- Factor endowment is a relative concept, having nothing to do with the absolute quantity of factors of production possessed by a country.( )
- MFN treatment is to give the trade partner the most favorable terms of trade.( )
- International trade occurs when manufacturers in each country pursue a representative demand for their country. ( )
- The Heckscher-Ohlin theory is often referred to as the factor-endowment theory. （ ）
- Free trade reduces the level of income of specialized factors of production in import-competing sectors, but does not affect the level of income of common factors of production.( )
- The elastic analysis of the balance of payments is a general equilibrium analysis.( )
- London is home to the largest foreign exchange market in the world. （ ）
- The foreign exchange market is the framework for the exchange of one national currency for another. （ ）
- On the balance-of-payments statement, a capital inflow can be likened to the import of goods and services. ( )
- The potential for trade diversion is smaller when a custom union's external tariff is lower rather than higher. ( )
- If a nation’s terms of trade increases from ½ to 1, and consumption increases from a lower indifference curve to a higher one, this nation is experiencing immiserizing growth. （ ）
- Risk diversification can explain two-way international portfolio investments. （ ）
- Because a large number of international transactions fail to get recorded, statisticians insert a residual, known as statistical discrepancy, to ensure that total debits equal total credits. ( )
- With a specific tariff, the degree of protection afforded domestic producers varies directly with changes in import prices. ( )
- Policy instruments that can affect international competitiveness are known as spending-change policies.( )
- Increasing returns to scale refer to the production situation where inputs or factors of production grow proportionately more than output. （ ）
- Concerning the balance of payments, a current-account surplus means an excess of exports over imports of goods, services, investment income, and unilateral transfers. ( )
- Factor price equalization will equalize the factor intensity of the same product produced in the two countries.( )
- Adam smith advocated a policy in which the government keeps regulation of economic activity to a minimum。（ ）
- Trade creation occurs when imports from a low-cost supplier outside of a customs union are replaced by purchases from a higher-cost supplier within the union. ( )
- The establishment of a customs union may facilitate the formation of new monopolies.( )
- OPEC is a cartel of monopolies.( )
- Services transactions on Canada's balance-of-payments statement would include Canadian ships transporting lumber to Japan, foreign tourists spending money in Canada, and Canadian engineers designing bridges in China. ( )
- Points on lower community indifference curves are possible, but would not maximize the nation’s welfare. （ ）
- International trade acts as a substitute for the international mobility of factors of production in its effect on factor prices. （ ）
- In a country's balance of payments, which of the following transactions are debits? ( )
- From the perspective of the influence of international trade on the distribution of factors of production, international trade is favorable to ( ).
- The replacement of high cost production processes with lower cost imports from a member nation, as a result of the formation of a regional trade arrangement, is called: （ ）
- Measures that are non-tariff barriers are ( )
- The curve for the level of degree or utility is ( )
- When will a resident of one country purchase bonds of another country? （ ）
- The balance of payments theory based on Keynes's national income equation is ( )
- After 1992, the per capita GDP calculated by the World Bank was converted according to which criteria ( )
- In an open economy, if the government's monetary policy remains unchanged and only the expansionary fiscal policy is adopted, from the perspective of internal demand, the increase of government spending will lead to ( )
- The static effects of the establishment of international economic integration organizations on member States include ( )
- Which of the following countries are members of the North American trading bloc? （ ）
- A lower tariff on imported aluminum would most likely benefit: ( )
- Which device has the International copper Agreement utilized as a way of stabilizing tin prices? （ ）
- The open-economy macroeconomic processes for correcting balance-of-payments disequilibria are collectively called :（ ）
- An inflow of capital funds to the United States tends to increase the international value of the dollar, stimulating __________ and discouraging _____________. （ ）
- ____________ is the utilization of all of a trading nation’s resources in the production of only one commodity.（ ）
- Which of the following is true concerning a specific tariff? ( )
- In the long run, what determines the trend of A country's currency exchange rate is ( )
- The conditions for a "miserable growth" in international trade are ( )
- Trade restrictions usually benefit a large majority of the ___________ in the nation at the expense of a silent majority of _________________. （ ）
- Among all types of transactions in the foreign exchange market, the largest volume is ( )
- Suppose that the United Kingdom and Italy abolish all tariffs on each other's goods and all restrictions on movements of factors of production between them. They also implement a common protectionist policy toward other countries. This is an example of a (an): ( )
- In general, there is a wide variety of participants in foreign exchange markets. The following, which are not major participants in foreign exchange markets, are ( )
- The mercantilists would have objected to: （ ）
- A ____________________ is the form of economic integration wherein all barriers are removed on trade among members, but each nation retains its own barriers to trade with nonmembers. （ ）
- The aggregate demand curve shows that when prices go up, aggregate demand goes up.( )
- The policy tools that can affect international competitiveness are called expenditure-changing policies.( )
- In the following cases, the maximum elasticity of the aggregate demand curve occurs when( )
- What is wrong with the following statement( )
- A country simultaneously achieves internal and external equilibrium at the intersection of IS, LM and BP curves.( )
- The objectives involved in macroeconomic equilibrium generally include( )
- The Marshall-Lerner condition can be used to determine ( ).
