【国际经济学专题考试试卷三十四】The Influence of Monetary and Fiscal Policy On Aggregate Demand

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国际经济学试卷试题包括答案.docx

《国际经济学》选择题汇总版（附答案）Ch1-Ch31.The United States is less dependent on trade than most other countries becauseA)the United States is a relatively large country with diverse resources.B)the United States is a“ Superpower. ”C)the military power of the United States makes it less dependent on anything.D)the United States invests in many other countries.E)many countries invest in the United States.2. Because the Constitution forbids restraints on interstate trade,A)the U.S. may not impose tariffs on imports from NAFTA countries.B)the U.S. may not affect the international value of the $ U.S.C)the U.S. may not put restraints on foreign investments in California if it involves a financial intermediary in New York State.D)the U.S. may not impose export duties.E)the U.S. may not disrupt commerce between Florida and Hawaii.3.International economics can be divided into two broad sub-fields A) macro and micro.B) developed and less developed.C) monetary and barter.D) international trade and international money.E) static and dynamic.4.International monetary analysis focuses onA)the real side of the international economy.B)the international trade side of the international economy.C)the international investment side of the international economy.D)the issues of international cooperation between Central Banks.E)the monetary side of the international economy, such as currency exchange.5.The gravity model offers a logical explanation for the fact thatA)trade between Asia and the U.S. has grown faster than NAFTA trade.B) trade in services has grown faster than trade in goods.C) trade in manufactures has grown faster than in agricultural products.D) Intra-European Union trade exceeds international trade by the EuropeanUni on.E) the U.S. trades more with Western Europe than it does with Canada.6.The gravity model explains whyA)trade between Sweden and Germany exceeds that between Sweden and Spain.B)countries with oil reserves tend to export oil.C)capital rich countries export capital intensive products.D)intra-industry trade is relatively more important than other forms of tradebetween neighboringcountries.E)European countries rely most often on natural resources.7. Why does the gravity model work?A)Large economies became large because they were engaged in international trade.B)Large economies have relatively large incomes, and hence spend more on governm ent promotion of trade and investment.C)Large economies have relatively larger areas which raises the probability that a pro ductive activity will take place within the borders of that country.D)Large economies tend to have large incomes and tend to spend more on impor ts.E) Large economies tend to avoid trading with small economies.8.We see that the Netherlands, Belgium, and Ireland trade considerably more with the United States than with many other countries.A)This is explained by the gravity model, since these are all large countries.B)This is explained by the gravity model, since these are all small countries.C)This fails to be consistent with the gravity model, since these are smallcountri es.D)This fails to be consistent with the gravity model, since these are large countries.E)This is explained by the gravity model, since they do not share borders.9.In the present, most of the exports from Chinaare A) manufactured goods.B) services.C)primary products including agricultural.D) technology intensive products.E) overpriced by world market standards.10.A country engaging in trade according to the principles of comparative advantage gains from trade because itA) 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.E) is producing exports while outsourcing services.11.The Ricardian model attributes the gains from trade associated with the principle o f comparative advantage result toA) differences in technology.B)differences in preferences.C)differences in labor productivity.D)differences in resources.E)gravity relationships among countries.12. A nation engaging in trade according to the Ricardian model will find itsconsump tion bundleA)inside its production possibilities frontier.B)on its production possibilities frontier.C)outside its production possibilities frontier.D)inside its trade-partner's production possibilities frontier.E)on its trade-partner's production possibilities frontier.13.Assume that labor is the only factor of production and that wages in the United Sta tes equal $20 per hour while wages in Japan are $10 per hour. Production costs would be lower in the United States as compared to Japan ifA)U.S. labor productivity equaled 40 units per hour and Japan's 15 units per hour.B)U.S. labor productivity equaled 30 units per hour and Japan's 20 units per hour.C)U.S. labor productivity equaled 20 units per hour and Japan's 30 units per hour.D)U.S. labor productivity equaled 15 units per hour and Japan's 25 units per hour.E)U.S. labor productivity equaled 15 units per hour and Japan's 40 units per hour.14.In a two-country, two-product world, the statement“ Germanyenjoys acomparativ e advantage over France in autos relative toships ”is equivalent toA) France having a comparative advantage over Germany in ships.B) France having a comparative disadvantage compared to Germany in autos and ship s.C) Germany having a comparative advantage over France in autos and ships.D) France having no comparative advantage over Germany.E) France should produce autos.15.If the United States' production possibility frontier was flatter to the widget axis, whereas Germany's was flatter to the butter axis, we know thatA)the United States has no comparative advantageB)Germany has a comparative advantage in butter.C)the U.S. has a comparative advantage in butter.D)Germany has comparative advantages in both products.E)the U.S. has a comparative disadvantage in widgets.Ch4-Ch51.The Ricardian model of international trade demonstrates that trade can bemutually beneficial. Why, then, do governments restrict imports of some goods?A)Trade can have substantial effects on a country's distribution of income.B)The Ricardian model is often incorrect in its prediction that trade can bemutually beneficial.C)Import restrictions are the result of trade wars between hostile countries.D)Imports are only restricted when foreign-made goods do not meet domestic standar ds of qualityE) Restrictions on imports are intended to benefit domestic consumers.2.Japan's trade policies with regard to rice reflect the fact thatA) japanese rice farmers have significant political power.B) Japan has a comparative advantage in rice production and therefore exports most o f its rice crop.C) there would be no gains from trade available to Japan if it engaged in free trade in r ice.D) there are gains from trade that Japan captures by engaging in free trade in rice.E) Japan imports most of the rice consumed in the country.3.In the specific factors model, which of the following is treated as a specific factor?A)LaborB)LandC)ClothD)FoodE)Technology4.The specific factors model assumes that there are ________ goods and ________ fa ctor(s) of production.A) two; threeB) two; two C)two; one D)three; two E)four; three5.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 equa l to ________ and it ________ as more cloth is produced.A)-MPLF/MPLC; becomes steeperB)-MPLF/MPLC; becomes flatterC)-MPLF/MPLC; is constantD)-MPLC/MPLF; becomes steeperE)-MPLC/MPLF; is constant6.Under perfect competition, the equilibrium price of labor used to produce clothwill be equal toA)the slope of the production possibility frontier.B)the average product of labor in the production of cloth times the price of cloth.C)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.D)the marginal product of labor in the production of cloth times the price of cloth.E)the price of cloth divided by the marginal product of labor in the production of clot h.7.In the specific factors model, which of the following will increase the quantity ofla bor used in cloth production?A)an increase in the price of cloth relative to that of foodB) an increase in the price of food relative to that ofcloth C) a decrease in the price of laborD) an equal percentage decrease in the price of food and clothE) an equal percentage increase in the price of food and cloth8.A country that does not engage in trade can benefit from trade only ifA)it has an absolute advantage in at least one good.B)it employs a unique technology.C)pre-trade and free-trade relative prices are not identical.D)its wage rate is below the world average.E)pre-trade and free-trade relative prices are identical.9.In the specific factors model, the effects of trade on welfare are ________ for mobil e factors, ________ for fixed factors used to produce the exported good, and ________ for fixed factors used to produce the imported good.A)ambiguous; positive; negativeB) ambiguous; negative; positive C)positive; ambiguous; ambiguous D)negative; ambiguous; ambiguous E)positive; positive; positive10.The effect of trade on specialized employees of import-competing industries willb e ________ jobs and ________ pay because they are relatively ________.A)fewer; lower; mobileB)fewer; lower; immobileC)more; lower; immobileD)more; higher; mobileE)more; higher; immobile11. There is a bias in the political process against free trade becauseA)there is a high correlation between the volume of imports and the unemployment ra te.B)the gains from free trade cannot be measured.C)those who gain from free trade can't compensate those who lose.D)foreign governments make large donations to U.S. political campaigns.E) those who lose from free trade are better organized than those who gain.12.In the 2-factor, 2 good Heckscher-Ohlin model, the two countries differin A)tastes and preferences.B)military capabilities.C)the size of their economies.D)relative abundance of factors of production.E)labor productivities.13.If a country produces good Y (measured on the vertical axis) and good X (measure d on the horizontal axis), then the absolute value of the slope of its production possibil ity frontier is equal toA)the opportunity cost of good X.B) the price of good X divided by the price of good Y.C) the price of good X divided by the price of goodY. D) the opportunity cost of good Y.E)the cost of capital (assuming that good Y is capital intensive) divided by the costof labor.14.In the 2-factor, 2 good Heckscher-Ohlin model, trade will ________ the owners ofa country's ________ factor and will ________ the good that uses that factor intensiv ely.A)benefit; abundant; exportB)harm; abundant; importC)benefit; scarce; exportD)benefit; scarce; importE)harm; scarce; export15.The assumption of diminishing returns in the Heckscher-Ohlin model means that, unlike in the Ricardian model, it is likely thatA) countries will consume outside their production possibility frontier.B) countries will benefit from free international trade.C) countries will not be fully specialized in one product.D)comparative advantage will not determine the direction of trade.E)global production