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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 Questi
16、on, Comparative AdvantageSkill: ConceptualAACSB: Reflective Thinking15) Compared to the situation before international trade, after the United States exports a good production in the United States _ and consumption in the United States _.A) increases; increasesB) increases; decreasesC) decreases; in
17、creasesD) decreases; decreasesAnswer: BTopic: Study Guide Question, Comparative AdvantageSkill: ConceptualAACSB: Analytical Skills16) Compared to the situation before international trade, after the United States imports a good production in the United States _ and consumption in the United States _.
18、A) increases; increasesB) increases; decreasesC) decreases; increasesD) decreases; decreasesAnswer: CTopic: Study Guide Question, Comparative AdvantageSkill: ConceptualAACSB: Analytical Skills2 Winners, Losers and the Net Gain from Trade1) The gains from trade that are possible when two countries ha
19、ve different opportunity costs for wheat and coffee are realized whenA) trade occurs and resources are reallocated within the two countries.B) the two countries continue to produce the same quantities of wheat and coffee.C) each country has an absolute advantage in one of the two commodities.D) the
20、demand curves in both countries shift inward.Answer: ATopic: Gains from Trade, Changes in ProductionSkill: ConceptualAACSB: Communication2) The United States decides to follow its comparative advantage and specialize in the production of airplanes. Which of the following will occur?A) more airplanes
21、 will be produced in the United StatesB) there will be no change in the price of airplanes in the United StatesC) the world price of airplanes will increaseD) the quantity of airplanes demanded in the United States will increaseAnswer: ATopic: Gains from Trade, Changes in ProductionSkill: Conceptual
22、AACSB: Analytical Skills3) A country specializes in the production of goods for which it has a comparative advantage. We find thatA) some producers and consumers win, some lose, but overall the gains exceed the lossesB) all producers winC) all consumers winD) producers win, consumers lose, but overa
23、ll the gains exceed the lossesAnswer: ATopic: Gains from TradeSkill: ConceptualAACSB: Analytical Skills4) Consider a market that sells some of its goods as exports. Who does NOT benefit?A) domestic consumersB) domestic producersC) workers in the industryD) foreign consumersAnswer: ATopic: Gains from
24、 TradeSkill: ConceptualAACSB: Analytical Skills5) Who benefits from imports?A) domestic consumersB) domestic producersC) foreign consumersD) domestic workers in the industryAnswer: ATopic: Gains from Trade, ImportsSkill: ConceptualAACSB: Analytical Skills6) A country opens up to trade and becomes an
25、 importer of some good. Consumer surplus will _, producer surplus will _, and total surplus will _.A) increase; decrease; increaseB) increase; decrease; decreaseC) decrease; decrease; decreaseD) decrease ; increase; increaseAnswer: ATopic: Gains from Trade, ImportsSkill: ConceptualAACSB: Analytical
26、Skills7) Consider a market that is initially in equilibrium with quantity demanded equal to quantity supplied at a price of $20. If the world price of the good is $10 and the country opens up to international trade then in this market we would expect A) imports will increase, price will fall, and qu
27、antity supplied will fallB) exports will increase, price will be unchanged, and quantity supplied will increaseC) imports will increase, price will decrease, and the supply curve will shift to the leftD) quantity demanded will decrease, quantity supplied will decrease, and price will decreaseAnswer:
28、 ATopic: Gains from Trade, ImportsSkill: ConceptualAACSB: Analytical Skills8) A country opens up to trade. In an import industry, surplus has been redistributed fromA) producers to consumersB) consumers to producersC) government to consumersD) producers to governmentAnswer: ATopic: Gains from Trade,
29、 ImportsSkill: ConceptualAACSB: Analytical Skills9) Based on the table below, at what world price would the country import?PriceQDemandedQSupplied210070495756908088585108090127595A) a price below $8B) at exactly $8C) a price above $8D) it is impossible to sayAnswer: ATopic: ImportsSkill: AnalyticalA
30、ACSB: Analytical Skills10) Based on the table below, suppose the world price was $4. The country wouldPriceQDemandedQSupplied210070495756908088585108090127595A) import 20 unitsB) export 20 unitsC) import 10 unitsD) export 10 unitsAnswer: ATopic: ImportsSkill: AnalyticalAACSB: Analytical Skills11) In