- As long as the income effects of depreciation are positive, the balance of payments position can be improved.( )
- The Marshall - Lerner condition shows that under the condition that the demand elasticity of import and export commodities tends to infinity, if the sum of supply elasticity of import and export commodities is greater than 1, then currency depreciation can improve the international balance of payments.( )
- What is wrong with the J-curve effect is that( )
- According to the absorption analysis method of international balance of payments, depreciation must have ( ) in order to improve the trade balance
- The income redistribution effect on absorption effect, the following above is correct ( )
- Both the elasticity analysis and absorption analysis of the balance of payments do not consider the capital and financial accounts of the balance of payments.( )
- Which of the following does not make the J-curve effect more pronounced?( )
- Generally speaking, the impact of exchange rate instability on the international economy is shown as follows( )
- According to the interest rate parity theory, when the forward foreign exchange rate is premium, it means that the domestic interest rate( )
- The theoretical basis of PPP theory is the law of one price.( )
- Under the fixed exchange rate system, the monetary authorities of various countries take measures to maintain the upper and lower limits of exchange rate fluctuations( )
- In the theory of purchasing power parity, absolute purchasing power parity is used to predict real exchange rate.( )
- The founder of purchasing power parity theory is ( ).
- The conditions that enable a country to reduce its exposure to exchange rate fluctuations are( )
- According to the narrow sense of static foreign exchange concept, foreign currency notes are foreign exchange.( )
- The main factors to be considered in the selection of a country's exchange rate regime are as follows( )
- In the positive market case, for commodity futures, the following statement is true( )
- The main purpose of intervention in the foreign exchange market is( )
- The economic meaning of covered interest rate parity is ( ).
- The exchange rate system that is most likely to incur the impact of international hot money is ( ).
- Which of the following is not a speculative foreign exchange transaction（ )
- When the customer purchases foreign exchange at the foreign exchange bank, the transaction price shall be the buying price of foreign exchange.( )
- Forward exchange rate refers to the exchange rate used by the buyer and the seller for future transaction and delivery.( )
- Which of the following is considered a capital inflow? ( )
- The balance of payments refers to the stock of trade and investment transactions that exists at a particular point in time. ( )
- On the balance-of-payments statements, merchandise imports are classified in the: ( )
- All of the following are debit items in the balance of payments, except: ( )
- An increase in import restrictions by the U.S. government tends to promote a merchandise-trade surplus. ( )
- When all of the debit or credit items in the balance of payments are combined: ( )
- Because the balance of payments utilizes double-entry accounting, merchandise exports will always be in balance with merchandise imports. ( )
- Because the balance of payments is a record of the economic transactions of a country over a period of time, it is a "flow" concept. ( )
- Referring to the balance-of-payments statement, an international transaction refers to the exchange of goods, services, and assets between residents of one country and those abroad. ( )
- Which of the following is classified as a credit in the U.S. balance of payments? ( )
- __________ allow the investor to lend capital to get fixed payouts or regular returns, then receive the face value at a date in the future.（ ）
- The purchase of purely financial assets, such as bonds and stocks, is called:（ ）
- Two-way international capital flows is often explained by the element of ______.（ ）
- In general, ___________________ on all types of investment.（ ）
- The basic motive for international portfolio investments is:（ ）
- It has been found that firms with a strong international orientation tend to ______________.（ ）
- Forward vertical integration has been the most common form of direct foreign investments in developing countries and in some mineral-rich developed countries.（ ）
- When a multinational corporation controls the raw material used in the production of its final good, which of these will likely occur?（ ）
- Real investment in factories, capital goods, land, and inventories where the investor retains control over the use of the invested capital is referred to as:（ ）
- ___________ often takes the form of starting a subsidiary or taking control of another firm.（ ）
- Trade creation tends to more than offset trade diversion for a home country forming a customs union with partner countries when: (1) the tariff rate in the home country is high prior to the formation of the customs union; (2) there are a large number of countries forming the customs union. ( )