will decrease under trade.16.If Japan is relatively capital rich and the United States is relatively land rich, and if food is relatively land intensive then trade between these two, formerly autarkic coun tries will result inA)an increase in the relative price of food in the U.S.B)an increase in the relative price of food in Japan.C)a global increase in the relative price of food.D)a decrease in the relative price of food in both countries.E)an increase in the relative price of food in both countries.17.Starting from an autarky (no-trade) situation with Heckscher-Ohlin model, if Coun try H is relatively labor abundant, then once trade beginsA) rent will be unchanged but wages will rise in H.B) wages and rents should rise in H.C) wages and rents should fall in H.D) wages should fall and rents should rise in H.E) wages should rise and rents should fall in H.18.The Leontieff ParadoxA)failed to support the validity of the Heckscher-Ohlin model.B)supported the validity of the Ricardian theory of comparative advantage.C)supported the validity of the Heckscher-Ohlin model.D)failed to support the validity of the Ricardian theory.E)proved that the U.S. economy is different from all others.19. Which of the following is an assertion of the Heckscher-Ohlin model?A)Factor price equalization will occur only if there is costless mobility of all factors a cross borders.B)An increase in a country's labor supply will increase production of both the capital-intensive and the labor-intensive good.C)In the long-run, labor is mobile and capital is not.D)The wage-rental ratio determines the capital-labor ratio in a country's industr ies.E)Factor endowments determine the technology that is available to a country, which determines the good in which the country will have a comparative advantage.20. Which of the following is an assertion of the Heckscher-Ohlin model?A)An increase in a country's labor supply will increase production of the labor-i ntensive good and decrease production of the capital-intensive good.B)An increase in a country's labor supply will increase production of both the capital-intensive and the labor-intensive good.C)In the long-run, labor is mobile and capital is not.D)Factor price equalization will occur only if there is costless mobility of all factors a cross borders.E)Factor endowments determine the technology that is available to a country, which determines the good in which the country will have a comparative advantage.Ch6-Ch101.If the ratio of price of cloth (PC) divided by the price of food (PF) increases in thei nternational marketplace, thenA)the terms of trade of cloth exporters will improve.B)all countries would be better off.C)the terms of trade of food exporters will improve.D)the terms of trade of all countries will improve.E) the terms of trade of cloth exporters will worsen.2.If the ratio of price of cloth (PC) divided by the price of food (PF) increases in thei nternational marketplace, thenA)world relative quantity of cloth supplied will increase.B)world relative quantity of cloth supplied and demanded will increase.C)world relative quantity of cloth supplied and demanded will decrease.D)world relative quantity of cloth demanded will decrease.E)world relative quantity of food will increase.3.If the U.S. (a large country) imposes a tariff on its imported good, this will tend toA)have no effect on terms of trade.B)improve the terms of trade of the United States.C)improve the terms of trade of all countries.D)because a deterioration of U.S. terms of trade.E)raise the world price of the good imported by the United States.4.If Slovenia were a large country in world trade, then if it instituted a large set of sub sidies for its exports, this mustA)decrease its marginal propensity to consume.B)have no effect on its terms of trade.C)improve its terms of trade.D)harm its terms of trade.E)harm world terms of trade.5.Internal economies of scale arise when the cost per unitA)falls as the average firm grows larger.B)rises as the industry grows larger.C)falls as the industry grows larger.D)rises as the average firm grows larger.E)remains constant over a broad range of output.6. External economies of scale will ________ average cost when output is ________ by _______.A)reduce; increased; the industryB)reduce; increased; a firmC)increase; increased; a firmD)increase; increased; the industryE)reduce; reduce; the industry7.If some industries exhibit internal increasing returns to scale in each country, we sh ould not expect to seeA) perfect competition in these industries.B) intra-industry trade between countries.C)inter-industry trade between countries.D)high levels of specialization in both countries.E)increased productivity in both countries.8.A learning curve relates ________ to ________ and is a case of ________ returns.A) unit cost; cumulative production; dynamic decreasing returnsB)output per time period; long-run marginal cost; dynamic increasing returnsC)unit cost; cumulative production; dynamic increasing returnsD)output per time period; long-run marginal cost; dynamic decreasing returnsE)labor productivity; education; increasing marginal returns9.Patterns of interregional trade are primarily determined by ________ rather than __ ______ because factors of production are generally ________.A)external economies; natural resources; mobileB)internal economies; external economies; mobileC)external economies; population; immobileD)internal economies; population; immobileE)population; external economies; immobile10.Monopolistic competition is associatedwith A) product differentiation.B) price-taking behavior.C) explicit consideration at the firm level of the strategic impact of other firms' pricing decisions. D) high profit margins in the long run.E) increasing returns to scale.11.A firm in long-run equilibrium under monopolistic competition will earnA)positive monopoly profits because each sells a differentiated product.B)zero economic profits because of free entryC)positive oligopoly profits because each firm sells a differentiated product.D)negative economic profits because it has economies of scale.E)positive economic profit if it engages in international trade.12.The most common form of price discrimination in international tradeis A) dumping.B) non-tariff barriers.C) Voluntary Export Restraints.D) preferential trade arrangements.E) product boycotts.13.Consider the following two cases. In the first, a U.S. firm purchases 18% of a forei gn firm. In the second, a U.S. firm builds a new production facility in a foreign countr y. Both are ________, with the first referred to as ________ and the second as ______ __.A)foreign direct investment (FDI) outflows; brownfield; greenfieldB)foreign direct investment (FDI) inflows; greenfield; brownfieldC)foreign direct investment (FDI) outflows; greenfield; brownfieldD)foreign direct investment (FDI) inflows; brownfield; greenfieldE)foreign direct investment (FDI); inflows; outflows14. Specific tariffs areA)import taxes stated in specific legal statutes.B)import taxes calculated as a fixed charge for each unit of imported goods.C)import taxes calculated as a fraction of the value of the imported goods.D)the same as import quotas.E)import taxes calculated based solely on the origin country.15.A problem encountered when implementing an "infant industry" tariff isthat A) domestic consumers will purchase the foreign good regardless of thetariff. B) the industry may never "mature."C)most industries require tariff protection when they are mature.D)the tariff may hurt the industry's domestic sales.E)the tariffs fail to protect the domestic producers.16.In the country levying the tariff, the tariff will A)increase both consumer and producer surplus.B) decrease both the consumer and producer surplus.C) decrease consumer surplus and increase producer surplus.D) increase consumer surplus and decrease producer surplus.E) decrease consumer surplus but leave producers surplus unchanged.17.If the tariff on computers is not changed, but domestic computer producers shift fr om domestically produced semiconductors to imported components, then the effective rate of protection in the computer industry willA) increase.B) decreaseC) remain the same.D)depend on whether computers are PCs or "Supercomputers."E)no longer apply.18.When a government allows raw materials and other intermediate products to enter a country duty free, this generally results in a(an)A) effective tariff rate less than the nominal tariff rate.B) nominal tariff rate less than the effective tariff rate.C) rise in both nominal and effective tariff rates.D) fall in both nominal and effective tariff rates. E) rise in only the effective tariff rat e.19.Should the home country be "large" relative to its trade partners, its imposition ofa tariff on imports would lead to an increase in domestic welfare if the terms of thetra de rectangle exceed the sum of theA) revenue effect plus redistribution effect.B) protective effect plus revenue effect.C) consumption effect plus redistribution effect.D)production distortion effect plus consumption distortion effect.E)terms of trade gain.20.The efficiency case made for free trade is that as trade distortions such as tariffs ar e dismantledand removed,A) government tariff revenue will decrease, and therefore national economic welfare will decreaseB) government tariff revenue will decrease, and therefore national econo mic welfare will increase.C) deadweight losses for producers and consumers will decrease, henceincreasin g national economic welfare.D)deadweight losses for producers and consumers will decrease, hence decreasing na tional economic welfare.E)government tariff revenue will increase, hence increasing national economic welfar e.21.Which organization determines procedures for the settlement of international trade disputes?A)World BankB)World Trade OrganizationC)International Monetary OrganizationD)International Bank for Reconstruction and DevelopmentE)The League of Nations22.Today U.S. protectionism is concentratedin A) high-tech industries.B) labor-intensive industries.C) industries in which Japan has a comparative advantage.D)computer intensive industries.E)capital-intensive industries.23.The quantitative importance of U.S. protection of the domestic clothing industryis best explained by the fact thatA)this industry is an important employer of highly skilled labor.B)this industry is an important employer of low skilled labor.C)most of the exporters of clothing into the U.S. are poor countries.D)this industry is a politically well organized sector in the U.S.E)the technology involved is very advanced.欢迎下载1124.The optimum tariff is most likely to applyto A) a small tariff imposed by a small country.B) a small tariff imposed by a large country. C)a large tariff imposed by a small country. D) alarge tariff imposed by a large country. E) anad valorem tariff on a small country.25.The median voter modelA)works well in the area of trade policy.B)is not intuitively reasonable.C)tends to result in biased tariff rates.D)does not work well in the area of trade policy.E)is not widely practiced in the United States.欢迎下载12。

