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1、Chapter 9 Application: International TradeTRUE/FALSE1.Trade decisions are based on the principle of absolute advantage.ANS:FDIF:1REF:9-1NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Absolute advantageMSC:Interpretive2.The sum of consumer and producer surplus measures the total benefi
2、ts that buyers and sellers receive from participating in a market.ANS:TDIF:2REF:9-1NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Total surplusMSC:Interpretive3.According to the principle of comparative advantage, all countries can benefit from trading with one another because trade a
3、llows each country to specialize in doing what it does best.ANS:TDIF:1REF:9-1NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Comparative advantageMSC:Interpretive4.The world price of cotton is the highest price of cotton observed anywhere in the world.ANS:FDIF:1REF:9-1NAT:AnalyticLOC:G
4、ains from trade, specialization, and tradeTOP:PricesMSC:Definitional5.If the world price of a good is greater than the domestic price in a country that can engage in international trade, then that country becomes an importer of that good.ANS:FDIF:2REF:9-1NAT:AnalyticLOC:Gains from trade, specializat
5、ion and tradeTOP:International trade | PricesMSC:Interpretive6.Without free trade, the domestic price of a good must be equal to the world price of a good.ANS:FDIF:2REF:9-1NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:PricesMSC:Interpretive7.The nation of Aviana soon will abandon its
6、 no-trade policy and adopt a free-trade policy. If the world price of goose meat is $3 per pound and the domestic price of goose meat without trade is $2 per pound, then Aviana should export goose meat.ANS:TDIF:2REF:9-1NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Prices | Comparativ
7、e advantage | ExportsMSC:Interpretive8.If Argentina exports oranges to the rest of the world, Argentinas producers of oranges are worse off, and Argentinas consumers of oranges are better off, as a result of trade.ANS:FDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Trade |
8、 Economic welfareMSC:Applicative9.If a countrys domestic price of a good is lower than the world price, then that country has a comparative advantage in producing that good.ANS:TDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Comparative advantage | PricesMSC:Interpretive10
9、.When a country allows international trade and becomes an importer of a good, domestic producers of the good are better off, and domestic consumers of the good are worse off.ANS:FDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization, and tradeTOP:Gains from tradeMSC:Interpretive11.If the Unit
10、ed Kingdom imports tea cups from other countries, then U.K. producers of tea cups are better off, and U.K. consumers of tea cups are worse off, as a result of trade.ANS:FDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Trade | Economic welfareMSC:Applicative12.If Belgium exp
11、orts chocolate to the rest of the world, then Belgian chocolate producers benefit from higher producer surplus, Belgian chocolate consumers are worse off because of lower consumer surplus, and total surplus in Belgium increases because of the exports of chocolate.ANS:TDIF:2REF:9-2NAT:AnalyticLOC:Gai
12、ns from trade, specialization and tradeTOP:Trade | Economic welfareMSC:Applicative13.In principle, trade can make a nation better off, because the gains to the winners exceed the losses to the losers.ANS:TDIF:1REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Trade | Economic welf
13、areMSC:Interpretive14.Suppose the Ivory Coast, a small country, imports wheat at the world price of $4 per bushel. If the Ivory Coast imposes a tariff of $1 per bushel on imported wheat, then, other things equal, the price of wheat in Ivory Coast will increase, but by less than $1.ANS:FDIF:2REF:9-2N
14、AT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Tariffs | PricesMSC:Interpretive15.The small-economy assumption is necessary to analyze the gains and losses from international trade.ANS:FDIF:1REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:International trade | Assu
15、mptionsMSC:Interpretive16.The greater the elasticities of supply and demand, the smaller are the gains from trade.ANS:FDIF:3REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Gains from trade | Price elasticities of demand and supplyMSC:Applicative17.If a tariff is placed on watche
16、s, the price of both domestic and imported watches will rise by the amount of the tariff.ANS:TDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Tariffs | PricesMSC:Interpretive18.When a government imposes a tariff on a product, the domestic price will equal the world price.AN
17、S:FDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Tariffs | PricesMSC:Interpretive19.A tariff increases the quantity of imports and moves the market farther from its equilibrium without trade.ANS:FDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Ta
18、riffs | ImportsMSC:Applicative20.When a country abandons no-trade policies in favor of free-trade policies and becomes an importer of steel, then the domestic price of steel will increase as a result.ANS:FDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization, and tradeTOP:Imports | PricesMSC:
19、Interpretive21.When a country that imports shoes imposes a tariff on shoes, buyers of shoes in that country become worse off.ANS:TDIF:1REF:9-2NAT:AnalyticLOC:Gains from trade, specialization, and tradeTOP:TariffsMSC:Interpretive22.When a country that imports shoes imposes a tariff on shoes, buyers o
20、f shoes in that country become worse off and sellers of shoes in that country become better off.ANS:TDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization, and tradeTOP:TariffsMSC:Interpretive23.Deadweight loss measures the decrease in total surplus that results from a tariff or quota.ANS:TDI
21、F:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Deadweight lossesMSC:Interpretive24.If a small country imposes a tariff on an imported good, domestic sellers will gain producer surplus, the government will gain tariff revenue, and domestic consumers will gain consumer surplus
22、.ANS:FDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Tariffs | Economic welfareMSC:Applicative25.Domestic consumers gain and domestic producers lose when the government imposes a tariff on imports.ANS:FDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeT
23、OP:TariffsMSC:Interpretive26.The imposition of a tariff on imported wine will increase the domestic price of wine, decrease the quantity of wine imported, and increase the quantity of wine produced domestically.ANS:TDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Prices | I
