01WorldTradeanOverview

01WorldTradeanOverview

1、单选题:
‌Trade includes____and____, contribute much to economic globalization, especially to world economic growth.‎
选项:
A: export,investiment.
B: import,investiment.
C: export,import.
D: investiment,consumption.
答案: 【 export,import.

2、单选题:
‏In Nov. 2018, Chinese government started to have China International Import Expo,______.‍‏‍
选项:
A: which is harmful for trade liberalization.
B: which is the first expo on the world that aims to encourage import.
C: which will dramaticlly weaken the competition of domestic market.
D: which will deter to economic globalization.
答案: 【 which is the first expo on the world that aims to encourage import.

3、单选题:
​Nowadays members of WTO also pay more attention on service trade compared with before. Because_____.‍
选项:
A: service trade has become more important than merchandise trade.
B: the issues of service trade usually combined with investment,which is important for world economic growth.
C: service trade is more competitive than other kinds of trade.
D: advanced countries has stronger competency in commercial service trade.
答案: 【 the issues of service trade usually combined with investment,which is important for world economic growth.

4、单选题:
‌Developing countries are becoming more important in world trade,________.‍
选项:
A: because the share of developing countries in world merchandise exports has increased obviously.
B: and developing economies exported less and less in past years.
C: merchandise trade between developing economies has decreased in the past decade.
D: because developing countries tend to cooperate with big economics.
答案: 【 because the share of developing countries in world merchandise exports has increased obviously.

5、单选题:
‏Why the three European Giants, Germany, U.K. and France usually have closer trade relationship with USA?‌
选项:
A: Because of the economic size.
B: Because of the distance.
C: Because of political factors.
D: Because of the border effect.
答案: 【 Because of the economic size.

6、单选题:
‍According to the gravity model, a characteristic that tends to affect the probability of trade existing between any two countries is______.‏
选项:
A: their cultural affinity.
B: the value of their traded goods.
C: their colonial-historical ties.
D: the distance between them.
答案: 【 the distance between them.

7、单选题:
‌Which of following is NOT the factor affectting trade pattern?‌
选项:
A: cultural affinity
B: geography
C: political factors
D: physics
答案: 【 physics

8、单选题:
‎When world merchandise trade developed robust,______.‍
选项:
A: the performance of world real GDP growth rate will beterrible.
B: the world real GDP growth rate is to be negative.
C: the performance of world real GDP growth rate generally is also good.
D: it will pull down the world real GDP growth rate.
答案: 【 the performance of world real GDP growth rate generally is also good.

9、单选题:
‌For the consumers, trade especially import is very important,NOT because_____.‎
选项:
A: they can have more choice and buy products.
B: they can enjoy services of higher quality with lower price.
C: they can access to kinds of products from different counties in the supermarket.
D: they can have more money to buy various products.
答案: 【 they can have more money to buy various products.

10、单选题:
‌Relying too much on trade,that’s to say, trade dependency or trade openness is too high,which is not very good for one country.Which of following is NOT ture?‎
选项:
A: Because it will make the country too fragile.
B: This is especially true for large countries.
C: But unfortunately, some countrie’s trade dependency still very high.
D: China’s trade dependency is very slow.
答案: 【 China’s trade dependency is very slow.

11、单选题:
​_____still the most important content of world trade.‎
选项:
A: Manufactured goods
B: Service trade
C: Intellectual property
D: Partial manufactures
答案: 【 Manufactured goods

12、单选题:
‍The change range of the value of world merchandise trade usually larger than the volume one. Why?​
选项:
A: Because the volume of world merchandise trade is shinking.
B: Becausethe value of world merchandise trade is jumping.
C: The key reason is that the price of commodity has big influence on the trend of world trade development.
D: Because the rising of commodity price.
答案: 【 The key reason is that the price of commodity has big influence on the trend of world trade development.