高三英语国际经济形势单选题40题

高三英语国际经济形势单选题40题1.International trade can bring many benefits. One of the main advantages is ________.A.economic growthB.environmental pollutionC.social unrestD.resource depletion答案：A。

解析：国际贸易主要的好处之一是促进经济增长。

选项B“environmental pollution”是环境污染，国际贸易不一定会带来主要的环境污染。

选项C“social unrest”是社会动荡，正常的国际贸易一般不会带来社会动荡。

选项D“resource depletion”是资源枯竭，国际贸易不是资源枯竭的主要原因。

2.The global economy is often influenced by ________.A.local weatherB.international politicsC.personal hobbiesD.domestic animals答案：B。

解析：全球经济通常受国际政治影响。

选项A“local weather”当地天气对全球经济影响较小。

选项C“personal hobbies”个人爱好对全球经济几乎没有影响。

选项D“domestic animals”家养动物对全球经济没有直接影响。

3.One of the key factors in international economic cooperation is________.nguage barrierB.trustC.distanceD.cultural differences答案：B。

解析：国际经济合作的关键因素之一是信任。

选项A“language barrier”语言障碍会影响合作但不是关键因素。

选项C“distance”距离会有一定影响但不是关键。

国际经济学题库(英文版)知识分享

Part Ⅰ. Fill in the blank with suitable content.1.Seven themes recur throughout the study of international economics. These are the gains from trade , the pattern of trade , protectionism the balance of payments, exchange rate determination, international policy coordination, international capital market.2. Countries engage in international trade for two basic reasons : comparative advantage and economics of scale .3. A country has a comparative advantage in producing a good if the opportunity cost of producing that good in terms of other goods is lower in that country than it is in other countries.4. Labor is the only one factor of production. LC a 、LW a and *LC a 、*LW a are the unit labor requirement in cheese and wine at Home and Foreign, respectively. If aLC/aLW<aLC*/aLW* , Home has a comparative advantage in cheese. C p /W p is the relative price of cheese, whenaLC/aLW< Pc/Pw<aLC*/aLW* Home and Foreign specialize in producing cheese and wine , respectively.5. Labor is the only one factor of production. LC a 、LW a and *LC a 、*LW a are the unit labor requirement in cheese and wine at Home and Foreign, respectively. L and L*are Home’s and Foreign’s labor force. IfLC a /LW a <C p /W p <*LC a /*LW a , the world relative supply of cheese equals （L/aLC ）/(L*/aLW*) . Home’s gains from indirectly producing wine can be shown as (1/aLC)(Pc/Pw)－1/aLW6. In specific factors model(Q M =Q M (K, L M ); Q F =Q F (T, L F ); L=L M +L F ), if Home produces and trades manufactured goods for food , the overall comparison of the five change rate of goods price and factorprice MP ˆ、F P ˆ、K r ˆ、T r ˆ、W ˆinside Home is T F M K r P W P r ∧∧∧∧∧〉〉〉〉 . That is, the real income ofcapitalists increase, it can be shown as K r .7. There are two main reasons why international trade has strong effects on the distribution of income.First, resources can ’t move immediately or costlessly form one industry to another Second Industries differ in the factors of production they demand.8. In the Heckscher-Ohlin model,Comparative advantage is influenced by the interaction between relative abundance and relative intensity9.According to stolper-sammelson effect if the relative price of a good rises, the real income of the factor which intensively used in that good will rise, while the real income of the other factor will fall. 10.According to 罗布津斯基效应 Rybczynski effect , at unchanged relative goods price, if the supply of a factor of production increases, the output of the good that are intensive in that factor will rise, while the output of the other good will fall.11.According to H-O 模型H-O proposition , owners of a country’s abundant factors gain from trade, but owners of a country’s scare factors lose.12.According to 要素价格均等化命题 Factor price equalization proposition , international trade produces a convergence （收敛） of relative goods prices. This convergence, in turns, causes theconvergence of the relative factor prices. Trade leads to complete equalization of factor prices.（完整的要素价格均等化）13. Three assumptions （假设） crucial to the prediction of factor price equalization are in reality untrue. These assumptions are (1) 两个国家都生产两种产品 both countries produce both goods (2) 两国技术相同 technologies are the same (3) 存在贸易壁垒：天然壁垒和人为壁垒There are barriers to trade: natural barriers and artificial barriers .14.“U.S. exports were less capit al-intensive than U.S. imports” is known as 里昂惕夫悖论 Leontief paradox .15.The Ricardian Model , the Specific Factor model and the H-O model may be viewed as special cases （特殊情况） of 标准贸易模型 standard trade models16.The standard trade model derives （派生推导） a world relative supply curve （曲线） from production possibilities and a world relative demand curve from preferences .17.To export-biased growth, if the decline （下降） of the welfare caused by the deterioration （恶化） ofthe terms of trade swap over （交换） the rise of the welfare caused by growth, the growth is immiserizing growth (贫困化增长).18. Some economists argued that export-biased growth by poor nations would worsen their term of trade so much that they would be worse off than if they had not grown at all. This situation is known as immiserizing growth (贫困化增长) .19.Immiserizing growth demands strict conditions, these conditions are economic growth is strongly export-biased , the growing country is large enough to affect the world price , RS and RD must be very steep .20.According to “ 梅茨勒悖论Metzle paradox ”, t ariffs and export subsidies （补贴） might have perverse （有害的） effects on internal price. 21.In the model of “Monopolistic （垄断） Competition and Trade”, firms of an individual nation face the trade-off between economies of scale and variety of products .22. Marshall argued that there were three main reasons why a cluster of firms （企业集群）may be more efficient than an individual firm in isolation: specialized supplies , labor market pooling , knowledge spillovers (知识溢出)23.The pattern of intraindustry （产业内） trade itself is unpredicted, history and accident determine the details of the trade pattern.39. When there is external economies （外部经济）, the pattern of international trade is determined by economics of scale interact with comparative advantage .24. The indexes （指标）of intrainindustry trade of a industry can be calculated by the standard formula:25. Interindustry trade and intrainindustry （产业内） trade are the sources of gains from trade . When countries are similar in their relative factor supplies 、scale economies and product differentiations are important , intrainindustry trade is the dominant source （主要来源） of gains from trade, everyone gains from trade.26.The argument of temporary （暂时的） protection of industries to enable them to gain experience is known as 幼稚产业论the infant industry argument27. If we add together the gains and losses from a tariff, We find the net effect on national welfarecan be separated into two parts: terms of trade gain and efficiency loss 28.Why do countries adopt trade policies such as tariff or import quota, which produce more costs than benefits?—— trade politics29.In the political economy of trade policy （贸易政策的政治经济学） , government are assumed to （被假定为）maximize 政治成功political success rather than 国家福利 national welfare . 30.Deviations from free trade can sometimes increase national welfare. These arguments include the term of trade argument for a tariff and the domestic market failure argument31.According to “Specific rule (对症规则) ”, domestic market failure should be corrected by domestic policies aimed directly at the problem’s sources.32. Although market failures are probably common, the domestic market failure argument against free trade should not be applied too freely.First domestic market failure should be corrected by domestic policies aimed directly at the problems ’ sources ;Second economists cannot diagnose market failure well enough to prescribe policy .33. International trade often produces losers as well as winners. In the actual politics of trade policy,income distribution is of crucial importance. 集体行动问题The problem of collective action can explain why policies that not only seem to produce more costs than benefits but that also seem to hurt far more voters them they can help can nonetheless be adopted.34.The WTO includes four aspects content: GATT 1994, GATS , TRIPS , TRIMS35.“Nondiscriminatory” principles （非歧视性原则）include most favored nation principle and national treatment principle36.For preferential （优惠） trading agreements, such as customs union , countries must cede part ofexp 1exp orts importsI orts imports -=-+their sovereignty to supranational entity （必须放弃部分主权的超国家实体） 37.Whether a customs union （关税同盟） is desirable （可取） or undesirable depends on whether it largelyindustrialization and coping with the problems of the dual economy. Correspondingly, there are two main arguments for developing countries to pursue policy of import-substituting industrialization. The two arguments are the infant industry argument t and market failure justification for infant industry protection .40. Sophisticated proponents of the infant industry argument have identified two market failures as reasons why infant industry protection may be a good idea: The imperfect capital markets justification and The appropriability argument .Part Ⅱ. True or False (true and false are denoted by “T” and “F”, respectively) 1. If a LW */a L C *<a LW /a L C , Home’s relat ive productivity in cheese is higher. (T )2. According to the Ricardian model, it is precisely because the relative wage is between the relative productivities that each country ends up with a cost advantage in one good.The good for which *Li a /Li a >w /*w will be produced in Foreign. ( F )3. It is precisely because the relative wage is between the relative productivities that each country ends up with a cost advantage in one good. ( T )4.Long-run convergence(长期收敛) in productivity （生产力）produces long-run convergence in wages.( T )5. “Korean workers earn only $2.50 an hour; if we allow Korea to export as much as it likes to the United States, our workers will be forced down to the same level. You can’t import a $5 shirt without importing the $2.50 wage that goes with it.” (F )6.The proposition that trade is beneficial is unqualified(不合格). That is, there is no requirement that a country be “competitive” or that the trade be “fair”. ( T)7. Free trade is beneficial only if your country is strong enough to stand up to foreign competition. ( F ) 8. Foreign competition is unfair and hurts other countries when it is based on low wages. （F ） 9. Trade exploits a country and make it worse off if its workers receive much lower wage than workers in other nations. (F )10.The Ricardian Model predicts an extreme degree(预测一个极端的程度) of specialization(专业化). ( T )11.The Ricardian Model neglects(忽略) the effects on income distribution. (T )12. The basic prediction of the Ricardian model has been strongly confirmed by a number of studies over years. ( T )13. The Ricardian Model predicts that countries tend to export those goods in which their productivity is relative high. ( T )14. We can think of factor specificity as a matter of time. ( T )15.The opportunity cost of manufacture in terms of food is denoted by(表示) MPL M /MPL F . ( F ) 16.A equal proportional change in price have no real effects on the real wage, real income of capital owner and land owner. ( T )17. Trade benefits the factor that is specific to the import-competing sectors of each country but hurts the factor to the export sectors, with ambiguous effects on mobile factors. ( F )18.It is possible in principle for a country’s government to use taxes and subsidies (补贴) to redistribute （重新分配） income to give each individual more of both goods. ( T )19. Although international trade has strong effects on income distribution, there are still possible in principle to make each individual better off. ( T )20. Typically, those who gain from trade in any particular product are a much more concentrated, informed, and organized group than those who lose. ( F )21. Conflicts of interest(利益冲突) within nations are usually more important in determining trade policythan conflicts of interest between nations. ( T )22. Generally, economists do not regard the income distribution effects of trade as a good reason to limit trade. ( T )23.The formulation of trade policy(贸易政策的制定) is a kind of political process(政治进程). ( T )24. “The world’s poorest countries can’t find anything to export. There is no resource that i s abundant—certainly not capital or land, and in small poor nations not even labor is abundant.” ( F )25. Wage inequality in U.S. increased between the late 1970s and the early 1990s, economists attribute the change to the growing exports of manufactured goods from NIEs. ( T )26. If the factor-proportion theory was right, a country would always export factors for which the income share exceeded the factor share, import factors for which it was less. ( F )27.The H-O model can predict not only the direction but the volume of trade(贸易量). ( T )28.Factor trade in general turns out to be much smaller than the H-O model predicts. ( T )29. According to an influential recent paper, the H-O model can predict not only the direction but the volume of trade. Factor trade in general turn out to be t he same a s the H-O model predicts. ( F )30. Only by dropping the Heckscher-Ohlin assumption that technologies are the same across the countries can the overall pattern of international trade be well predicted by the H-O model. ( T )31.If a country want to maximize its national welfare, the consumption point is where the highest isovalue line is tangent to the highest reachable indifference curve. ( T )32.A rise in the terms of trade increases a country’s welfare, while a decline in the terms of trade reduces its welfare. ( T )33.Export-biased growth tends to improve the growing country’s terms of trade at the rest of the world’s expense.( F )34.If the two countries allocate(分配) their change in spending in the same proportions, there will not be a terms of trade effect. ( T )35. If the country receiving a transfer spends a higher proportion of an increase income on its export good than the giver, a transfer raises world relative demand for the recipient’s export good and thus improve it s terms of trade. ( T )36.A transfer worsens the donor’s terms of trade if the donor has a higher mariginal propensity to spend on its export good than the recipient(受体). ( T )37.A transfer improves the donor’s terms of trade, worsens recipient’s terms of tra de. ( F )38.A transfer of income——say foreign aid——could conceivably leave the recipient worse off. ( T )39.A tariff improves Home’s terms of trade and worsens Foreign’s, while a Home export subsidy worsens Home’s terms of trade and improve Foreign’s.( T )40. Where there is economies of scale, there is imperfectly competitive market structure. ( F )41.If intraindustry trade is the dominant source of gains from trade, everyone gains from trade. ( T )42.Effect on the distribution of income within countries often weight more heavily on policy than terms of trade concerns. ( T )43.The usual market structure in industries characterized by internal economies of scale is monopolistic competition. ( F )44.Today, antidumping(反倾销) may be a device of protectionism. ( T )45.Reciprocal(相互) dumping tends to increase the volume of trade in goods that are quite identical （一致）. ( F )46.It is possible that reciprocal dumping increase national welfare. ( T )47.Strong external(外部) economies te nd to “locked in” the existing patterns of interindustry trade, even if the patterns are run counter to(背道而驰) comparative advantage. ( T )48.A trading country can conceivably lose from trade is potentially justify protectionism. ( T )49.Like static external economies, dynamic external economies can lock in an initial advantage in an industry. ( T )50.The stratigic trade policy is related to the model of “Monopolistic competition, differentiate product s and intraindustry trade”. ( F )51.The model “Oligopoly, homogeneous products and intraindustry trade” is first developed by Krugman and Helpman . ( F )52.Trade in factors is very much like trade in goods, it occurs for much the same reasons and producessimilar results. ( T )53.Trade in factors is an alternative(替代) to trade in goods for the allocation of resources. ( T )54.Wh en a country borrows, it’s intertemporal PPF is biased toward Q P.( F )55.The relative price of future consumption goods Q P is (1+r). ( T )56.The dynamic path of TNC s’ enter foreign market：FDI→Export→Licence. (F )57.Tariffs may have very different effects on different stages of production of a good. ( T )58.Nominal(名义)tariff reflects the effective rate of protection(有效保护率). (F)59.The costs and benefits analysis of a tariff is correct if only the direct gains to producers and consumers in a given market accurately measure the social gains. ( T )60.The costs and benefits analysis of a tariff is correct if only a dollar’s worth of benefits to each group is the same. ( T )61.A VER is exactly like an import quota which the license are assigned to foreign government. ( T )62.VER S are much more costly than tariffs. ( T )63.Local content laws have been widely used by developing countries trying to shift their manufacturing from assembly back into intermediate goods. ( T )64. A political argument for free trade reflects the fact that a political commitment to free trade may be a good idea in practice even though there may be better policies in principle. ( T )65.Deviations from free trade can sometimes increase national welfare. (T )66.For a sufficiently small tariff the terms of trade gain of small country must outweigh the efficiency loss.( F )67.The domestic market failure argument against free trade is intellectually impeccable but of doubtful usefulness. (F )68. “U.S. farm exports don’t just mean hi gher incomes for farmers — they mean higher income for everyone who sell goods and services to the U.S. farm sector”. This remark is a potential valid a rgument for export subsidy. ( T )69.Most deviations from free trade are adopted not because their benefit exceed their costs but because the public fails to understand their true costs. ( T )70.If there is marginal social costs rather than marginal social benefits, domestic market failure reinforce the case for free trade. ( T )71.The electoral competition model believes political competition will drive both parties to propose tariffs close to t M, the tariff preferred by the medium voter. ( T )72.The problem of collective action can best be overcome when a group is large and/or well organized. （F ）73.Trade policy that produce more costs than benefits, hurt more consumers than producers can’t be adopted.( F )74. As a violation of the MFN(“most favored nation”) principle, the WTO forbids preferent ial trading agreements in general, but allows them if they lead to free trade between the agreeing countries. ( T )75.The infant industry argument violates (违背)the principle of comparative advantage ( T )76.Import substituting industrialization(进口替代工业化) violates the principle of comparative advantage.( T )77. “Import quotas on capital-intensive industrial goods and subsidies for the import of capital equipment were meant to create manufacturing jobs in many developing countries. Unfortunately, they have probably helped create the urban unemployment problem.” ( T )78.The East Asian Miracle proved that industrialization and development must be based on import substitution. ( F )79.It is impossible for country to make itself worse off by joining accustoms union(联盟). ( F )PartⅢ. Choose the ONLY one collect answer in each question.1. An important insight（启示）of international trade theory is that when countries exchange goods and services one with the other itA.is always beneficial to both countries.B.is usually beneficial to both countries.C.is typically beneficial only to the low wage trade partner country .D.is typically harmful to the technologically lagging country.E.tends to create unemployment in both countries.2. If there are large disparities（差距）in wage levels between countries, thenA. trade is likely to be harmful to both countries.B. trade is likely to be harmful to the country with the high wages.C. trade is likely to be harmful to the country with the low wages.D. trade is likely to be harmful to neither country.E. trade is likely to have no effect on either country.3.Cost-benefit analysis of international trade（成本收益分析）A.is basically useless.B.is empirically intractable.C.focuses attention on conflicts of interest within countries.D.focuses attention on conflicts of interests between countries.E.None of the above.4. A primary reason why nations conduct international trade is because of differences inA.historical perspective.B.location.C.resource availabilities.D.tastes.E.incomes.5. Arguments for free trade are sometimes disregarded（忽视）by the political process becauseA.economists tend to favor highly protected domestic markets.B.economists have a universally accepted decisive power over the political decision mechanism.C.maximizing consumer welfare may not be a chief priority（优先）for politicians. 扩大消费者福利不是最主要的D.the gains of trade are of paramount concern to typical consumers.E.None of the above.6.Proponents（支持）of free trade claim all of the following as advantages except＿＿A. relatively high wage levels for all domestic workers.B. a wider selection of products for consumersC. increased competition for world producers.D. the utilization of the most efficient production processes.E. None of the above.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 requirementsA.oneB.twoC.threeD fourE five7. A country engaging in trade according to the principles of comparative advantage gains from trade because itD.is producing exports indirectly more efficiently than it could alternatively.E.is producing imports indirectly more efficiently than it could domestically.F.is producing exports using fewer labor units.G.is producing imports indirectly using fewer labor units.H.None of the above.8. A nation engaging in trade according to the Ricardian model will find its consumption bundle （消费约束）A.inside its production possibilities frontier.B.on its production possibilities frontier.C.outside its production possibilities frontier （生产可能性边界）.D.inside its trade-partner's production possibilities frontier.E.on its trade-partner's production possibilities frontier.9.If a very small country trades with a very large country according to the Ricardian model, thenA.the small country will suffer a decrease in economic welfare.B.the large country will suffer a decrease in economic welfare.C.the small country will enjoy gains from trade.D.the large country will enjoy gains from trade.E.None of the above.10.If the world terms of trade for a country are somewhere between the domestic cost ratio of H and that of F, thenA.country H but not country F will gain from trade.B.country H and country F will both gain from trade.C.neither country H nor F will gain from trade.D.only the country whose government subsidizes its exports will gain.E.None of the above.11.If a production possibilities frontier is bowed out (concave to the origin) )(上凸，凹面向原点), then production occurs under conditions ofA.constant opportunity costs.B.increasing opportunity costs.C.decreasing opportunity costs.D.infinite opportunity costs.E.None of the above.12.If two countries have identical production possibility frontiers, then trade between them is not likely ifA.their supply curves are identical.B.their cost functions are identical.C.their demand conditions identical.D.their incomes are identical.E.None of the above.13.Assume that labor is the only factor of production and that wages in the United States equal $20 per hour while wages in Japan are $10 per hour. Production costs would be lower in the United States as compared to Japan ifA.U.S. labor productivity equaled 40 units per hour and Japan's 15 units per hour.B.U.S. productivity equaled 30 units per hour whereas Japan's was 20.C.U.S. labor productivity equaled 20 and Japan's 30.D.U.S. labor productivity equaled 15 and Japan's 25 units per hour.E.None of the above.14.International trade has strong effects on income distributions. Therefore, international trade A.is beneficial to everyone in both trading countries.B.will tend to hurt one trading country.C.will tend to hurt some groups in each trading country.D.will tend to hurt everyone in both countries.E.will be beneficial to all those engaged in international trade.15.If the price of the capital intensive product rises, wages willA.rise but by less than the price of the capital-intensive product.（工资刚性，变动较慢）B.rise by more than the rise in the price of the capital-intensive product.C.remain proportionally equal to the price of the capital-intensive product.D.fall, since higher prices cause less demand.E.None of the above.16.If Australia has more land per worker, and Belgium has more capital per worker, then if trade were to open up between these two countries,A.the real income of capital owners in Australia would rise.B.the real income of labor in Australia would clearly rise.C.the real income of labor in Belgium would clearly rise.D.the real income of landowners in Belgium would fall. 贸易知识使一国丰富要素部门得利，稀缺要素部门受损）E.the real incomes of capital owners in both countries would rise.17.If the price of manufactures and the price of food increase by 25%, thenA.the economy moves down its aggregate supply curve.B.the economy moves back along its aggregate demand curve.C.the relative quantities（相对数量）of manufactures and food remain unchanged.D.the relative quantities of products change by 25%.E.None of the above.18.If the price of manufactures rises, thenA.the price of food also rises.B.the quantity of food produced falls.C.the quantity of both manufactures and food falls.D.the purchasing power of labor in terms of food falls.E.None of the above.18.Groups that lose from trade tend to lobby(游说)the government to（贸易失利者游说政府）A.shift the direction of comparative advantage.B.abolish the Specific Factor model from practical application.C.provide public support for the relatively efficient sectors.D.provide protection for the relatively inefficient sectors.E.None of the above.19.The specific factor model argues that if land can be used both for food production and for manufacturing, then a quota that protects food production willA.clearly help landowners.B.clearly hurt landowners.C.clearly help manufacture but hurt food production.D.have an ambiguous effect on the welfare of landowners.E.None of the above.20.If, relative to its trade partners, Gambinia has many workers but very little land and even less productive capital, then, following the specific factor model, we know that Gambinia has a comparative advantage inA.manufactures.B.food.C.both manufactures and food.D.neither manufactures nor food.E.None of the above.21.In the 2-factor, 2 good Heckscher-Ohlin model, an influx of workers from across the border would（劳动者越过国境流入）A.move the point of production along the production possibility curve.B.shift the production possibility curve outward, and increase the production of both goods.C.shift the production possibility curve outward and decrease the production of thelabor-intensive product.D.shift the production possibility curve下降，扩展了生产可能性曲线，相当于扩展了消费的总量）E.None of the above.22.The 1987 study by Bowen, Leamer and SveikauskasA.supported the validity of the Leontieff Paradox.B.supported the validity of theHeckscher-Ohlin model.ed a two-country and two-product framework.D.demonstrated that in fact countries tend to use different technologies.E.proved that the U.S.'s comparative advantage relied on skilled labor.23.The Case of the Missing Trade refers toA.the 9th volume of the Hardy Boys' Mystery series.B.the fact that world exports does not equal world imports.C.the fact that factor trade is less than predicted by the Heckscher-Ohlin theory.D.the fact that the Heckscher Ohlin theory predicts much less volume of trade than actually exists.E.None of the above.24.One way in which the Heckscher-Ohlin model differs from the Ricardo model of comparative advantage is by assuming that _技术相同__ is (are) identical in all countries.A.factor of production endowmentsB.scale economiesC.factor of production intensitiesD.technologyE.opportunity costs25.As opposed to the Ricardian model of comparative advantage, the assumption of diminishing returns in the Heckscher-Ohlin model means that the probability is greater that with trade A.countries will not be fully specialized（专业化）in one product.B.countries will benefit from free international trade.C.countries will consume outside their production possibility frontier.parative advantage is primarily supply related.E.None of the above.26.Suppose that there are two factors, capital and land, and that the United States is relatively land endowed while the European Union is relatively capital-endowed. According to the Heckscher-Ohlin model,A.European landowners should supportUS-European free trade.B.European capitalists should supportUS-European free trade.C.all capitalists in both countries should support free trade.D.all landowners should support free trade.E.None of the above.27.According to the Heckscher-Ohlin model, if the United State s is richly endowed inhuman-capital relative to Mexico, then as NAFTA increasingly leads to more bilateral free trade between the two countries,A.the United States will find its industrial base sucked into Mexico.B.Mexico will find its relatively highly skilled workers drawn to the United States.C.The wages of highly skilled U.S. workers will be drawn down to Mexican levels.D.The wages of highly skilled Mexican workers will rise to those in the United States.E.The wages of highly skilled Mexican workers will fall to those in the United States. （墨西哥高技术工人工资降低到美国同水平）28.If two countries were very different in their relative factor availabilities（相对要素丰富程度相差很多）, then we would not expect which of the following to be empirically supported?。

