山东理工大学国际经济学试卷纸

（ ）卷 学年第 学期 班级： 姓名： 学号：

…………………………………装……………………………订…………………………线………….……………………………… 适用专业 题号 得分 评阅人 复核人 一 二 三 考核性质 考试 四 五 六 七 八 命题教师 九 十 考试时间 100分钟 十一 总分 I. Multiple Choice Questions （30 POINTS） 1 2 3 4 1-10 11-20 21-30 5 6 7 8 9 10 1. A primary reason why nations conduct international trade is because of differences in A historical perspective. B location. C resource availabilities. D tastes. E incomes. 2. In the Specific Factors model, each of the two sectors A employs the same factors used by the other. B employs different factors than those employed in the other. C employs a fixed coefficient production function. D shares one factor of production with the other sector. E None of the above. 3. The Specific Factors model assumes A imperfections in the labor market. B imperfections in the land market. C imperfections in the capital market. D imperfections in the entrepreneurship market. E None of the above. 4. In the 2-factor, 2 good Heckscher- Ohlin model, a change from autarky (no trade) to trade will benefit the owners of capital. A the relatively abundant factor of production. B the relatively scarce factor of production. C the relatively inelastic factor of production D the factor of production with the largest elasticity of substitution. 5. In the 2-factor, 2 good Heckscher- Ohlin model, a change from autarky (no trade) to trade A will tend to make the wages in both countries more similar. B will equalize the wages in both countries. C will tend to make the wages in both countries less similar. D will tend to make wages equal to returns to capital. E will tend to make rents equal to interest rates. 6. If the economy is producing at point a on its production possibility frontier, then A all of the country's workers are specialized in one product. B all of the county's capital is used for one product. C all of the county's workers are employed. D all of its capital is used, but not efficiently. E None of the above. 7. If at point A on the production possibility frontier, and the community indifference curve cuts through the point from northwest to southeast, then the optimal autarky production bundle is A at point A. B to the right of point A. C to the left of point A. D to the northeast of point A. D to the southwest of point A. 8. If two countries with diminishing returns and different marginal rates of substitution between two products were to engage in trade, then A the shapes of their respective production possibility frontiers would change. B the marginal rates of substitution of both would become equal. C the larger of the two countries would dominate their trade. D the country with relatively elastic supplies would export more. E None of the above. 9. Modeling trade in monopolistic industries is problematic because A there is no one generally accepted model of oligopoly behavior. B there are no models of oligopoly behavior. C it is difficult to find an oligopoly in the real world. D collusion among oligopolists makes usable data rare. E None of the above. 10. Which of the following best refers to the outright construction or purchase abroad of productive facilities by domestic residents? A Foreign direct investment B Portfolio Investment C Short-term capital investment. D Long-term capital investment E None of the above. 11. An Optimal Tariff A could theoretically happen when a small country levies a tariff. B refers to a situation when a tariff hurts a country's economic welfare. C refers to a situation when the imposition of a tariff lowers domestic prices. D refers to a situation when the imposition of a tariff helps foreign exporters. E None of the above. 12. The World Trade Organization (WTO) was organized as a successor to the A IMF. B UN. C UNCTAD. D GATT. E The World Bank. 13. The WTO was established by the ____________of multilateral trade negotiations. A Kennedy Round B Tokyo Round C Uruguay Round D Dillon Round E None of the above. 共 5 页 第 1 页 山东理工大学《国际经济学 》试卷纸

（ ）卷 学年第 学期 班级： 姓名： 学号：

…………………………………装……………………………订…………………………线………….……………………………… 14. Trade theory suggests that Japan would gain from a subsidy the United States provides its grain farmers if the gains to Japanese consumers of wheat products more than offsets the losses to Japanese wheat farmers. This would occur as long as Japan A is a net importer in bilateral trade flows with the United States. B is a net importer of wheat. C has a comparative advantage in wheat. D has an absolute advantage in producing wheat. E None of the above. 15. A country’s current account A balance equals the change in its net foreign wealth. B balance equals the change in its foreign wealth. C surplus equals the change in its foreign wealth. D deficit equals the change in its foreign wealth. E None of the above. 16. The CA is equal to A Y – (C-I+G). B Y + (C+I+G). C Y – (C+I+G). D Y – (C+I-G). E Y – (C+I+G) = -CA, (i.e., minus the CA). 17. What is the exchange rate between the dollar and the British pound if a pair of American jeans costs 60 dollars in New York and 30 pounds in London? A 1.5 dollars per British pound B 0.5 dollars per British pound C 2.5 dollars per British pound D 3.5 dollars per British pound E 2 dollars per British pound 18. The aggregate money demand depends on A the interest rate. B the price level. C real national income. D All of the above. E Only A and C. 19. Which of the following statements is the most accurate? The law of one price states: A In competitive markets free of transportation costs and official barriers to trade, identical goods sold in different countries must sell for the same price when their prices are expressed in terms of the same currency. B In competitive markets free of transportation costs and official barriers to trade, identical goods sold in the same country must sell for the same price when their prices are expressed in terms of the same currency. C In competitive markets free of transportation costs and official barrier to trade, identical goods sold in different countries F must sell for the same price. D Identical goods sold in different countries must sell for the same price when their prices are expressed in terms of the same currency. E None of the above. 20. Under Purchasing Power Parity, A E$/E = PUS / PE. B E$/E = PE / PES. C E$/E = PUS + PE. D E$/E = PUS - PE. E None of the above. 21. Which of the following statements is the most accurate? A The law of one price applies only to the general price level. B The law of one price applies to the general price level while PPP applies to individual commodities. C The law of one price applies to individual commodities while PPP applies to both the general price level and to individual commodities. D PPP applies only to individual commodities. E The law of one price applies to individual commodities while PPP applies to the general price level. 22. An increase in a country’s money supply causes A its currency to appreciate in the foreign exchange market, while a reduction in the money supply causes its currency to depreciate. B its currency to depreciate in the foreign exchange market, while a reduction in the money supply causes its currency to appreciate. C no effect on the values of its currency in international markets. D its currency to depreciate in the foreign exchange market, while a reduction in the money supply causes its currency to further depreciate. E None of the above. 23. Given PUS and YUS, A an increase in the European money supply causes the euro to appreciate against the dollar, but it does not disturb the U.S. money market equilibrium. B an increase in the European money supply causes the euro to appreciate against the dollar, and it creates excess demand for dollars in the U.S. money market. C an increase in the European money supply causes the euro to depreciate against the dollar, and it creates excess demand for dollars in the U.S. money market. D an increase in the European money supply causes the euro to depreciate against the dollar, but it does not disturb the U.S. money market equilibrium. E None of the above statements is true. 24. Which one of the following statements is the most accurate? A. Departures from PPP are similar in both the short run and long run. B. Departures from PPP are even greater in the long run than in the short run. C. Departures from PPP are smaller in the long run than in the long run. D. It is hard to tell whether departures from PPP are greater in the short run than in the long run. E. Departures from PPP are even greater in the short run than in the long run. 25. How does a rise in real income affect aggregate demand? A Y  Yd Im CA AD , but Y  Yd  C  AD  by more. B Y  Yd Im CA AD , but Y  Yd  C  AD  by more. 共 5 页 第 2 页 山东理工大学《 国际经济学 》试卷纸

（ ）卷 学年第 学期 班级： 姓名： 学号：

…………………………………装……………………………订…………………………线………….……………………………… C Y  Yd Im CA AD , and Y  Yd  C  AD . D Y  Yd Im CA AD , but Y  Yd  C  AD  by less. E Y  Yd Im CA AD , but Y  Yd  C  AD  by less. The Marshall-Lerner Condition states that A. depreciation always has a favorable effect on the current account. B. import dependency reinforces the effects of depreciation on the current account. C. high elasticity of exports is sufficient for the favorable effects of depreciation on the current account to be observed. D. depreciation has a favorable effect on the current account only if the sum of export and import elasticities is greater than one. E. the sum of import and export elasticities must be equal to one in order for depreciation to occur. A system of managed floating exchange rates is A a system in which governments may attempt to moderate exchange rate movements without keeping exchange rates rigidly fixed. B a system in which governments use flexible exchange rates. C a system in which governments are forbidden from attempt to moderate exchange rate movements without keeping exchange rates rigidly fixed. D a system in which governments need to reach a prior agreement among them before they may attempt to moderate exchange rate movements without keeping exchange rates rigidly fixed. E None of the above statement is true. Which one of the following statements is the most accurate? A A permanent increase in the money supply cannot have any short-run effects. B A permanent increase in taxes cannot have any short-run effects. C A permanent decrease in the money supply cannot have short-run effects. D A permanent decrease in taxes cannot have short-run effects. E None of the above. In the short run, a permanent increase in the domestic money supply causes A an upward shift in the DD curve, which is greater than that caused by an equal but transitory increase. B a downward shift in the AA curve, which is greater than that caused by an equal but transitory increase. C an upward shift in the AA curve, which is smaller than that caused by an equal but transitory increase. D a downward shift in the AA curve, which is smaller than that caused by an equal but transitory increase. E an upward shift in the AA curve, which is greater than that caused by an equal but transitory increase. Advocates of flexible exchange rates claim that under flexible exchange rates, A The United States would now be able to set world monetary conditions all by itself. B Germany would no longer be able to set world monetary conditions all by itself. C The United Kingdom would no longer be able to set world monetary conditions all by itself. D The United States would no longer be able to set world monetary conditions all by itself. E Germany would now be able set world monetary conditions all by itself. 26. 27. 28. 29. 30. II. Question and answers（10POINTS） Suppose that a country produces wine (W) and cheese (C) using its supply of 400 units of labor (man-hours) (L) and 600 units of land (acres) (T). To produce a gallon of wine requires 10 units of labor and 5 units of land. A pound of cheese requires 4 units of labor and 8 units of land. 1. Which inputs are used intensively in the production of cheese? Which inputs are used intensively in the production of wine? (2 POINTS) 2.Is it possible for this country to produce 90 gallons of wine and 50 gallons of cheese with the resources available? Explain your answer. (2 POINTS) 3. Graph the land and labor constraints on production in this economy.(4 POINTS) 4. How are these constraints affected by an increase in the supply of labor by 100workers? Show this graphically in the diagram above. (2 POINTS) 共 5 页 第 3 页

山东理工大学《 国际经济学 》试卷纸

（ ）卷 学年第 学期 班级： 姓名： 学号：

…………………………………装……………………………订……………………线………….………………………………… III. Suppose that one country subsidizes its exports and the other country imposes a countervailing tariff that offsets its effects, so that in the end relative prices in the second country are unchanged, 1. What happens to the terms of trade? What about welfare in the two countries? 2.Suppose ,on the other hand ,that the second country retaliates with an export subsidy of its own. Contrast the result.(15points) 1. (8 PONITS) 2. (7 PONITS) IV. Productivity growth has slowed in the United States relative to other countries. This has implications for the real exchange rate as well as for the long-run nominal exchange rate. (10PONITS) a. What happens to the United States' real exchange rate if United States bas a one-time decrease in productivity relative to that of another country? What happens to its nominal exchange rate? (5 PONITS) b.How does the effect on the nominal exchange rate differ if, instead of a one-time drop in productivity, United States productivity relative to that of another country continues to decline for a very long time? (5 PONITS) V .Based on the following data, answer the following questions. (20PONTS) Nominal exchangge rate Rise in Tradables' 1950-1971 (Bretton Woods System), E $/￥=1/360=0.2778 relative Productivity 1971-1999 (Jamaica system) E $/￥=1/120= 0.8333 US JP 1973-1983 Inflation rate 13.20% 73.20% 1950-1962 πJ= 5.3% πus= 2.6% annually 1960-1971 πJ=5.5% πus=3.4% annually 1979-1993 πJ=2.3% πus=4.7% annually 1.Why Japanese Yen had being appreciating since1970s? (15 PONITS) Rise in Nontrdables’ Relative price US JP 12.40% 56.90% 共 5 页 第 4 页

山东理工大学《国际经济学 》试卷纸

（ ）卷 学年第 学期 班级： 姓名： 学号：

…………………………………装……………………………订………………………线………….………………………………… 2.Why Japan experienced a higher inflation rate than U.S during 1950-1971? (5points) VI. Based on asset approach, please analyze the effect on exchange rate of a permanent increase in money supply by U. S FDR. Please give your answer with graph.(15PONTIS) Dollar/euro exchange Rate, E$/€ Dollar return E1$/€ 1 0 R1$ MUS PUS 1 SExpected euro return L(R$, YUS) Rates of return (in dollar terms) U.S. real money supply U.S. real money holdings 1. When money supply increases, in short run what happen to real money supply? (2 PONITS) 2. When money supply increases, in short run what happen to interest rate.? (2 PONITS) 3. what will happen to the expectation on exchange rate (2 PONITS) 4. In short run what happen to spot exchange rate? (2 PONITS) 5. In the long-run, what happened to price and interest rate? (3 PONITS) 6. In the end, the exchange rate will settle at which point? (2 PONITS) 7. Please describe the adjustment route of the USD exchange rate (2 PONITS) 共 5 页 第 5 页