13、单选题:
‏Usually, when world economy is hot, world trade volume will _____, at the same time the commodity price also will _____, so the value of world trade will expand more.‎
选项:
A: expand,fell down
B: expand,rise
C: shink,fell down
D: shink,rise
答案: 【 expand,rise

14、单选题:
‌Which of the following is most likely among the key topic list of G20 summit?‎
选项:
A: How to strengthen protective barriers.
B: How to encourage innovation.
C: How to ensure electricity safety.
D: How to deal with the fluctuation of commodity prices.
答案: 【 How to deal with the fluctuation of commodity prices.

15、单选题:
‏The traditional calculation usually misleads the understanding about global trade relationship. TiVA addresses this issue by _______.​
选项:
A: composing of parts from various countries around the world.
B: considering the value added by each country in the production of goods and services that are consumed worldwide.
C: reflecting in conventional measures of international trade.
D: producing and exporting products which import parts from other country.
答案: 【 considering the value added by each country in the production of goods and services that are consumed worldwide.

Exercise1.1Whytradeisimportant

1、单选题:
‌Chinese students go abroad to study in United Kingdom means_____.‎
选项:
A: The United Kingdom exports education services to China.
B: The United Kingdom imports education services from China.
C: China exports education services to United Kingdom.
D: China imports tourism services from United Kingdom.
答案: 【 The United Kingdom exports education services to China.

2、单选题:
‍As we all know,import is as important as exports,because_____.Which of following is NOT ture?‍
选项:
A: import can provide products or services that the domestic market cannot provide.
B: import can force the local firms try their best to innovate.
C: import can force the local firms improve product’s quality.
D: imports will hinder world economic growth absolutely.
答案: 【 imports will hinder world economic growth absolutely.

3、判断题:
‎Not all the people like trade, in fact some particular group will be harmed by trade.‎‎T or F‎
选项:
A: 正确
B: 错误
答案: 【 正确

Exercise1.2FeaturesandTrendsofWorldTrade

1、单选题:
​Which of following is NOT key features and trends of World Trade?‍
选项:
A: Service trade has became the most important content of world trade.
B: Trade in value added emerging as a sensitive and important topic and attracts more and more attention.
C: Digital technologies are reshaping world trade.
D: Fluctuation of commodity price will affect value of trade deeply.
答案: 【 Service trade has became the most important content of world trade.

2、单选题:
‌From what we learned,______provide a new insight into the commercial relations between nations by considering the value added by each country.‌
选项:
A: Trade in commodities
B: Trade in service
C: Trade in Value-Added
D: Intellectual property
答案: 【 Trade in Value-Added

3、判断题:
‌3)Digital technologies has fundamentally reshaped our economies, slashing the cost of acquiring and trading information.​‌T or F​
选项:
A: 正确
B: 错误
答案: 【 正确

Exercise1.3WhoTradeswithWhomTheGravityModel

1、单选题:
‏From the Gravity Model equation, we can find that the value of trade between two countries depends on two important factors, one is _______ and the other is_______.‍
选项:
A: economic size,the distance between them.
B: national territorial area ,the distance between them.
C: economic size,national territorial area.
D: economic size,investment.
答案: 【 economic size,the distance between them.

2、单选题:
‏Why in 2006 Canada is USA’s biggest trader, while in 2015 China substituted Canada to be the No.1?‍
选项:
A: Because there are so many Chinese.
B: Because China’s economic size expanded.
C: Because China is closer to America than Canada.
D: Because chinese labor price is lower.
答案: 【 Because China’s economic size expanded.

3、判断题:
‌Only economic size and distance can affect trade pattern.​‌T or F​
选项:
A: 正确
B: 错误
答案: 【 错误

02ClassicalTradeTheory

02ClassicalTradeTheory

1、单选题:
‎In the Mercantilist view of international trade (in a two-country world),___________.​
选项:
A: both countries could gain from trade at the same time, but the distribution of the gains depended upon the terms of trade.
B: both countries could gain from trade at the same time, and the terms of trade were of no consequence for the distribution of the gains.
C: neither country could ever gain from trade.
D: one country’s gain from trade was associated with a loss for the other country.
答案: 【 one country’s gain from trade was associated with a loss for the other country.