国际经济学英文期末考试模拟试题含答案

国际经济学英文期末考试模拟试题含答案一、True or False (10*1’=10’)1. Trade is a zero-sum activity; if one country gains, the other must lose.2. A nation maximizes satisfaction by reaching the highest possible indifference curve, and in the absence of trade will produce where its production possibilities schedule is tangent to an indifference curve.3. The factor endowments model predicts that international tradewill tend to equalize the prices of trade-able goods among nations, but to increase the wage gap between capital-abundant and labor-abundant nations.4. A tax of 10 percent on imports of shoes would be an example of a specific tariff.5. An import quota will not raise the domestic price of the product as would a tariff, because it is not a tax on imports.6. In balance-of-payments account, a transaction resulting in receipt of a payment is recorded as a credit, whereas a transaction resulting in a payment to other nations is recorded as a debit.7. Because they do not include an exchange of goods or services, unilateral transfers do not appear on a nation's balance of payments account.8. David Hume was one of the first economists to provide analytical support for mercantilist trade policies. 9. A nation would be mostlikely to find its trade balance improving after a currency depreciation if that nation’s demandfor imports and foreign demand for its exports was very inelastic.10. A nation with neither a balance of payments surplus nor a balance of payments deficit is said to be in internal balance. 二、choices(15*3’=45’)1. The law of comparative advantagea). was ratified by the World Trade Organization b). explains howall countries can benefit when each specializes in producing items in which it has the greatest relative efficiencyc). explains how only the most efficient nations can benefit from traded). is used to evaluate a country’s military strength2. The theory of absolute advantage was developed by a. the Mercantilistsb. David Humec. Adam Smithd. David Ricardo3. David Ricardo developed the principle of comparative advantage showing thata. a nation must be the least-cost producer of a good in order to export that itemb. no nation could have an absolute advantage in all goodsc. in a two-country example, only one nation can have a comparative advantaged. even a nation that has lower productivity in all goods canbenefit by exporting the item in which it is relatively less inefficient4. An indifference curvea. shows that most people really are indifferent about international tradeb. shows the demand preferences of consumersc. reflects the relative costs of production within a nationd. indicates how much labor a country has5. To maximize its satisfaction, a nation will ensure that itsterms-of-trade linea. is tangent to its production possibilities frontier at one point (production point) and also to the highest attainable indifference curve at another point (consumption point)b. is tangent to its production possibilities frontier andintersects an indifference curvec. intersects its production possibilities frontier and is tangentto an indifference curved. intersects its production possibilities frontier at one point and an indifference curve at another point 6. Factor-price equalization predicts that with international tradea. the price of a nation’s abundant factor will rise and that ofits scarce factor will fallb. the price of a nation’s abundant factor will fall and that ofits scarce factor will risec. the prices of a nation’s abundant and scarce factors bothwill rised. the prices of a nation’s abundant and scarce factors bothwill fall7. The effective rate of protectiona. distinguishes between tariffs that are effective and those that are ineffectiveb. is the minimum level at which a tariff becomes effective in limiting importsc. shows the increase in value-added for domestic productionthat a particular tariff structure makes possible, in percentage termsd. shows how effective a tariff is in raising revenue 8. The institutional framework developed in 1947 to promote tradeliberalization is known asa. the GATTb. the WTOc. the IMFd. The World Bank9. Developing nationsa. have very limited involvement in international tradeb. trade mostly with each otherc. rely heavily on exports of primary products to industrial nationsd. rely heavily on exports of manufactured products 10. A customs union is unique in that ita. has no tariffs on trade among member nationsb. has no tariffs on trade among member nations and a common set of tariffs on imports from non-membersc. has no tariffs on trade among member nations, a common set of tariffs on imports from non-members, and free mobility of factors of production such as labor and capital among membersd. allows unrestricted labor immigration from non-member nations11. A nation's balance of payments statementa. is a record of that nation's assets abroad and its liabilities to those from other nationsb. is an accounting adjustment process ensuring that a nation's exports will be equal to its importsc. does not include transactions of foreign citizens or companies living or operating within that nationd. is a record of the economic transactions between residents of that nation and the rest of the world, usually for a period of one year.12. Since balance-of-payments accounting is a double-entry accounting system, an export of U.S. wheat to Mexico paid for by a deposit to the U.S. exporters account in a Mexican bank would be recorded on the U.S. balance of payments as a. a credit for merchandise exports and a credit to short-term financial flowsb. a credit for merchandise exports and a debit to short-term financial flows.c. a credit for merchandise exports and a debit to unilateral transfersd. a credit for merchandise exports and a debit to officialsettlements13. The foreign-exchange marketa. is located in New Yorkb. is a market in Chicago for the international trading of commodities such as wheat or copper.c. is a mechanism for individuals and institutions to exchange one national or regional currency or debt instrument for those of other nations or regions.d. is open from 9:00 a.m. to 3:00 p.m. New York time, Monday through Friday.14. Market fundamentals that might be expected to influence exchange rate movements include all of the following factors excepta. differences in real income growth rates between countriesb. differences in real interest rates between countriesc. speculative opinion about future exchange ratesd. changes in perceivedprofitability of economic investments between two countries15. If inflation is higher in Mexico than in the United States, the law of one price would predict thata. trade between Mexico and the United States would declineb. the dollar price of autos purchased in Mexico would be higherthan the dollar price of comparable autos purchased in the United Statesc. the peso would appreciate relative to the dollar by an amount equal in percentage terms to the difference between the two inflation ratesd. the peso would depreciate relative to the dollar by an amount equal in percentage terms to the difference between the two inflation rates三、Questions(45’, answer these questions in Chinese)1. Assume that labor is the only factor used in production, and that the costs of producing butter and cloth are given by the tablebelow.(8’)Cost in labor-hours toHome Foreignproduce1 unit of butter 1/8 11 unit of cloth 1/4 1/2(1) Express the price of butter relative to the price of cloth in terms of labor content for Home and Foreign in the absence of trade.(2) What do these relative prices reveal about each country’scomparative advantage?(3) What do these relative prices suggest about the world priceof butter relative to cloth that will exist once these countries trade with each other?(4) If the world price stabilizes at 1 with trade, what are the gains by the Home country achieved through trade with the Foreign country?2. Explain the immiserizing growth and list the case for immiserizing growth to be occur. (8’)3. Ex plain the exchange rate overshooting theory (8’)4. Suppose that the nominal interest rate on 3-month Treasury bills is 8 percent in the United States and 6 percent in the United Kingdom, and the rate of inflation is 10 percent in the United States and 4 percent in the United Kingdom.(9’)(1) What is the real interest rate in each nation? (2) In which direction would international investment flow in response to these real interest rates?(3) What impact would these investment flows have on the dollar’s exchange value?5. What effects does labor migration have on the country of immigration? The country of emigration? The world as a whole?(12’) 国际经济学模拟习题(3)参考答案一、判断题(每题1分，共10分) ?? ? ? ? ? ? ? ? ?二、选择题(每题3分，共45分) bcdba acacb dbccd三、简答题(共45分)1、(1) 封闭条件下，本国可以用一半的生产一单位布的劳动时间生产一单位黄油。

涉外经济学位英语考试真题及答案

涉外经济学位英语考试真题及答案Title: Foreign Economics Degree English Exam Questions and AnswersIntroduction:The Foreign Economics Degree English Exam is designed to assess students' comprehension and proficiency in English within the context of international economics. The exam covers a wide range of topics including trade, finance, globalization, and economic policy. In this document, we provide sample questions and answers to help students prepare for the exam.Sample Questions and Answers:1. Trade and Tariffs:Question: What is the purpose of tariffs in international trade?Answer: Tariffs are taxes imposed on imported goods by a country's government. The purpose of tariffs is to protect domestic industries from foreign competition by increasing the cost of imported goods. However, they can also lead to retaliatory actions and trade wars.2. Foreign Exchange Markets:Question: What factors can influence exchange rates in the foreign exchange market?Answer: Exchange rates can be influenced by a variety of factors including interest rates, inflation, political stability, and economic performance. For example, if a country's interest rates are high, it may attract foreign investors and cause its currency to appreciate.3. Globalization:Question: What are the benefits and drawbacks of globalization?Answer: Globalization can lead to increased economic growth, access to new markets, and technological advancements. However, it can also lead to job losses, income inequality, and environmental degradation.4. Economic Policy:Question: How can fiscal and monetary policies impact an economy?Answer: Fiscal policy refers to government spending and taxation, while monetary policy refers to the control of money supply and interest rates by central banks. Both policies can influence economic growth, inflation, and employment levels.5. International Organizations:Question: What role do organizations like the World Trade Organization (WTO) play in international economics?Answer: The WTO aims to promote free trade by establishing rules and regulations that govern international trade. It also provides a platform for resolving trade disputes between member countries.Conclusion:The Foreign Economics Degree English Exam is an important assessment tool for students studying international economics. By familiarizing themselves with the sample questions and answers provided in this document, students can improve their understanding of key concepts and succeed on the exam.。

国际经济学试卷试题包括答案.docx

国际经济学考试题目中文翻译

国际经济学考试题目中文翻译国际经济学考试是一项重要的考试，它涉及到国际贸易、国际金融、国际投资等多个领域。

在考试中，翻译题目是一个重要的环节，因为它涉及到考生对英语的理解和翻译能力。

下面将为大家介绍一些常见的国际经济学考试题目中文翻译。

1. What is the impact of globalization on international trade?全球化对国际贸易的影响是什么？2. What are the advantages and disadvantages of free trade?自由贸易的优缺点是什么？3. How does exchange rate affect international trade?汇率如何影响国际贸易？4. What are the factors that affect foreign direct investment?影响外国直接投资的因素有哪些？5. What is the difference between comparative advantage and absolute advantage?比较优势和绝对优势有什么区别？6. What is the role of the World Trade Organization in international trade?世界贸易组织在国际贸易中的作用是什么？7. What is the impact of protectionism on international trade?保护主义对国际贸易的影响是什么？8. What are the benefits and challenges of regional economic integration?区域经济一体化的好处和挑战是什么？9. How does international trade affect economic growth?国际贸易如何影响经济增长？10. What is the impact of foreign aid on economic development?外援对经济发展的影响是什么？以上是一些常见的国际经济学考试题目中文翻译，希望对大家有所帮助。

国际经济学考试试题完美版,含答案

全国2007年4月高等教育自学考试国际经济学试题0014025125错选、多选或未选均无分。

1.AA.重商主义B.重农主义C.重金主义D.货币主义2.DA.对进口关税设置壁垒B.对非关税设置障碍C.对外汇实行管制D.对本国货币低估对外价值3.BA.斯密B.李嘉图C.奥林D.赫克歇尔4.CA.日内瓦回合B.东京回合C.乌拉圭回合D.安纳西回合5.CA.1993年B.1994年C.1995年D.1996年6.DA.商业银行B.中央银行C.外贸公司D.居民个人7.DA.官方结算差额B.商品贸易差额C.基本收支差额D.经常项目差额8.CA.调整论B.货币论C.弹性论D.平衡论9.AA.大于1B.小于 1C.等于1D.不确定10.c=0.6s=0.3CA.10/9B.5/3C.5/2D.10/311.DA.反倾销税B.反补贴税C.进口附加税D.国内最低限价12.BA.进口国厂商B.出口国厂商C.第三国出口厂商D.第三国进口厂商13.20世纪90AA.B.韩国财团破产C.D.日本经济大幅下滑14.DA.货币B.基金C.债权D.记帐单位15.CA.亚当·斯密B.保罗·克鲁格曼C.大卫·休谟D.彼得·凯恩16.CA.在两国贸易前的国内比价线之上B.在两国贸易前的国内比价线之下C.在两国贸易前的国内比价线之间D.与两国贸易前的国内比价线相同17.一A.出口方式 B.直接投资方式C.发放许可证方式D.间接投资方式18.AA.可使移民的移出国获得某种补偿B.可补偿移出国的商品出口C.可补偿本国劳动力收入D.可补偿公共设施的不足19.AA.林德B.门格尔C.松巴特D.克鲁格曼20.DA.B.C.D.21.CA.要素价格均等化B.要素技术密集度均等化C.商品价格均等化D.工资率均等化22.AA.恩格尔定律B.示范效应C.大宗产品贸易理论D.剩余物质出口理论23.CA.国民收入减少B.就业机会减少C.失业减少D.总需求不变24.AA.贸易创造和贸易转向B.贸易创造和大市场效应C.贸易转向和竞争效应D.大市场效应和竞争效应25.B A.较弱 B.较强C.无效D.不确定二、多项选择题(本大题共5210分)内。

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Chapter 34The Influence of Monetary and Fiscal Policy On Aggregate DemandTRUE/FALSE1. Both monetary policy and fiscal policy affect aggregate demand.ANS: T DIF: 1 REF: 34-0NAT: Analytic LOC: Monetary and fiscal policyTOP: Monetary policy | Fiscal policy MSC: Definitional2. For the U.S. economy, the most important reason for the downward slope of the aggregate-demand curve isthe interest-rate effect.ANS: T DIF: 2 REF: 34-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Interest-rate effect MSC: Interpretive3. According to the theory of liquidity preference, the interest rate adjusts to balance the supply of, and demandfor, loanable funds.ANS: F DIF: 2 REF: 34-1NAT: Analytic LOC: The role of moneyTOP: Theory of liquidity preference MSC: Interpretive4. The theory of liquidity preference was developed by Irving Fisher.ANS: F DIF: 1 REF: 34-1NAT: Analytic LOC: The role of moneyTOP: Theory of liquidity preference | Economists MSC: Interpretive5. An increase in the money supply decreases the equilibrium interest rate and shifts the aggregate-demand curveto the right.ANS: T DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Monetary injectionsMSC: Interpretive6. Other things the same, an increase in the price level causes the real value of the dollar to fall in the market forforeign-currency exchange.ANS: F DIF: 2 REF: 34-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Exchange-rate effect MSC: Applicative7. Changes in monetary policy aimed at reducing aggregate demand involve decreasing the money supply orincreasing the interest rate.ANS: T DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Monetary policyMSC: Interpretive8. For the most part, fiscal policy affects the economy in the short run while monetary policy primarily matters inthe long run.ANS: F DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Fiscal policy | Monetary policy MSC: Interpretive9. For a country such as the U.S., the wealth effect exerts a very important influence on the slope of theaggregate-demand curve, since U.S. wealth is large relative to wealth in most other countries.ANS: F DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Wealth effectMSC: Interpretive10. If the inflation rate is zero, then the nominal and real interest rate are the same.ANS: T DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Nominal interest rate | Real interest rate MSC: Interpretive22512252 Chapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand11. In liquidity preference theory, an increase in the interest rate, other things the same, decreases the quantity ofmoney demanded, but does not shift the money demand curve.ANS: T DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Theory of liquidity preference MSC: Analytical12. An increase in the price level shifts the money demand curve to the left, causing interest rates to increase. ANS: F DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Money demandMSC: Interpretive13. An increase in the money supply shifts the aggregate-supply curve to the right.ANS: F DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Monetary policyMSC: Interpretive14. When the Fed increases the money supply, the interest rate decreases. This decrease in the interest rateincreases consumption and investment demand, so the aggregate-demand curve shifts to the right.ANS: T DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Monetary policy | Aggregate-demand curve MSC: Analytical15. Stock prices often rise when the Fed raises interest rates.ANS: F DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Stock market | Monetary policy MSC: Interpretive16. When the Fed announces a target for the federal funds rate, it essentially accommodates the day-to-dayfluctuations in money demand by adjusting the money supply accordingly.ANS: T DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Federal funds rate | Monetary policy MSC: Interpretive17. If the marginal propensity to consume is 6/7, then the multiplier is 7.ANS: T DIF: 2 REF: 34-2NAT: Analytic LOC: Monetary and fiscal policy TOP: Multiplier effectMSC: Applicative18. If the marginal propensity to consume is 4/5, then a decrease in government spending of $1 billion decreasesthe demand for goods and services by $5 billion.ANS: T DIF: 2 REF: 34-2NAT: Analytic LOC: Monetary and fiscal policy TOP: Multiplier effectMSC: Applicative19. Both the multiplier effect and the investment accelerator tend to make the aggregate-demand curve shiftfurther than it does due to an initial increase in government expenditures.ANS: T DIF: 1 REF: 34-2NAT: Analytic LOC: Monetary and fiscal policy TOP: Multiplier effect | Investment MSC: Applicative20. The multiplier is computed as MPC / (1 - MPC).ANS: F DIF: 1 REF: 34-2NAT: Analytic LOC: Monetary and fiscal policy TOP: Multiplier effectMSC: Definitional21. Permanent tax cuts have a larger impact on consumption spending than temporary ones.ANS: T DIF: 1 REF: 34-2NAT: Analytic LOC: Monetary and fiscal policy TOP: TaxesMSC: ApplicativeChapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand 2253 22. Some economists, called supply-siders, argue that changes in the money supply exert a strong influence onaggregate supply.ANS: F DIF: 2 REF: 34-2NAT: Analytic LOC: Monetary and fiscal policy TOP: Supply-side economicsMSC: Applicative23. In principle, the government could increase the money supply or increase government expenditures to try tooffset the effects of a wave of pessimism about the future of the economy.ANS: T DIF: 1 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policyTOP: Stabilization policy | Expectations MSC: Applicative24. The main criticism of those who doubt the ability of the government to respond in a useful way to the businesscycle is that the theory by which money and government expenditures change output is flawed.ANS: F DIF: 2 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Stabilization policyMSC: Definitional25. A significant lag for monetary policy is the time it takes to for a change in the money supply to change theeconomy. A significant lag for fiscal policy is the time it takes to pass legislation authorizing it.ANS: T DIF: 1 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Stabilization policyMSC: Definitional26. Unemployment insurance and welfare programs work as automatic stabilizers.ANS: T DIF: 1 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Automatic stabilizersMSC: Definitional27. Depending on the size of the multiplier and crowding-out effects, the rightward shift in aggregate demandfrom a tax cut could be larger or smaller than the tax cut.ANS: T DIF: 2 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Multiplier effectMSC: Analytic28. During recessions, unemployment insurance payments tend to rise.ANS: T DIF: 2 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Automatic stabilizersMSC: Interpretive29. During recessions, the government tends to run a budget deficit.ANS: T DIF: 1 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Automatic stabilizersMSC: Applicative30. An implication of the Employment Act of 1946 is that the government should respond to changes in theprivate economy to stabilize aggregate demand.ANS: T DIF: 2 REF: 34-3NAT: Analytic LOC: Monetary and fiscal policy TOP: Employment Act of 1946MSC: InterpretiveSHORT ANSWER1. What is the difference between monetary policy and fiscal policy?ANS:The Federal Reserve Bank conducts U.S. monetary policy. It consists of policies to affect the financial side of the economy-most notably the supply of money in the economy. Fiscal policy is conducted by the executive and legislative branches of government, and entails decisions about taxes and government spending.DIF: 2 REF: 34-1 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Fiscal policy | Monetary policyMSC: Definitional2254 Chapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand2. There are three factors that help explain the slope of the aggregate demand curve. Which two are lessimportant? Why are they less important?ANS:The wealth effect and the exchange-rate effect are less important than the interest-rate effect in the United States. The wealth effect is not very important because it operates through changes in the real value of money, and money is only a small fraction of household wealth. So it is unlikely that changes in the price level will lead to large changes in consumption spending through this channel. The exchange-rate effect is not very important in the United States because trade with other countries represents a relatively small fraction of U.S. GDP. So a change in net-exports due to a change in the exchange rate is likely to have a relatively small impact on real GDP.DIF: 2 REF: 34-1 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Wealth effect | Exchange-rate effectMSC: Analytical3. Explain why the interest rate is the opportunity cost of holding currency. What is the benefit of holdingcurrency?ANS:The nominal interest rate on currency is zero. The next best alternative is to buy a bond and earn interest. Currency is used as a medium of exchange. Bonds are illiquid and so are costly to convert to a medium of exchange.DIF: 2 REF: 34-1 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Currency | Interest ratesMSC: Interpretive4. Describe the process in the money market by which the interest rate reaches its equilibrium value if it startsabove equilibrium.ANS:If the interest rate is above equilibrium, there is an excess supply of money. People with more money than they want to hold given the current interest rate deposit the money in banks and buy bonds. The increase in funds to lend out causes the interest rate to fall. As the interest rate falls, the quantity of money demanded increases, which tends to diminish the excess supply of money.DIF: 3 REF: 34-1 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Money marketMSC: Analytical5. Use the money market to explain the interest-rate effect and its relation to the slope of the aggregate demandcurve.ANS:When the price level falls, people need less money for their transactions. The decreased demand for money leads to a decrease in interest rates as money demand shifts left. Lower interest rates encourage consumption and investment spending. Thus, a decrease in the price level raises the aggregate quantity of goods and services demanded.DIF: 2 REF: 34-1 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Interest-rate effectMSC: Analytical6. Explain the logic according to liquidity preference theory by which an increase in the money supply changesthe aggregate demand curve.ANS:When the money supply increases, the interest rate falls. As the interest rate falls people will want to spend more and firms will want to build more factories and other capital goods. This increase in aggregate demand happens for any given price level, so aggregate demand shifts right.DIF: 2 REF: 34-1 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Monetary policy | Aggregate-demand curveMSC: AnalyticalChapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand 2255 7. How does a reduction in the money supply by the Fed make owning stocks less attractive?ANS:The reduction in the money supply raises the interest rate. So the return on bonds increases relative to the return on stocks. The increase in the interest rate also causes spending to fall, so that revenues and profits fall, making shares of ownership in corporations less valuable.DIF: 2 REF: 34-1 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Money supply | Stock marketMSC: Applicative8. Suppose that the government spends more on a missile defense program. What does this do to aggregatedemand? How is you answer affected by the presence of the multiplier, crowding-out, taxes, andinvestment-accelerator effects?ANS:The increase in expenditures means that government spending rises. The aggregate demand curve shifts to the right. Aggregate demand shifts farther if there is a multiplier effect or an investment accelerator and shifts less if there is crowding out or if taxes are raised to increase government expenditures.DIF: 2 REF: 34-2 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Multiplier effect | Crowding out | InvestmentMSC: Interpretive9. Suppose that there are no crowding-out effects and the MPC is .9. By how much must the governmentincrease expenditures to shift the aggregate demand curve right by $10 billion?ANS:An MPC of .9 means the multiplier = 1/(1 - .9) = 10. The increase in aggregate demand equals the multiplier times the change in government expenditures. So to increase aggregate demand by $10 billion, the government would have to increase expenditures by $1 billion.DIF: 2 REF: 34-2 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Multiplier effectMSC: Analytical10. Suppose that the government increases expenditures by $150 billion while increasing taxes by $150 billion.Suppose that the MPC is .80 and that there are no crowding out or accelerator effects. What is the combined effects of these changes? Why is the combined change not equal to zero?ANS:The multiplier is 1/(1-MPC) = 1/(1-.8) = 1/.2 = 5. The increase of $150 in government expenditures leads to a shift of $150 billion x 5 = $750 billion in aggregate demand. The increase in taxes decreases income by $150 and so initially decreases consumption by $150 billion x MPC = $150 billion x .8 = $120 billion. This change in consumption will create a multiplier effect of $120 billion x 5 = $600. Thus the net change is $750 billion - $600 billion = $150 billion. The changes don’t cancel each other out, because a tax