- When products from high-cost suppliers within a customs union replace imports from a low-cost nation that is not a member of the customs union, there exist(s): ( )
- Which form of economic integration occurs when participating countries abolish tariffs on trade among themselves, establish a common tariff on imports from nonmembers, and permit free movement of capital and labor within the organization? ( )
- If Chile and Mexico form a free-trade agreement, the welfare of the two countries will necessarily increase. ( )
- Which of the following represents the stage where economic integration is most complete? ( )
- Which economic integration scheme is solely intended to abolish trade restrictions among member countries, while setting up common tariffs against nonmembers? ( )
- Economic integration is the process of eliminating restrictions on international trade, payments, and factor mobility. ( )
- Which of the following represents the stage where economic integration is least complete? ( )
- For countries forming a customs union, the trade-creation effect represents a welfare loss and the trade-diversion effect represents a welfare gain. ( )
- Customs union theory reasons that the formation of a customs union will decrease members' real welfare when the: ( )
- Which of the following is NOT one of the most serious problems facing developing countries today?（ ）
- Which of the following is NOT one of the three main disadvantages of an import-substitution industrialization strategy?（ ）
- The infant-industry argument states that temporary trade protection is needed to protect a new industry against competition from more established and efficient foreign firms.（ ）
- Which of the following would be more likely to have countries using trade primarily as a vent for agricultural surplus?（ ）
- Which of the following is one of the advantages of export-oriented industrialization?（ ）
- For most developing countries:（ ）
- Which of the following is one of the three main disadvantages of an import-substitution industrialization strategy?( )
- Which of the following countries or area is NOT characterized by rapid growth in gross domestic product in industrial production and manufactured exports? （ ）
- Which of the following is not a characteristic of a developing country?（ ）
- To the extent that subsidies granted to exporting firms reduce the foreign price of their goods, the subsidizing country's terms of trade improved. ( )
- An import quota is a physical restriction on the quantity of goods that may be imported during a specified time period. ( )
- Compared to an import quota, an equivalent tariff may provide a less certain amount of protection for home producers since: ( )
- If a tariff and an import quota lead to equivalent increases in the domestic price of steel, then: ( )
- Predatory dumping would occur if Toyota Inc. of Japan sells autos to U.S. consumers at lower prices than to Japanese consumers in order to put Chrysler Inc. out of business. ( )
- To maintain that South Koreans are dumping their VCRs in the United States is to maintain that: ( )
- Because export subsidies tend to result in domestic exporters charging lower prices on their goods sold overseas, the home country's: ( )
- International dumping occurs when foreign buyers are charged higher prices than domestic buyers for an identical product, after allowing for transportation costs and tariff duties. ( )
- Import quotas tend to lead to all of the following except: ( )
- When material inputs enter a country at a very low duty while the final imported product is protected by a high duty, the result tends to be a high rate of protection for domestic producers of the final product. （ ）
- When a government allows raw materials and other intermediate products to enter a country duty free, its tariff policy generally results in a: （ ）
- Should Canada（a large nantion）impose a tariff on imports, one would expect Canada's: （ ）
- Suppose that the United States eliminates its tariff on steel imports, permitting foreign-produced steel to enter the U.S. market. Steel prices to U.S. consumers would be expected to:（ ）
- A nation whose imports constitute a very small portion of the world market supply is a price taker, facing a constant world price for its import commodity. （ ）
- When the production of a commodity does not utilize imported inputs, the effective tariff rate on the commodity: ( )
- The principal benefit of tariff protection goes to: （ ）
- A ad valorem tariff provides domestic producers a declining degree of protection against import-competing goods during periods of changing prices.（ ）
- A tax of 15 percent per imported item would be an example of: ( )
- Which of the following policies permits a specified quantity of goods to be imported at one tariff rate and applies a higher tariff rate to imports above this quantity?（ ）
- Which theory states that a nation will tend to export commodities intensive in its relatively abundant and cheap factor?（ ）
- Which model states that a nation can shift from being a net exporter of a good to a net importer of the same good?（ ）