2、单选题:
‏In the price-specie-flow doctrine, a deficit country will __________ gold, and this gold flow will ultimately lead to __________ in the deficit country’s exports.‍
选项:
A: lose;  a decrease
B: lose;  an increase
C: gain;  a decrease
D:  gain;  an increase
答案: 【 lose;  an increase

3、单选题:
‌Which of the following policies would NOT be consistent with the Mercantilist balance-of-trade doctrine?‌
选项:
A: payment of high wages to labor
B: import duties on final products
C: export subsidies
D: prohibition of imports of manufactured goods
答案: 【 payment of high wages to labor

4、单选题:
​Referring to the following Table, the opportunity cost of one VCR in Japan is:‎​‎​Table: Output possibilities for South Korea and Japan‎​‎​      Output per worker per day‎​Country           Tons of steel   VCRs‎​South Korea   80                   40‎​Japan           20                   20     ‎​‎​‎
选项:
A: 1 ton of steel
B: 2 tons of steel
C: 3 tons of steel
D: 4 tons of steel
答案: 【 1 ton of steel

5、单选题:
‎ Refer to the following table, according to the principle of absolute advantage, Japan should:‍‎‍‎Table: Output possibilities for South Korea and Japan‍‎‍‎ Output per worker per day‍‎Country          Tons of steel    VCRs‍‎South Korea       80             40‍‎Japan               20             20    ‍‎‍
选项:
A: Export steel
B: Export VCRs
C: Export steel and VCRs
D: None of the above; there is no basis for gainful trade
答案: 【 None of the above; there is no basis for gainful trade

6、单选题:
‏Refer to the following table, according to the principle of comparative advantage,‏‏‏‏Table: Output possibilities for South Korea and Japan‏‏‏‏ Output per worker per day‏‏Country             Tons of steel VCRs‏‏South Korea     80                 40‏‏Japan                20              20     ‏‏‏
选项:
A: South Korea should export steel
B: South Korea should export steel and VCRs
C: Japan should export steel
D: Japan should export steel and VCRs
答案: 【 South Korea should export steel

7、单选题:
​The Ricardian model demonstrates that‍
选项:
A:  trade between two countries will benefit both countries.
B: trade between two countries may benefit both regardless of which good each exports.
C: trade between two countries may benefit both if each exports the product in which it has a comparative advantage.
D: trade between two countries may benefit one but harm the other.
答案: 【 trade between two countries may benefit both if each exports the product in which it has a comparative advantage.

8、单选题:
‌In the Ricardian model, comparative advantage is likely to be due to _____.‍
选项:
A: scale economies.
B: home product taste bias.
C: greater capital availability per worker.
D: labor productivity differences.
答案: 【 labor productivity differences.

9、单选题:

‌Given the information in the following table, Foreign's opportunity cost of widgets is_____.

‌ 

​选项:
A: 0.5
B:  2.0.
C: 6.0.
D: 1.5.
答案: 【 0.5

10、单选题:
‌In a two-product, two-country world, international trade can lead to increases in_________.‎
选项:
A: consumer welfare only if output of both products is increased.
B: output of both products and consumer welfare in both countries.
C:  total production of both products but not consumer welfare in both countries.
D: consumer welfare in both countries but not total production of both products.
答案: 【 output of both products and consumer welfare in both countries.

11、单选题:
​Trade between two countries can benefit both countries if‍
选项:
A: each country exports that good in which it has a comparative advantage.
B: each country enjoys superior terms of trade.
C: each country has a more elastic demand for the imported goods.
D: each country has a more elastic supply for the exported goods.
答案: 【 each country exports that good in which it has a comparative advantage.