31、 a market open to international trade, at the world price the quantity demanded is 150 and quantity supplied is 200. This country willA) export 50 units.B) import 50 units.C) export 200 units.D) import 150 units.Answer: ATopic: Gains from Trade, ExportsSkill: ConceptualAACSB: Analytical Skills12) A
32、country opens up to trade and becomes an exporter of some good. Consumer surplus will _, producer surplus will _, and total surplus will _.A) decrease; increase; increaseB) increase; decrease; increaseC) decrease; increase; decreaseD) remain unchanged; increase; increaseAnswer: ATopic: Gains from Tr
33、ade, ExportsSkill: ConceptualAACSB: Analytical Skills13) A country opens up to trade. In an export industry, surplus has been redistributed fromA) consumers to producersB) producers to consumersC) producers to governmentD) government to consumersAnswer: ATopic: Gains from Trade, ExportsSkill: Concep
34、tualAACSB: Communication14) Based on the table below, at what world price would the country export?PriceQDemandedQSupplied210070495756908088585108090127595A) a price above $8B) at only $8C) a price below $8D) it is impossible to sayAnswer: ATopic: ExportsSkill: AnalyticalAACSB: Analytical SkillsThe
35、figure shows the market for shirts in the United States, where D is the domestic demand curve and S is the domestic supply curve. The world price is $20 per shirt.15) In the figure above, with international trade Americans buy _ million shirts per year. A) 48B) 32C) 16D) 24Answer: ATopic: Gains from
36、 TradeSkill: AnalyticalAACSB: Analytical Skills16) In the figure above, with international trade _ million shirts per year are produced in the United States. A) 48 B) 32C) 16D) 20Answer: CTopic: Gains from TradeSkill: AnalyticalAACSB: Analytical Skills17) In the figure above, with international trad
37、e the United States _ million shirts per year. A) imports 32 B) imports 48C) exports 16D) exports 32Answer: ATopic: ImportsSkill: AnalyticalAACSB: Analytical Skills18) In the figure above, international trade _ consumer surplus in the United States by _ . A) increases; $320 millionB) decreases; $192
38、 millionC) increases; $192 millionD) decreases; $320 millionAnswer: ATopic: Gains from TradeSkill: AnalyticalAACSB: Analytical Skills19) In the figure above, international trade _ producer surplus in the United States by _ . A) increases; $320 millionB) decreases; $192 millionC) increases; $192 mill
39、ionD) decreases; $320 millionAnswer: BTopic: Gains from TradeSkill: AnalyticalAACSB: Analytical Skills20) In the figure above, international trade _ total surplus in the United States by _ . A) increases; $128 millionB) decreases; $192 millionC) increases; $320 millionD) decreases; $256 millionAnswe
40、r: ATopic: Gains from TradeSkill: AnalyticalAACSB: Analytical SkillsThe figure shows the market for helicopters in the United States, where D is the domestic demand curve and S is the domestic supply curve. The United States trades helicopters with the rest of the world at a price of $36 million per
41、 helicopter. 21) In the figure above, with international trade U.S. companies buy _ helicopters per year. A) 240 B) 480C) 720D) 360Answer: ATopic: Gains from TradeSkill: AnalyticalAACSB: Analytical Skills22) In the figure above, with international trade _ helicopters per year are produced in the Uni
42、ted States. A) 360 B) 480C) 720D) 240Answer: CTopic: Gains from TradeSkill: AnalyticalAACSB: Analytical Skills23) In the figure above, the United States _ helicopters per year. A) exports 480 B) exports 720C) imports 480D) imports 240Answer: ATopic: ExportsSkill: AnalyticalAACSB: Analytical Skills24
43、) In the figure above, international trade _ consumer surplus in the United States by _ . A) decreases; $2.88 billion B) decreases; $1.92 billionC) increases; $2.88 billionD) increases; $4.8 billionAnswer: ATopic: Gains from TradeSkill: AnalyticalAACSB: Analytical Skills25) In the figure above, inte
44、rnational trade _ producer surplus in the United States by _ . A) decreases; $2.88 billion B) decreases; $1.92 billionC) increases; $4.8 billionD) increases; $3.6 billionAnswer: CTopic: Gains from TradeSkill: AnalyticalAACSB: Analytical Skills26) In the figure above, international trade _ total surp
45、lus in the United States by _ . A) increases; $1.92 billion B) decreases; $2.56 billionC) increases; $4.8 billionD) decreases; $3.6 billionAnswer: ATopic: Gains from TradeSkill: AnalyticalAACSB: Analytical Skills27) U.S. producer surplus _ when the United States imports a good and U.S. producer surplus _ when the United States exports a good.A) increases; increasesB) incr