic demand
57 A nation will neither export nor import a specific product when its: A) domestic price (no-international-trade price) equals the world price B) export supply curve lies above its import demand curve
C) export supply curve is upsloping D) import demand curve is downsloping
58 Export supply curves are ; import demand curves are _
Trang 1259 Refer to the above diagram showing the domestic demand and supply curves for a specific standardized product in a particular nation If the world price for this product is $1.60, this nation will experience a domestic:
A) shortage of 160 units, which it will meet with 160 units of imports B) shortage of 160 units, which will increase the domestic price to $1.60 C) surplus of 160 units, which it will export
D) surplus of 160 units, which will reduce the world price to $1.00
60 Refer to the above diagram showing the domestic demand and supply curves for a specific standardized product in a particular nation If the world price for this product is $.50, this nation will experience a domestic:
A) shortage of 160 units, which it will meet with 160 units of imports B) shortage of 160 units, which will increase the domestic price to $1.60 C) surplus of 160 units which it will export
D) surplus of 160 units, which will reduce the world price to $1.00
61 Refer to the above diagram showing the domestic demand and supply curves for a specific standardized product in a particular nation If the world price of this product is $1, this nation will:
A) export all of the product B) import all of the product
C) import some of the product and produce some of the product domestically D) neither export nor import the product
62 In a two-nation model, the equilibrium world price will occur where:
A) one nation's export supply curve intersects the other nation's import demand curve B) exports are exactly twice the level of imports
C) both nations' export supply curves are horizontal D) both nations' import demand curves are vertical
Use the following to answer questions 63-68: