国际经济学(英)复习准备

1、浙江工商大学杭州商学院国际经济学（英）课程复习材料，适用专业：国际经济与贸易Part I. Multiple choice（Please choose one right answer and fill it into the bracket，60%）（ ）1.International economics deals with:A. the flow of goods, services, and payments among nationsB. policies directed at regulating the flow of goods, services, and payments

2、C. the effects of policies on the welfare of the nationD. all of the above（ ）2.Which of the following is least likely a component of the current account?A. Government transfersB. Payments for direct investmentC. Payments for goods D. Payments for services（ ）3.An increase in the U.S. dollar price of

3、a foreign currency usually:A. benefit U.S. importersB. benefits U.S. exportersC. benefit both U.S. importers and U.S. exportersD. harms both U.S. importers and U.S. exporters（ ）4. An investor in the Unitied States finds a direct quotation for the U.S. dollar-euro exchange rate and an indirect quotat

4、ion for the U.S. dollar-British pound exchange rate. For this investor, in which of these quotations is the U.S. dollar the base currency?A. Both of these quotationsB. The direct quotationC. The indirect quotationD. Official quotation（ ）5. The Mercantilists did not advocate:A. free trade B. stimulat

5、ing the nations exportsC. restricting the nations importsD. the accumulation of gold by the nation（ ）6.Accroding to Adam Smith, international trade was based on:A. absolute advantageB. comparative advantageC. both absolute and comparative advantageD. neither absolute nor comparative advantage（ ）7. C

6、onsider the following foreign exchange and interest rate information:Ø Spot rate: 1.3382 USD/EURØ One year riskless USD rate = 2.5%Ø One year riskless EUR rate = 3.5%The one-year arbitrage-free forward exchange rate is closest to:A. 1.2391 USD/EURB. 1.3728 USD/EURC. 1.3513 USD/EURD. 1

7、.3253 USD/EUR( ) 8. The source of comparative advantage, according to the Heckscher-Ohlin model of international trade, is each countrys:A. Labor productivityB. Available natural resourcesC. Relative amounts of labor and capitalD. Available human resource（ ）9. The commodity in which the nation has t

8、he smallest absolute disadvantage is the commodity of its: A. absolute disadvantageB. absolute advantageC. comparative disadvantageD. comparative advantage ( ) 10. Ricardo explained the law of comparative advantage on the basis of:A. the labor theory of valueB. the opportunity cost theoryC. the law

9、of diminishing returnsD. all of the above( ) 11. Which of the following statements is true?A. The combined demand for each commodity by the two nations is negatively slopedB. the combined supply for each commodity by the two nations is rising stepwiseC. the equilibrium relative commodity price for e

10、ach commodity with trade is given by the intersection of the demand and supply of each commodity by the two nationsD. all of the above( )12. A production frontier that is concave from the origin indicates that the nation incurs increasing opportunity costs in the production of:A. commodity X onlyB.

11、commodity Y onlyC. both commoditiesD. neither commodity( ) 13. The marginal rate of transformation (MRT) of X for Y refers to:A. the amount of Y that a nation must give up to produce each additional unit of XB. the opportunity cost of XC. the absolute slope of the production frontier at the point of

12、 productionD. all of the above( ) 14. Which of the following is not a reason for increasing opportunity costs:A. technology differs among nationsB. factors of production are not homogeneousC. factors of production are not used in the same fixed proportion in the production of all commoditiesD. for t

13、he nation to produce more of a commodity, it must use resources that are less and less suited in the production of the commodity( )15. Community indifference curves:A. are negatively slopedB. are convex to the originC. should not crossD. all of the above( ) 16. The marginal rate of substitution (MRS

14、) of X for Y in consumption refers to the:A. amount of X that a nation must give up for one extra unit of Y and still remain on the same indifference curveB. amount of Y that a nation must give up for one extra unit of X and still remain on the same indifference curveC. amount of X that a nation mus

15、t give up for one extra unit of Y to reach a higher indifference curveD. amount of Y that a nation must give up for one extra unit of X to reach a higher indifference curve( ) 17. Which of the following statements is true with respect to the MRS of X for Y?A. It is given by the absolute slope of the

16、 indifference curveB. declines as the nation moves down an indifference curveC. rises as the nation moves up an indifference curve. all of the above( ) 18. Which of the following statements about community indifference curves is true?A. They are entirely unrelated to individuals' community indif

17、ference curvesB. they cross, they cannot be used in the analysisC. the problems arising from intersecting community indifference curves can be overcome by the application of the compensation principleD. all of the above.( ) 19. Which of the following statements is false?A. The gains from trade can b

18、e broken down into the gains from exchange and the gains from specializationB. gains from exchange result even without specializationC. gains from specialization result even without exchangeD. none of the above( ) 20. At a relative commodity price above equilibriumA. the excess demand for a commodit

19、y exceeds the excess supply of the commodityB. the quantity demanded of imports exceeds the quantity supplied of exportsC. the commodity price will fallD. all of the above( ) 21. The offer curve of a nation shows:A. the supply of a nation's importsB. the demand for a nation's exportsC. the t

20、rade partner's demand for imports and supply of exportsD. the nation's demand for imports and supply of exports( ) 22. Which of the following statements regarding partial equilibrium analysis is false?A. It relies on traditional demand and supply curvesB. it isolates for study one marketC. i

21、t can be used to determine the equilibrium relative commodity price but not the equilibrium quantity with tradeD. none of the above( ) 23. A deterioration of a nation's terms of trade causes the nation's welfare to:A. deteriorateB. improveC. remain unchangedD. any of the above( ) 24. The H-O

22、 model extends the classical trade model by:A. explaining the basis for comparative advantageB. examining the effect of trade on factor pricesC. both A and BD. neither A nor B( ) 25. A difference in relative commodity prices between nations can be based on a difference in:A. technologyB. factor endo

23、wmentsC. tastesD. all of the above( ) 26. In the H-O model, international trade is based mostly on a difference in:A. technologyB. factor endowmentsC. economies of scaleD. tastes( ) 27. According to the H-O model, trade reduces international differences in:A. relative but not absolute factor pricesB

24、. absolute but not relative factor pricesC. both relative and absolute factor pricesD. neither relative nor absolute factor prices( ) 28. The H-O model is a general equilibrium model because it deals with:A. production in both nationsB. consumption in both nationsC. trade between the two nationsD. a

25、ll of the above( ) 29. From empirical studies, we conclude that the H-O theory:A. must be rejectedB. must be accepted without reservationsC. can be accepted while waiting further testingD. explains all international trade( ) 30. Relaxing the assumptions on which the Heckscher-Ohlin theory rests:A. l

26、eads to rejection of the theoryB. leaves the theory unaffectedC. requires complementary trade theoriesD. any of the above.( ) 31. Which of the following assumptions of the Heckscher-Ohlin theory, when relaxed, require new trade theories?A. Economies of scaleB. incomplete specializationC. similar tas

27、tes in both nationsD. the existence of transportation costs( ) 32. International trade can be based on economies of scale even if both nations have identical:A. factor endowmentsB. tastesC. technologyD. all of the above( ) 33. Which of the following statements is incorrect?A. An ad valorem tariff is

28、 expressed as a percentage of the value of the traded commodityB. A specific tariff is expressed as a fixed sum of the value of the traded commodity.C. Export tariffs are prohibited by the U.S. ConstitutionD. The U.S. uses exclusively the specific tariff ( ) 34. If a small nation increases the tarif

29、f on its import commodity, its:A. consumption of the commodity increasesB. production of the commodity decreasesC. imports of the commodity increaseD. none of the above( ) 35.The increase in producer surplus when a small nation imposes a tariff is measured by the area:A. to the left of the supply cu

30、rve between the commodity price with and without the tariffB. under the supply curve between the quantity produced with and without the tariffC. under the demand curve between the commodity price with and without the tariffD. none of the above.( ) 36. According to the Stolper-Samuelson theorem, the

31、imposition of a tariff by a nation:A. increases the real return of the nation's abundant factorB. increases the real return of the nation's scarce factorC. reduces the real return of the nation's scarce factorD. any of the above is possible( ) 37. An import quota:A. increases the domesti

32、c price of the imported commodityB. reduces domestic consumptionC. increases domestic productionD. all of the above( ) 38. An increase in the demand of the imported commodity subject to a given import quota:A. reduces the domestic quantity demanded of the commodityB. increases the domestic productio

33、n of the commodityC. reduces the domestic price of the commodityD. reduces the producers' surplus( ) 39. Adjustment to any shift in the domestic demand or supply of an importable commodity occurs:A. in domestic price with an import quotaB. in the quantity of imports with a tariffC. through the m

34、arket mechanism with an import tariff but not with an import quotaD. all of the above( ) 40. An international cartel refers to:A. dumpingB. an organization of exportersC. an international commodity agreementD. voluntary export restraints( ) 41. Which of the following statements is correct?A. In a cu

35、stoms union, member nations apply a uniform external tariffB. in a free-trade area, member nations harmonize their monetary and fiscal policiesC. within a customs union there is unrestricted factor movementD. a customs union is a higher form of economic integration than a common market( ) 42. A cust

36、oms union that allows for the free movement of labor and capital among its member nations is called a:A. preferential trade arrangementB. free-trade areaC. common marketD. all of the above( ) 43. A trade-creating customs union is one where:A. lower-cost imports from outside the customs union are rep

37、laced by higher-cost imports from a union memberB. some domestic production in a member nation is replaced by lower-cost imports from another member nationC. trade among members increases but trade with nonmembers decreasesD. trade among members decreases while trade with nonmembers increases( ) 44.

38、 A trade-diverting customs union:A. increases trade among union members and with nonmember nationsB. reduces trade among union members and with nonmember nationsC. increases trade among members but reduces trade with non-membersD. reduces trade among union members but increases it with nonmembers( )

39、 45. Which of the following is false?A. A credit transaction leads to a payment from foreignersB. A debit transaction leads to a payment to foreignersC. A credit transaction is entered with a negative signD. Double-entry bookkeeping refers to each transaction entered twice.( ) 46. Which of the follo

40、wing is a debit?A. The export of goodsB. The export of servicesC. Unilateral transfers given to foreignersD. Capital inflows( ) 47. Capital inflows:A. refer to an increase in foreign assets in the nationB. refer to a reduction in the nation's assets abroadC. lead to a payment from foreignersD. a

41、ll of the above( ) 48. When a U.S. firm imports goods to be paid in three months the U.S. credits:A. the current accountB. unilateral transfersC. capitalD. official reserves( ) 49. An increase in the pound price of the dollar represents: A. an appreciation of the dollarB. a depreciation of the dolla

42、rC. an appreciation of the poundD. a devaluation of the dollar( ) 50. A change from $1=1 to $2=1 representsA. depreciation of the dollarB. an appreciation of the dollarC. a depreciation of the poundD. none of the abovePart II. Calculation（15%）The calculation of cross rateThe price of one Gucci handb

43、ag is 70,000.00 yen in Tokyo Japan. As we know the exchange rate between Yen and U.S. Dollar is ¥103/$. What is the price of this bag valued by RMB，when the exchange rate between RMB and U.S.dollar is￥6.2/$？ （5%）1.Answer: (5%)The cross rate between Yen and RMB¥103/$÷￥6.2/$=¥16.61

44、/￥(2%)¥70000÷¥16.61/￥=￥4213.59(2%)So the handbag valued in RMB is ￥4213.59(1%).Or The handbag valued by U.S.dollar¥70000÷¥103/$=$679.61(2%)$679.61×￥6.2/$=￥4213.59(2%)So the handbag valued in RMB is ￥4213.59(1%).2. The following rates currently exist: (5%)Spot excha

45、nge rate $1.000/Annual interest rate on 180-day euro-denominated bonds:3%Annual interest rate on 180-day U.S. dollar-denominated bonds: 8%If uncovered interest parity holds, what is the eex (Expected exchange rate) which investors expect? What is likely to be the effect on the new spot exchange rate

46、 if the interest rate on 180-day dollar-denominated bonds increases to 12%?A.The interest rate on 180-day euro-denominated bonds is 3%/2=1.5% (1%)The interest rate on 180-day U.S. dollar-denominated bonds is 8%/2=4% (1%)eex ($/)=$1.000/*(1+4%)/(1+1.5%)= $1.0246/ (2%)So the expected exchange rate is

47、$1.0246/.B.The interest rate on 180-day U.S. dollar-denominated bonds is 12%/2=6% (1%)e，($/)=$1.0246/*(1+1.5%)/(1+6%)= $0.9811/ (2%)So the expected exchange rate is $0.9811/.3. The current spot exchange rate is $1.2/ . The current 360-day forward exchange rate is $1.18/ . If the spot rate to be $1.2

48、2/ in 360 days. (5%)Could you tell me that the percentage change of euro, based on the 360-day forward exchange rate of $1.18/ ?Is the Euro forward premium or forward discount, according to the forward contract? If the spot rate were $1.22/ in the 360 days, would the value of Euro depreciate or appr

49、eciate?A.F=$1.18/ S=$1.2/ Change(%)= (F-S)/S=($1.18/ -$1.2/ )÷$1.2/ = -1.67% (2%)B.Based on the result above, the euro is forward discount (1%)C.Change(%)=($1.22/ -$1.2/ )÷$1.2/ =1.67% (1%)The Euro currency would appreciate in the 360 days. (1%)Part III. Terminology (15%)1. Absolute Advant

50、age (3%):When one nation is more efficient than (or has an absolute advantage over) another in the production of one commodity but is less efficient than (or has an absolute disadvantage with respect to) the other nation in producing a second commodity, then both nations can gain by each specializin

51、g in the production of the commodity of its absolute advantage and exchanging part of its output with the other nation for the commodity of its absolute disadvantage.2. The Marginal Rate of Transformation (3%):The marginal rate of transformation of X for Y refers to the amount of Y that a nation mus

52、t give up to produce each additional unit of X.3. Nontariff barriers (3%):One country government restrict or adjust the volume of its international trade activities to other nations by applying measures and restrictions (technology and green trade barriers) except for levying tariff4. Constant retur

53、ns to scale (3%):Increasing the amount of labor and capital used in the production of any commodity will increase output of that commodity in the same proportion.5. The Stopler-Samuelson Theorem (3%): An increase in the relative price of a commodity raises the return or earning of the factor used in

54、tensively in the production of the commodity. Thus, the real return to the nations scarce factor of production will rise with the imposition of a tariff.6. Eurocurrency (3%):any foreign currency-denominated deposit or account a financial institution outside the country of the currencys issuance.7. D

55、irect quotation (3%):A foreign exchange rate quoted as the domestic currency per unit of the foreign currency8. Forward exchange contract (3%):an agreement to exchange one currency for another on some date in the future at a price set now9. Flexible Exchange Rate (3%):A monetary system allows the ex

56、change rate to be determined by supply and demand.10. Fixed Exchange Rate (3%): It called a pegged exchange rate, is a type of exchange rate regime where a currency's value is fixed against either the value of another single currency, to a basket of other currencies, or to another measure of valuePart IV. Short answer questions (10%)1. Please briefly illustrate Resulting Effects of Tariff (5%)Consumption effect -Reductio