increase decreases consumption by less than the tax increase.DIF: 3 REF: 34-3 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Multiplier effect | TaxesMSC: Analytical11. Suppose that consumers become pessimistic about the future health of the economy. What will happen toaggregate demand and to output? What might the president and Congress have to do to keep output stable? ANS:As consumers become pessimistic about the future of the economy, they cut their expenditures so that aggregate demand shifts left and output falls. The president and Congress could adjust fiscal policy to increase aggregate demand. They could either increase government spending, or cut taxes, or both.DIF: 2 REF: 34-3 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Stabilization policy | ExpectationsMSC: Analytical2256 Chapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand12. Explain how unemployment insurance acts as an automatic stabilizer.ANS:As income falls, unemployment rises. More people will apply for unemployment compensation from the government which raises government spending. An increase in government spending tends to increase aggregate demand, output, and income thereby lessening the effects of the recession.DIF: 2 REF: 34-3 NAT: AnalyticLOC: Monetary and fiscal policy TOP: Automatic stabilizersMSC: ApplicativeSec00 - The Influence of Monetary and Fiscal Policy on Aggregate Demand MULTIPLE CHOICE1. Shifts in the aggregate-demand curve can cause fluctuations ina.neither the level of output nor the level of prices.b.the level of output, but not in the level of prices.c.the level of prices, but not in the level of output.d.the level of output and in the level of prices.ANS: D DIF: 1 REF: 34-0NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Economic fluctuations | Aggregate demand MSC: Interpretive2. Fiscal policy affects the economya.only in the short run.b.only in the long run.c.in both the short and long run.d.in neither the short nor the long run.ANS: C DIF: 1 REF: 34-0NAT: Analytic LOC: Monetary and fiscal policy TOP: Fiscal policyMSC: InterpretiveSec01 - The Influence of Monetary and Fiscal Policy on Aggregate Demand - How Monetary Policy Influences Aggregate DemandMULTIPLE CHOICE1. The interest-rate effecta.depends on the idea that increases in interest rates increase the quantity of money demanded.b.depends on the idea that increases in interest rates increase the quantity of money supplied.c.is the most important reason, in the case of the United States, for the downward slope of theaggregate-demand curve.d.is the least important reason, in the case of the United States, for the downward slope of theaggregate-demand curve.ANS: C DIF: 2 REF: 34-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Interest-rate effect MSC: Interpretive2. The interest-rate effecta.depends on the idea that increases in interest rates decrease the quantity of goods and servicesdemanded.b.depends on the idea that increases in interest rates decrease the quantity of goods and servicessupplied.c.is responsible for the downward slope of the money-demand curve.d.is the least important reason, in the case of the United States, for the downward slope of theaggregate-demand curve.ANS: A DIF: 2 REF: 34-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Interest-rate effect MSC: InterpretiveChapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand 22573. The wealth effect stems from the idea that a higher price levela.increases the real value of households’ money holdings.b.decreases the real value of households’ money holdings.c.increases the real value of the domestic currency in foreign-exchange markets.d.decreases the real value of the domestic currency in foreign-exchange markets.ANS: B DIF: 2 REF: 34-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Wealth effect MSC: Interpretive4. With respect to their impact on aggregate demand for the U.S. economy, which of the following represents thecorrect ordering of the wealth effect, interest-rate effect, and exchange-rate effect from most important to least important?a.wealth effect, exchange-rate effect, interest-rate effectb.exchange-rate effect, interest-rate effect, wealth effectc.interest-rate effect, wealth effect, exchange-rate effectd.interest-rate effect, exchange-rate effect, wealth effectANS: D DIF: 2 REF: 34-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Aggregate-demand curve MSC: Interpretive5. For the U.S. economy, which of the following is the most important reason for the downward slope of theaggregate-demand curve?a.the wealth effectb.the interest-rate effectc.the exchange-rate effectd.the real-wage effectANS: B DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Interest-rate effectMSC: Definitional6. Which of the following is likely more important for explaining the slope of the aggregate-demand curve of asmall economy than it is for the United States?a.the wealth effectb.the interest-rate effectc.the exchange-rate effectd.the real-wage effectANS: C DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Exchange-rate effectMSC: Interpretive7. For the U.S. economy, which of the following helps explain the slope of the aggregate-demand curve?a.An increase in the price level decreases the interest rate.b.An increase in the price level increases the interest rate.c.An increase in the money supply decreases the interest rate.d.An increase in the money supply increases the interest rate.ANS: B DIF: 2 REF: 34-1NAT: Analytic LOC: Aggregate demand and aggregate supplyTOP: Interest-rate effect MSC: Analytic2258 Chapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand8. The wealth effect helps explain the slope of the aggregate-demand curve. This effect isa.relatively important in the United States because expenditures on consumer durables is veryresponsive to changes in wealth.b.relatively important in the United States because consumption spending is a large part of GDP.c.relatively unimportant in the United States because money holdings are a small part of consumerwealth.d.relatively unimportant because it takes a large change in wealth to cause a significant change ininterest rates.ANS: C DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Wealth effectMSC: Definitional9. Which of the following claims concerning the importance of effects that explain the slope of the U.S.aggregate-demand curve is correct?a.The exchange-rate effect is relatively small because exports and imports are a small part of realGDP.b.The interest-rate effect is relatively small because investment spending is not very responsive tointerest rate changes.c.The wealth effect is relatively large because money holdings are a significant portion of mosthouseholds' wealth.d.None of the above is correct.ANS: A DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Aggregate-demand slope MSC: Interpretive10. Which particular interest rate(s) do we attempt to explain using the theory of liquidity preference?a.only the nominal interest rateb.both the nominal interest rate and the real interest ratec.only the interest rate on long-term bondsd.only the interest rate on short-term government bondsANS: B DIF: 2 REF: 34-1NAT: Analytic LOC: The role of moneyTOP: Theory of liquidity preference MSC: Interpretive11. According to John Maynard Keynes,a.the demand for money in a count ry is determined entirely by that nation’s central bank.b.the supply of money in a country is determined by the overall wealth of the citizens of that country.c.the interest rate adjusts to balance the supply of, and demand for, money.d.the interest rate adjusts to balance the supply of, and demand for, goods and services.ANS: C DIF: 2 REF: 34-1NAT: Analytic LOC: The role of moneyTOP: Theory of liquidity preference MSC: Interpretive12. According to the theory of liquidity preference,a.if the interest rate is below the equilibrium level, then the quantity of money people want to hold isless than the quantity of money the Fed has created.b.if the interest rate is above the equilibrium level, then the quantity of money people want to hold isgreater than the quantity of money the Fed has created.c.the demand for money is represented by a downward-sloping line on a supply-and-demand graph.d.All of the above are correct.ANS: C DIF: 2 REF: 34-1NAT: Analytic LOC: The role of moneyTOP: Theory of liquidity preference MSC: InterpretiveChapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand 225913. According to classical macroeconomic theory,a.the price level is sticky in the short run and it plays only a minor role in the short-run adjustmentprocess.b.for any given level of output, the interest rate adjusts to balance the supply of, and demand for,money.c.output is determined by the supplies of capital and labor and the available production technology.d.All of the above are correct.ANS: C DIF: 2 REF: 34-1NAT: Analytic LOC: The role of money TOP: Classical dichotomyMSC: Interpretive14. According to classical macroeconomic theory,a.output is determined by the supplies of capital and labor and the available production technology.b.for any given level of output, the interest rate adjusts to balance the supply of, and demand for,loanable funds.c.given output and the interest rate, the price level adjusts to balance the supply of, and demand for,money.d.All of the above are correct.ANS: D DIF: 2 REF: 34-1NAT: Analytic LOC: The role of money TOP: Classical dichotomyMSC: Interpretive15. According to the liquidity preference theory, an increase in the overall price level of 10 percenta.increases the equilibrium interest rate, which in turn decreases the quantity of goods and servicesdemanded.b.decreases the equilibrium interest rate, which in turn increases the quantity of goods and servicesdemanded.c.increases the quantity of money supplied by 10 percent, leaving the interest rate and the quantity ofgoods and services demanded unchanged.d.decreases the quantity of money demanded by 10 percent, leaving the interest rate and the quantityof goods and services demanded unchanged.ANS: A DIF: 2 REF: 34-1NAT: Analytic LOC: The role of moneyTOP: Theory of liquidity preference MSC: Interpretive16. On the graph that depicts the theory of liquidity preference,a.the demand-for-money curve is vertical.b.the supply-of-money curve is vertical.c.the interest rate is measured along the horizontal axis.d.the price level is measured along the vertical axis.ANS: B DIF: 1 REF: 34-1NAT: Analytic LOC: The role of moneyTOP: Theory of liquidity preference MSC: Interpretive17. Using the liquidity-preference model, when the Federal Reserve increases the money supply,a.the equilibrium interest rate decreases.b.the aggregate-demand curve shifts to the left.c.the quantity of goods and services demanded is unchanged for a given price level.d.the long-run aggregate-supply curve shifts to the right.ANS: A DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Theory of liquidity preference | Monetary policy MSC: Interpretive2260 Chapter 34/The Influence of Monetary and Fiscal Policy On Aggregate Demand18. In recent years, the Federal Reserve has conducted policy by setting a target for thea.size of the money supply.b.growth rate of the money supply.c.federal funds rate.d.discount rate.ANS: C DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Federal funds rate | Monetary policy MSC: Definitional19. While a television news re porter might state that “Today the Fed lowered the federal funds rate from 5.5percent to 5.25 percent,” a more precise account of the Fed’s action would be as follows:a.“Today the Fed told its bond traders to conduct open-market operations in such a way that theequilibrium federal funds rate would decrease to 5.25 percent.”b.“Today the Fed lowered the discount rate by a quarter of a percentage point, and this action willforce the federal funds rate to drop by the same amount.”c.“Today the Fed to ok steps to decrease the money supply by an amount that is sufficient to decreasethe federal funds rate to 5.25 percent.”d.“Today the Fed took a step toward contracting aggregate demand, and this was done by loweringthe federal funds rate to 5.25 perc ent.”ANS: A DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policyTOP: Federal funds rate | Monetary policy MSC: Interpretive20. Monetary policya.must be described in terms of interest-rate targets.b.must be described in terms of money-supply targets.c.can be described either in terms of the money supply or in terms of the interest rate.d.cannot be accurately described in terms of the interest rate or in terms of the money supply.ANS: C DIF: 2 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Monetary policyMSC: Interpretive21. Which of the following is not a reason the aggregate-demand curve slopes downward? As the price levelincreases,a.firms may believe the relative price of their output has risen.b.real wealth declines.c.the interest rate increases.d.the exchange rate increases.ANS: A DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Aggregate-demand slope MSC: Definitional22. Which of the following would not be an expected response from a decrease in the price level and so help toexplain the slope of the aggregate-demand curve?a.When interest rates fall, Sleepwell Hotels decides to build some new hotels.b.The exchange rate falls, so French restaurants in Paris buy more Iowa pork.c.Janet feels wealthier because of the price-level decrease and so she decides to remodel herbathroom.d.With prices down and wages fixed by contract, Millio’s Frozen Pizzas decides to lay off workers. ANS: D DIF: 1 REF: 34-1NAT: Analytic LOC: Monetary and fiscal policy TOP: Aggregate demand slope MSC: Interpretive。