12、单选题:
​A country engaging in trade according to the principles of comparative advantage gains from trade because it ________.‌
选项:
A: is producing exports indirectly more efficiently than it could alternatively.
B: is producing imports indirectly more efficiently than it could domestically.
C: is producing exports using fewer labor units.
D: is producing imports indirectly using fewer labor units.
答案: 【 is producing imports indirectly more efficiently than it could domestically.

13、单选题:
‏The earliest statement of the principle of comparative advantage is associated with‍
选项:
A: David Hume.
B: David Ricardo.
C: Adam Smith.
D: Eli Heckscher.
答案: 【 David Ricardo.

14、单选题:
​The Ricardian model attributes the gains from trade associated with the principle of comparative advantage result to _________.​
选项:
A: differences in technology.
B: differences in preferences.
C: differences in labor productivity.
D: differences in resources.
答案: 【 differences in labor productivity.

15、单选题:
‍In the Ricardian model, comparative advantage is likely to be due to ________.‎
选项:
A: scale economies.
B: home product taste bias.
C: greater capital availability per worker.
D: labor productivity differences.
答案: 【 labor productivity differences.

Exercise2.1Mercantilism

1、单选题:
‍The mercantilists would have objected to:‏
选项:
A: Export promotion policies initiated by the government
B: The use of tariffs or quotas to restrict imports
C: Trade policies designed to accumulate gold and other precious metals
D: International trade based on open markets
答案: 【 International trade based on open markets

2、判断题:
​The mercantilists contended that because one nation's gains from trade come at the expense of its trading partners, not all nations could simultaneously realize gains from trade.​
选项:
A: 正确
B: 错误
答案: 【 正确

3、判断题:
‍According to the price-specie-flow-doctrine, a trade-surplus nation would experience gold outflows, a decrease in its money supply, and a fall in its price level.‏
选项:
A: 正确
B: 错误
答案: 【 错误

Exercise2.2AbsoluteAdvantageTheory

1、单选题:
​Referring to the following table, the United States has the absolute advantage in the production of: _____.‏​‏​Table: Output Possibilities of the U.S. and the U.K.‏​‏​ Output per Worker per day‏​Country          Tons of Steel     Televisions‏​United States          5                      45‏​United Kingdom 10                  20        ‏​‏
选项:
A: Steel
B: Televisions
C: Both steel and televisions
D: Neither steel nor televisions
答案: 【 Both steel and televisions

2、单选题:

​Referring to the following Figure , the relative cost of steel in terms of aluminum is: __________.

​Figure:Production Possibilities Schedule

‎选项:
A: 4.0 tons
B: 2.0 tons
C: 0.5 tons
D: 0.25 tons
答案: 【 0.5 tons

3、单选题:
‎Unlike the mercantilists, Adam Smith maintained that:___________.‏
选项:
A: Trade benefits one nation only at the expense of another nation
B: Government control of trade leads to maximum economic welfare
C: All nations can gain from free international trade
D: The world's output of goods must remain constant over time
答案: 【 All nations can gain from free international trade

Exercise2.3ComparativeAdvantageTheory(1)

1、单选题:
​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.‏
选项:
A: one
B: two
C: three
D: four
答案: 【 four

2、单选题:

‎Given the information in the following table, __________.

​选项:
A: neither country has a comparative advantage in cloth.
B: Home has a comparative advantage in widgets.
C: Foreign has a comparative advantage in widgets.
D: Home has a comparative advantage in both cloth and widgets.
答案: 【 Foreign has a comparative advantage in widgets.

3、单选题:
‌Ricardo's theory of comparative advantage was of limited real-world validity because it was founded on the: _________.‏
选项:
A: Labor theory of value
B: Capital theory of value
C: Land theory of value
D: Entrepreneur theory of value
答案: 【 Labor theory of value

Exercise2.4ComparativeAdvantageTheory(2)

1、单选题:

‏You are given the following Classical-type table indicating the number of days of labor input needed to make one unit of output of each of the five commodities in each of the two countries.  Assume that the wage rate in England is £60 per day, that the wage rate in Portugal is £40 per day.

