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42.
In industries in which there are scale economies, the variety of goods that a country can produce is constrained by
- the size of the labor force.
- anti-trust legislation
- the size of the market.
- the fixed cost.
- None of the above.
43.
History and accident determine the details of trade involving
- Ricardian and Classical comparative advantage.
- Heckscher-Ohlin model consideration.
- taste reversals.
- scale economies.
- None of the above.
44.
If the world attained a perfect Heckscher-Ohlin model equilibrium with trade, then
A.
workers in the labor abundant country would migrate to the capital abundant country.
B.
workers in the labor abundant country would wish to migrate to the capital abundant country.
C.
workers in the labor abundant country would have no desire to migrate to the capital abundant country.
D.
workers in the capital abundant country would wish to migrate to the labor abundant country.
E.
workers in the capital abundant country would migrate to the labor abundant country.
Answer: C
45.
International borrowing and lending may be interpreted as one form of
A.
intermediate trade.
B.
inter-temporal trade.
C.
trade in services.
D.
unrequited international transfers.
E.
None of the above.
Answer: B
46.
A country that has a comparative advantage in future production of consumption goods
A.
will tend to be an international borrower.
B.
will tend to have low real interest rates.
C.
will tend to be an international investor or lender.
D.
will tend to have good work ethics.
E.
None of the above.
Answer: A
47.
International labor mobility
A.
leads to wage convergence by raising wages in destination country and lowering in source country.
B.
is in accordance with the specific factors model
C.
is in accordance with the Heckscher-Ohlin factor proportions model.
D.
leads to wage convergence by raising wages in source and lowering them in destination country.
E.
is in accordance with scale economy model.
Answer: D
48.
In practice, international labor mobility is
A.
a complete complement to trade flows.
B.
a partial complement to trade flows.
C.
a complete substitute for trade flows.
D.
a partial substitute for trade flows.
E.
None of the above.
Answer: D
49.
If one observes that Japan was traditionally a net foreign lender, one could conclude that relative to its international trade and financial partners
A.
Japan's inter-temporal production possibilities are biased toward future consumption.
B.
Japan's inter-temporal production possibilities are larger than that of the other countries.
C.
Japan's inter-temporal production possibilities are biased toward present consumption.
D.
Japan's inter-temporal production possibilities are not biased.
E.
None of the above.
Answer: C
50.
If a good is imported into (large) country H from country F, then the imposition of a tariff in country H in the presence of the Metzler Paradox,
- raises the price of the good in both countries (the "Law of One Price").
- raises the price in country H and cannot affect its price in country F.
- lowers the price of the good in both countries.
- lowers the price of the good in H and could raise it in F.
- raises the price of the good in H and lowers it in F.
The effective rate of protection measures
- the "true" ad valorum value of a tariff.
- the quota equivalent value of a tariff.
- the efficiency with which the tariff is collected at the customhouse.
- the protection given by the tariff to domestic value added.
- None of the above.
52.
When a government allows raw materials and other intermediate products to enter a country duty free, this generally results in a(an)
- effective tariff rate less than the nominal tariff rate.
- nominal tariff rate less than the effective tariff rate.
- rise in both nominal and effective tariff rates.
- fall in both nominal and effective tariff rates.
- None of the above.
53.
The main redistribution effect of a tariff is the transfer of income from
- domestic producers to domestic buyers.
- domestic buyers to domestic producers.
- domestic producers to domestic government.
- domestic government to domestic consumers.
- None of the above.
54.
The deadweight loss of a tariff
- is a social loss because it promotes inefficient use of national resources.
- is a social loss because it reduces the revenue of the government.
- is not a social loss because it merely redistributes revenue from one sector to another.
- is not a social loss bacuase it is paid for by rich corporations.
- None of the above.
55.
The most vocal political pressure for tariffs is generally made by
- consumers lobbying for export tariffs.
- consumers lobbying for import tariffs.
- consumers lobbying for lower import tariffs.
- producers lobbying for export tariffs.
- producers lobbying for import tariffs.
56.
The fact that industrialized countries levy very low or no tariff on raw materials and semi processed goods
- helps developing countries export manufactured products.
- has no effect on developing country exports.
- hurts developing country efforts to export manufactured goods.
- hurts developing country efforts to export raw materials.
- None of the above.
57.
An Optimal Tariff
is considered
unlikely to be observed in the real world because of
- The Metzler Paradox.
- it is practically impossible to define optimality in trade policy terms.
- the likelihood of foreign repercussions.
- real countries are considered to be "small" in the world trade context.
- None of the above.
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