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Cost-benefit analysis of international trade
- is basically useless.
- is empirically intractable.
- focuses attention on conflicts of interest within countries.
- focuses attention on conflicts of interests between countries.
- None of the above.
4. A primary reason why nations conduct international trade is because of differences in
- historical perspective.
- location.
- resource availabilities.
- tastes.
- incomes.
5. Arguments for free trade are sometimes disregarded by the political process because
- economists tend to favor highly protected domestic markets.
- economists have a universally accepted decisive power over the political decision mechanism.
- maximizing consumer welfare may not be a chief priority for politicians.
- the gains of trade are of paramount concern to typical consumers.
- None of the above.
6.
Proponents of free trade claim all of the following as advantages except
A. relatively high wage levels for all domestic workers.
B. a wider selection of products for consumers
C. increased competition for world producers.
D. the utilization of the most efficient production processes.
E. None of the above.
Answer: A
In order to know whether a country has a comparative advantage in the production of one particular product we need information on at least ____unit labor requirements
- one
- two
- three
four
B.
five
Answer: D
7.
A country engaging in trade according to the principles of comparative advantage gains from trade because it
- is producing exports indirectly more efficiently than it could alternatively.
- is producing imports indirectly more efficiently than it could domestically.
- is producing exports using fewer labor units.
- is producing imports indirectly using fewer labor units.
- None of the above.
8.
A nation engaging in trade according to the Ricardian model will find its consumption bundle
- inside its production possibilities frontier.
- on its production possibilities frontier.
- outside its production possibilities frontier.
- inside its trade-partner's production possibilities frontier.
- on its trade-partner's production possibilities frontier.
9.
If a very small country trades with a very large country according to the Ricardian model, then
- the small country will suffer a decrease in economic welfare.
- the large country will suffer a decrease in economic welfare.
- the small country will enjoy gains from trade.
- the large country will enjoy gains from trade.
- None of the above.
If the world terms of trade for a country are somewhere between the domestic cost ratio of H and that of F, then
- country H but not country F will gain from trade.
- country H and country F will both gain from trade.
- neither country H nor F will gain from trade.
- only the country whose government subsidizes its exports will gain.
- None of the above.
If a production possibilities frontier is bowed out (concave to the origin), then production occurs under conditions of
- constant opportunity costs.
- increasing opportunity costs.
- decreasing opportunity costs.
- infinite opportunity costs.
- None of the above.
If two countries have identical production possibility frontiers, then trade between them is not likely if
- their supply curves are identical.
- their cost functions are identical.
- their demand conditions identical.
- their incomes are identical.
- None of the above.
13.
Assume that labor is the only factor of production and that wages in the United States equal $20 per hour while wages in Japan are $10 per hour.
Production costs would be lower in the United States as compared to Japan if
- U.S. labor productivity equaled 40 units per hour and Japan's 15 units per hour.
- U.S. productivity equaled 30 units per hour whereas Japan's was 20.
- U.S. labor productivity equaled 20 and Japan's 30.
- U.S. labor productivity equaled 15 and Japan's 25 units per hour.
- None of the above.
14.
International trade has strong effects on income distributions. Therefore, international trade
- is beneficial to everyone in both trading countries.
- will tend to hurt one trading country.
- will tend to hurt some groups in each trading country.
- will tend to hurt everyone in both countries.
- will be beneficial to all those engaged in international trade.
If the price of the capital intensive product rises, wages will
- rise but by less than the price of the capital-intensive product.
- rise by more than the rise in the price of the capital-intensive product.
- remain proportionally equal to the price of the capital-intensive product.
- fall, since higher prices cause less demand.
- None of the above.
If Australia has more land per worker, and Belgium has more capital per worker, then if trade were to open up between these two countries,
- the real income of capital owners in Australia would rise.
- the real income of labor in Australia would clearly rise.
- the real income of labor in Belgium would clearly rise.
- the real income of landowners in Belgium would fall.
- the real incomes of capital owners in both countries would rise.
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