24、mports | TariffsMSC:Interpretive27.Suppose that Australia imposes a tariff on imported beef. If the increase in producer surplus is $100 million, the increase in tariff revenue is $200 million, and the reduction in consumer surplus is $500 million, the deadweight loss of the tariff is $300 million.A
25、NS:FDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Tariffs | Deadweight lossesMSC:Applicative28.Suppose Ecuador imposes a tariff on imported bananas. If the increase in producer surplus is $50 million, the reduction in consumer surplus is $150 million, and the deadweight l
26、oss of the tariff is $30 million, then the tariff generates $130 million in revenue for the government.ANS:TDIF:3REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Tariffs | Deadweight lossesMSC:Applicative29.Tariffs cause deadweight loss because they move the price of an imported
27、product closer to the equilibrium without trade, thus reducing the gains from trade.ANS:TDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Tariffs | Deadweight lossesMSC:Interpretive30.Import quotas and tariffs both cause the quantity of imports to fall.ANS:TDIF:1REF:9-2NAT:A
28、nalyticLOC:Gains from trade, specialization and tradeTOP:Tariffs | Import quotasMSC:Interpretive31.Import quotas and tariffs make domestic sellers better off and domestic buyers worse off.ANS:TDIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Tariffs | Import quotas | Economi
29、c welfareMSC:Interpretive32.Economists agree that trade ought to be restricted if free trade means that domestic jobs might be lost because of foreign competition.ANS:FDIF:2REF:9-3NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Trade policy | EmploymentMSC:Interpretive33.Free trade cau
30、ses job losses in industries in which a country does not have a comparative advantage, but it also causes job gains in industries in which the country has a comparative advantage.ANS:TDIF:2REF:9-3NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Comparative advantage | EmploymentMSC:Inte
31、rpretive34.Most economists support the infant-industry argument because it is so easy to implement in practice.ANS:FDIF:1REF:9-3NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Trade policyMSC:Interpretive35.If Honduras were to subsidize the production of wool blankets and sell them in
32、Sweden at artificially low prices, the Swedish economy would be worse off.ANS:FDIF:2REF:9-3NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Trade policy | Economic welfareMSC:Interpretive36.Policymakers often consider trade restrictions in order to protect domestic producers from foreig
33、n competitors.ANS:TDIF:1REF:9-3NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Trade policyMSC:Interpretive37.GATT is an example of a successful unilateral approach to achieving free trade.ANS:FDIF:2REF:9-3NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:GATTMSC:Interpreti
34、ve38.NAFTA is an example of a multilateral approach to achieving free trade.ANS:TDIF:2REF:9-3NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:NAFTAMSC:Interpretive39.The rules established under the General Agreement on Tariffs and Trade (GATT) are enforced by an international body calle
35、d the World Trade Organization (WTO).ANS:TDIF:1REF:9-3NAT:AnalyticLOC:Gains from trade, specialization, and tradeTOP:GATT | WTOMSC:Definitional40.A multilateral approach to free trade has greater potential to increase the gains from trade than a unilateral approach, because the multilateral approach
36、 can reduce trade restrictions abroad as well as at home.ANS:TDIF:2REF:9-3NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Trade policyMSC:Interpretive41.The results of a 2007 Los Angeles Times poll suggest that a significant majority of Americans believe that free international trade h
37、elps the American economy.ANS:FDIF:2REF:9-4NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Trade policyMSC:Interpretive42.The results of a 2007 Los Angeles Times poll suggest that the percentage of Americans who believe trade is harmful to the economy exceeds the percentage of American
38、s who believe trade is beneficial to the economy.ANS:TDIF:2REF:9-4NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Trade policyMSC:Interpretive43.Most economists view the United States as an ongoing experiment that raises serious doubts about the virtues of free trade.ANS:FDIF:1REF:9-4N
39、AT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Trade policyMSC:InterpretiveSHORT ANSWER1.Use the graph to answer the following questions about CDs.a.What is the equilibrium price of CDs before trade?b.What is the equilibrium quantity of CDs before trade?c.What is the price of CDs after
40、 trade is allowed?d.What is the quantity of CDs exported after trade is allowed?e.What is the amount of consumer surplus before trade?f.What is the amount of consumer surplus after trade?g.What is the amount of producer surplus before trade?h.What is the amount of producer surplus after trade?i.What
41、 is the amount of total surplus before trade?j.What is the amount of total surplus after trade?k.What is the change in total surplus because of trade?ANS:a.$12b.50c.$15d.30e.$250f.$122.50g.$250h.$422.50i.$500j.$545k.$45DIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Exports
42、 | Economic welfareMSC:Applicative2.Using the graph below, answer the following questions about hammers.a.What is the equilibrium price of hammers before trade?b.What is the equilibrium quantity of hammers before trade?c.What is the price of hammers after trade is allowed?d.What is the quantity of h
43、ammers imported after trade is allowed?e.What is the amount of consumer surplus before trade?f.What is the amount of consumer surplus after trade?g.What is the amount of producer surplus before trade?h.What is the amount of producer surplus after trade?i.What is the amount of total surplus before tr
44、ade?j.What is the amount of total surplus after trade?k.What is the change in total surplus because of trade?ANS:a.$14b.90c.$10d.85e.$360f.$810g.$405h.$125i.$765j.$935k.$170DIF:2REF:9-2NAT:AnalyticLOC:Gains from trade, specialization and tradeTOP:Imports | Economic welfareMSC:Applicative3.Using the
45、graph, assume that the government imposes a $1 tariff on hammers. Answer the following questions given this information.a.What is the domestic price and quantity demanded of hammers after the tariff is imposed?b.What is the quantity of hammers imported before the tariff?c.What is the quantity of hammers imported after the tariff?d.What would be the amount of consumer surplus before the tariff?e.What would be the amount of consumer surplus after the tariff?f.What would be the amount of producer surplus before the tariff?g.What would be the amount of producer surplus after the tariff?h.
