国际经济学

CHAPTER 7OFFER CURVES AND THE TERMS OF TRADEB. M u l t i p l e-C h o i c e Q u e s t i o n s1. The “income terms of trade” index would be calculated by which one of the followingformulas (where P X = price index of exports, P M = price index of imports, Q X = quantity index of exports, and Q M = quantity index of imports)?a. (P X/P M)⋅100b. (Q M/Q X)⋅100c. (P X⋅Q X)/P Md. (P X⋅Q X)/(P M⋅Q M )⋅1002. In deriving an offer curve for a country, if a higher price of exports/price of imports leadsto a reduction in the quantity of exports which the country is willing to supply, then, in this range of the offer curve, the offer curve is said to be __________.a. inelasticb. unit-elasticc. elasticd. inelastic, unit-elastic, or elastic – cannot be determined without more information3. If countr y I is trading in the inelastic range of country II’s offer curve, then the impositionof a tariff by country I, which still leaves country I in the inelastic range of country II’scurve, will (assuming no retaliation) lead to __________ in country I’s ter ms of trade and to __________ in the volume of imports of country I.a. a deterioration; a decreaseb. a deterioration; an increasec. an improvement; a decreased. an improvement; an increase4. In an offer curv e graph with country A’s exports on the horizontal axis and country B’sexports on the vertical axis, which one of the following events will shift or pivot country A’s offer curve to the right?a. the imposition of a tariff by country Bb. a decrease in demand by A for B’s productsc. a tariff reduction by A on B’s productsd. an increase in demand by B for A’s products7-15. In the following partially-completed table showing country I’s demand for import good Yand supply of export good X at various terms of trade,TOT Y demanded X supplied4Y:1X 400Y 100X3Y:1X v 120X2Y:1X 300Y wa. v = 40Y; w = 600Xb. v = 360Y; w = 150Xc. v = 350Y; w = 140Xd. v = 360Y; w = 140X6. Suppose that country I is importing good Y and exporting good X. At a terms of trade of1X:4Y, country I is willing to import 60 units of Y and to export 15 units of X in exchange;at a terms of trade of 1X:5Y, country I is willing to import 70 units of Y and to export 14 units of X in exchange. Considering just these two offer curve points, country I’s demand for imports between the two points is __________.a. elasticb. unit-elasticc. inelasticd. elastic, unit-elastic, or inelastic – cannot be determined without more information7. The International Monetary Fund’s July 2007 issue of International Financial Statisticsindicates that, with 2000 = 100.0, Canada’s export price inde x for 2006 was 137.9 andCanada’s import price index for 2006 was 124.3. Further, with 2000 = 100.0, the export price index for 2006 for the United States was 110.7 and the import price index for 2006 for the United States was 115.4. With this information, an economist would say that, from2000 to 2006, Canada experienced __________ in its commodity terms of trade and theUnited States __________ in its commodity terms of trade.a. a deterioration; also experienced a deteriorationb. a deterioration; experienced an improvementc. an improvement; experienced a deteriorationd. an improvement; also experienced an improvement7-28. In an offer curve graph with country A’s exports on the horizontal axis and country B’sexports on the vertical axis, which one of the following events will shift or pivot country B’s offer curve downward (or to the right)?a. decreased demand by A for B-goodsb. technological improvement in B’s industriesc. imposition of a tariff by Ad. imposition of a tariff by B9. In the following offer curve diagram,if, starting from the initial equilibrium point E, countries A and B both increase their demand for computers, then country A’s terms of trade will __________ and the volume of A’s exports will __________.a. improve; fallb. improve; rise, fall, or stay the same (cannot be determined without moreinformation)c. deteriorate; rised. improve, deteriorate, or stay the same (cannot be determined without moreinformation); rise10. A “small” country in international trade is defined asa. a country that can influence its volume of trade.b. a country that can influence its terms of trade.c. a country that cannot influence its volume of trade.d. a country that cannot influence its terms of trade.7-311. In the following offer curve diagram, showing one normally-shaped offer curve and onestraight-line offer curve,Germany is exporting good __________, and __________ is a “small country” in thisparticular situation.a. X; Franceb. X; Germanyc. Y; Franced. Y; Germany12. Suppose that a country is exporting good X and importing good Y. Suppose also that, in aparticular range of the country’s offer curve, a rise in the relative price of X causes thecountry to export less of X and to import more of Y. Then, in this range,a. with respect to good Y, the “income effect” of a rise in the terms of trade outweighsthe “substitution effect” and the “production effect.”b. with respect to good X, the “substitution effect” of a rise in the terms of tradeoutweighs the “income effect” and the “production effect.”c. with respect to good X, the “production effect” of a rise in the terms of tradeoutweighs the “substitution effect” and the “income effect.”d. with respect to good X, the “income effect” of a rise in the terms of trade outweighsthe “substitution effect” and the “production effect.”7-413. In the following offer curve diagram,at TOT1, there is excess demand for __________, and the movement to equilibrium will result in better terms of trade for __________.a. wine; Franceb. wine; Koreac. clothing; Franced. clothing; Korea14. In a two-commodity, two-country trading world (as in the offer curve diagrams), if, at agiven terms of trade (price of good X ÷ price of good Y), there is an excess demand forgood X, then there must __________ and the price of good X relative to the price of good Y will therefore __________.a. also be an excess demand for good Y; riseb. also be an excess demand for good Y; rise, fall, or not change – cannot be determinedwithout more informationc. be an excess supply of good Y; rised. be an excess supply of good Y; fall15. International Monetary Fund data indicate that, with 2000 = 100.0, Japan’s export priceindex in 2006 was 95.3, its import price index in 2006 was 127.2, its export quantityindex in 2006 was 142.4, and its import quantity index in 2006 was 120.0. Given thisinformation, a calculation of Japan’s “income” terms of trade for 2006 would give aresult of __________.a. 74.9b. 88.9c. 106.7d. 133.57-5。