‏With the given information, what will be the trade pattern if the two countries engage in trade?

‌选项:
A: England will export good A and import goods B, C, D, and E.
B: England will export goods A and D and import goods B, C, and E.
C: England will export goods A, B, and E and import goods C and D.
D: England will export goods A, B, D, and E and import good C.
答案: 【 England will export goods A and D and import goods B, C, and E.

2、单选题:

‌Given the following Classical-type table shows the number of days of labor input required to obtain one unit of output of each of the three commodities in each of the two countries:

‌Suppose that the wage rate in the United Kingdom is £30 per day, the wage rate in the United States is £40 per day. In this situation, the United Kingdom will ___________.

‎选项:
A: export good T and import goods X and Y.
B: export good Y and import goods T and X.
C: export goods T and X and import good Y.
D: export goods X and Y and import good T.
答案: 【 export goods T and X and import good Y.

3、判断题:
‌In the real world, a country’s comparative advantage can change over time.‍
选项:
A: 正确
B: 错误
答案: 【 正确

03NeoclassicaltradeTheory

03NeoclassicaltradeTheory

1、单选题:
‏In the specific factors model, a 5% increase in the price of food accompanied by a 1% increase in the price of cloth will cause ________ in the welfare of labor, ________ in the welfare of the fixed factor in the production of food, and ________ in the welfare of the fixed factor in the production of cloth.‎
选项:
A: an increase; a decrease; an increase
B: an ambiguous change; an increase; a decrease
C: an ambiguous change; an ambiguous change; an ambiguous change
D: a decrease; an ambiguous change; an ambiguous change
答案: 【 an ambiguous change; an increase; a decrease

2、单选题:
‎The slope of a country's production possibility frontier with cloth measured on the horizontal and food measured on the vertical axis in the specific factors model is equal to ________ and it ________ as more cloth is produced.‎
选项:
A: -MPLC/MPLF; becomes steeper
B: -MPLF/MPLC; becomes steeper
C: -MPLC/MPLF; is constant
D: -MPLF/MPLC; becomes flatter
答案: 【 -MPLF/MPLC; becomes steeper

3、单选题:
‍Under perfect competition, the equilibrium price of labor used to produce cloth will be equal to ________.‎
选项:
A: the marginal product of labor in the production of cloth times the price of cloth.
B: the ratio of the marginal product of labor in the production of cloth to the marginal product of labor in the production of food times the ratio of the price of cloth to the price of food.
C: the slope of the production possibility frontier.
D: the average product of labor in the production of cloth times the price of cloth.
答案: 【 the marginal product of labor in the production of cloth times the price of cloth.

4、单选题:
‎According to the Heckscher-Ohlin model, the source of comparative advantage is a country's ______.‏
选项:
A: factor endowments.
B: technology.
C: advertising.
D: human capital.
答案: 【 factor endowments.

5、单选题:
‍According to the Heckscher-Ohlin model ________.‎
选项:
A: the gainers from trade could compensate the losers and still retain gains.
B: everyone gains from trade.
C: the scarce factor gains from trade and the abundant factor loses.
D: a country gains from trade if its exports have a high value added.
答案: 【 the gainers from trade could compensate the losers and still retain gains.

6、单选题:
‍If a good is labor intensive it means that the good is produced ____________.‏
选项:
A: using relatively more labor than goods that are not labor intensive.
B: using labor as the only input.
C: using more labor per unit of output than goods that are not labor intensive.
D: using labor such that the total cost of labor is greater than the total cost of capital.
答案: 【 using relatively more labor than goods that are not labor intensive.

