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As opposed to the Ricardian model of comparative advantage, the assumption of diminishing returns in the Heckscher-Ohlin model means that the probability is greater that with trade
- countries will not be fully specialized in one product.
- countries will benefit from free international trade.
- countries will consume outside their production possibility frontier.
- comparative advantage is primarily supply related.
- None of the above.
27.
Suppose that there are two factors, capital and land, and that the United States is relatively land endowed while the European Union is relatively capital-endowed. According to the Heckscher-Ohlin model,
- European landowners should support US-European free trade.
- European capitalists should support US-European free trade.
- all capitalists in both countries should support free trade.
- all landowners should support free trade.
- None of the above.
According to the Heckscher-Ohlin model, if the United States is richly endowed in human-capital relative to Mexico, then as NAFTA increasingly leads to more bilateral free trade between the two countries,
- the United States will find its industrial base sucked into Mexico.
- Mexico will find its relatively highly skilled workers drawn to the United States.
- The wages of highly skilled U.S. workers will be drawn down to Mexican levels.
- The wages of highly skilled Mexican workers will rise to those in the United States.
- The wages of highly skilled Mexican workers will fall to those in the United States.
29.
If two countries were very different in their relative factor availabilities, then we would not expect which of the following to be empirically supported?
- The Heckscher - Ohlin Theorem
- The Factor Price Equalization Theorem.
- The Law of One Price
- The Law of Demand
- None of the above.
30.
A country cannot produce a mix of products with a higher value than where
- the isovalue line intersects the production possibility frontier.
- the isovalue line is tangent to the production possibility frontier.
- the isovalue line is above the production possibility frontier.
- the isovalue line is below the production possibility frontier.
- the isovalue line is tangent with the indifference curve.
31.
If PC / PF were to increase,
- the cloth exporter would increase the quantity of cloth exports.
- the cloth exporter would increase the quantity of cloth produced.
- the food exporter would increase the quantity of food exports.
- Both A and C.
- None of the above.
32.
Export-biased growth in Country H will
- improve the terms of trade of Country H.
- trigger anti-bias regulations of the WTO.
- worsen the terms of trade of Country F (the trade partner).
- improve the terms of trade of Country F.
- decrease economic welfare in Country H.
33.
If the poor AID recipient countries have a higher marginal propensity to consume each and every product than does the United States, then such aid will
- worsen the U.S. terms of trade.
- improve the U.S. terms of trade.
- leave the world terms of trade unaffected.
- worsen the terms of trade of both donor and recipient countries.
- None of the above.
34.
If two countries with diminishing returns and different marginal rates of substitution between two products were to engage in trade, then
A.
the shapes of their respective production possibility frontiers would change.
B.
the marginal rates of substitution of both would become equal.
C.
the larger of the two countries would dominate their trade.
D.
the country with relatively elastic supplies would export more.
E.
None of the above.
Answer: B
35.
In the period preceding the recent Financial Crisis in Asia, the South East Asian countries were receiving large inflows of financial capital.
Following John Maynard Keynes' theory, this should have caused
- a glut in their banking asset situation.
- an improvement in their terms of trade.
- deterioration in their terms of trade.
- a fluctuation upward and then downward in their terms of trade.
- None of the above.
36.
If Slovenia is a small country in world trade terms, then if it imposes a large series of tariffs on many of its imports, this would
- have no effect on its terms of trade.
- improve its terms of trade.
- deteriorate its terms of trade.
- decrease its marginal propensity to consume.
- None of the above.
37.
If the United States exports skilled-labor intensive products and services, then we should expect unions representing unskilled labor to
- lobby in favor of tariffs.
- lobby against the imposition of tariffs.
- be indifferent to the issue of tariffs.
- lobby in favor of improved terms of trade.
- Not enough information.
38.
Where there are economies of scale, an increase in the size of the market will
- increase the number of firms and raise the price per unit.
- decrease the number of firms and raise the price per unit.
- increase the number of firms and lower the price per unit.
- decrease the number of firms and lower the price per unit.
- None of the above.
39.
If some industries exhibit internal (firm specific) increasing returns to scale in each country, we should not expect to see
- intra-industry trade between countries.
- perfect competition in these industries.
- inter-industry trade between countries.
- high levels of specialization in both countries.
- None of the above.
40.
International trade based on external scale economies in both countries is likely to be carried out by a
- relatively large number of price competing firms.
- relatively small number of price competing firms.
- relatively small number of competing oligopolists.
- monopoly firms in each country/industry.
- None of the above.
41.
A monopoly firm engaged in international trade will
- equate average to local costs.
- equate marginal costs with foreign marginal revenues.
- equate marginal costs with the highest price the market will bear.
- equate marginal costs with marginal revenues in both domestic and in foreign markets.
- None of the above.
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