- Increasing returns to scale generally exist because of greater division of labor and labor specialization and specialized and productive machinery.（ ）
- ___________ involves international trade in the differentiated products of the same industry or broad product group.（ ）
- With ______________, inputs increase proportionately more than the increase in output.（ ）
- Which of the following would least likely apply to the product cycle theory?（ ）
- The ______________ hypothesizes that a portion of international trade is based on the introduction of new products or processes:（ ）
- The product cycle model was introduced by:（ ）
- With ______________, inputs increase in direct proportion to the increase in output.（ ）
- Which of the following is not an example of a capital rich nation?（ ）
- In his empirical test of Heckscher and Ohlin’s model, Leontief found that（ ）
- The Heckscher-Ohlin theory is often referred to as: （ ）
- Non-traded goods and services are those that are not traded because of international barriers to entry, such as exorbitant import tariffs.（ ）
- Which of the following is considered to be a short-run version of the factor price equalization theory?（ ）
- Which of the following is a part of the Heckscher-Ohlin model that states international trade will bring about equalization in the returns to homogeneous factors across nations?（ ）
- According to the specific factors trade theory:（ ）
- Assume both labor and capital are completely mobile, and a nation is capital rich/labor scarce. In order to increase welfare, what kind of trade policy should the government adapt?（ ）
- Why do increasing opportunity costs of production occur?（ ）
- The tastes or demand preferences of a nation are given by:（ ）
- Nations will have different production possibilities frontiers because of which characteristic?（ ）
- When countries engage in international trade, specialization tends to be:（ ）
- The marginal rate of transformation (MRT) of X for Y refers to:（ ）
- Increasing opportunity costs result in a production frontier that is convex from the origin.（ ）
- ____________ is the amount of one commodity that a nation must give up to produce each additional unit of another.（ ）
- Increasing opportunity costs result in a production possibilities frontier that is ___________ from the origin.（ ）
- _______________ cause a nation to give up more and more of one commodity in order to produce each additional unit of another.（ ）
- What is another name for the opportunity cost of a commodity?（ ）
- The ratio of one commodity price to the price of another commodity is called relative commodity price.（ ）
- The school of thought during the seventeenth and eighteenth centuries proposing that the way for a nation to become richer was to restrict imports and stimulate exports was :（ ）
- _____________explains how mutually beneficial trade can take place even when one nation is less efficient than another nation in the production of all commodities.（ ）
- The ability of one nation to produce a commodity using fewer resources than another nation is:（ ）
- When the amount of a commodity that must be given up to produce each additional unit of another commodity, regardless of the amount of the commodity foregone, is the same at every level of production, which of the following exists?（ ）
- The commodities exported and imported by each nation constitute the:（ ）
- The economic force giving rise to the existence and degree of trade between two nations is referred to as:（ ）
- ____________________states that the true cost of a commodity is the amount of a second commodity that must be given up to release just enough resources to produce one more unit of the first commodity:（ ）
- ____________________states that the cost or price of a commodity is determined by, or can be inferred exclusively from, its labor content.（ ）
- The increase in consumption in each nation resulting from specialization in production and trading is referred to as:（ ）
- The total value of all goods and services produced within a nation’s borders is called:（ ）
- The ratio between a country’s imports and exports of goods or services to their gross domestic product (GDP) is a measure of that country’s:（ ）
- The economic relationship and integration among nations is defined as:（ ）
- In many developing nations, _________ provide employment opportunities and ____________ to pay for the many products that cannot be produced in the home country. （ ）
- In 2020, under the COVID-19 VIRUS, we can guess that the world GDP ______________, while the world trade level ____________ .( )
- When interest rates increase in a major large country, capital flows from abroad will increase. ( )
- A summary statement of all the international transactions of the residents of a nation with the rest of the world during a particular period of time is called:（ ）
- Which of the following analyzes the basis for and gains from trade?（ ）
- The economic interdependence among nations has ___________ over recent history.（ ）
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