7、单选题:
​In the Heckscher-Ohlin model, when there is international-trade equilibrium ___________.‌
选项:
A: the capital-rich country will charge more for the capital-intensive good than the price paid by the capital-poor country for the capital-intensive good.
B: workers in the capital-rich country will earn more than those in the poor country.
C:  the workers in the capital-rich country will earn less than those in the poor country.
D: the relative price of the capital-intensive good in the capital-rich country will be the same as that in the capital-poor country.
答案: 【 the relative price of the capital-intensive good in the capital-rich country will be the same as that in the capital-poor country.

8、单选题:
‌Factors tend to be specific to certain uses and products‌
选项:
A: in capital-intensive industries.
B: in labor-intensive industries.
C: in the short run.
D: in countries lacking fair labor laws.
答案: 【 in the short run.

9、单选题:
‎Empirical observations on actual North-South trade patterns tend to‌
选项:
A: support the validity of the Rybczynski Theorem.
B: support the validity of the wage equalization theorem.
C: support the validity of the neo-imperialism exploitation theory.
D: support the validity of the Leontief Paradox.
E: support the validity of the Heckscher-Ohlin model.
答案: 【 support the validity of the Heckscher-Ohlin model.

10、单选题:
‎According to the factor endowment model, countries heavily endowed with land will: __________.‎
选项:
A: Devote excessive amounts of resources to agricultural production
B: Devote insufficient amounts of resources to agricultural production
C: Export products that are land-intensive
D: Import products that are land-intensive
答案: 【 Export products that are land-intensive

11、单选题:
‍The Ricardian model of international trade demonstrates that trade can be mutually beneficial. Why, then, do governments restrict imports of some goods?‍
选项:
A: The Ricardian model is often incorrect in its prediction that trade can be mutually beneficial.
B: Import restrictions are the result of trade wars between hostile countries.
C: Trade can have substantial effects on a country's distribution of income.
D: Imports are only restricted when foreign-made goods do not meet domestic standards of quality.
答案: 【 Trade can have substantial effects on a country's distribution of income.

12、单选题:
‍International trade can have important effects on the distribution of income because ________.​
选项:
A: the more powerful country dictates the terms of trade.
B: some resources are immobile in the short run.
C: different countries use different currencies.
D: of government corruption.
答案: 【 some resources are immobile in the short run.

13、单选题:
‍The Ricardian model of international trade demonstrates that trade can be mutually beneficial. Why, then, do governments restrict imports of some goods?‍
选项:
A: Import restrictions are the result of trade wars between hostile countries.
B: Trade can have significant harmful effects on some segments of a country's economy.
C: Restrictions on imports can have significant beneficial effects on domestic consumers.
D: The Ricardian model is often incorrect in its prediction that trade can be mutually beneficial.
答案: 【 Trade can have significant harmful effects on some segments of a country's economy.

14、单选题:
‍International trade can have important effects on the distribution of income because ________.‍
选项:
A: different industries employ different factors of production.
B: rich countries take advantage of poor countries.
C: of government corruption.
D: different countries use different currencies.
答案: 【 different industries employ different factors of production.

15、单选题:
‌In the specific factors model, labor is defined as a(an) _____.‎
选项:
A: intensive factor.
B: mobile factor.
C: variable factor.
D: fixed factor.
答案: 【 mobile factor.

Exercise3.1SpecificFactorsModel(1)

1、单选题:
‏In the specific factors model, a 5% increase in the price of food accompanied by a 0% increase in the price of cloth will cause wages to ________, the production of cloth to ________, and the production of food to ________.‌
选项:
A: remain constant; decrease; decrease
B: increase by less than 5%; decrease; increase
C: remain constant; increase; increase
D: increase by more than 5%; increase; remain unchanged
答案: 【 increase by less than 5%; decrease; increase

2、单选题:
‍In the specific factors model, which of the following will increase the quantity of labor used in food production?‏
选项:
A: an increase

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