国际贸易学理论与政策试题

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《国际贸易理论与政策》试题及答案

第一套

一、Explain the following nouns:（15 points）

1. International borrowing and lending 2. Consumer surplus 3. Import-biased growth 4. Home import demand 5. Price discrimination

二、Choose the one that best completes the sentence: （10 points）

1. Internal economies of scale occur when the cost of per unit of goods depends on the size of a （）

A、 firm B、individual

C、 industry D、 monopoly

2. International transfers of income may affect a country’s （）by shifting the world relative demand curve.

A、 patterns of trade B、 terms of trade

C、 balance of trade D、 quantity of trade

3. The essential point of Ricardo’s model is that gains from trade depend on （）

A、comparative advantage B、absolute advantage

C、balance of trade D、quantity of trade

4. The most common form of price discrimination in international trade is （）

A、 dumping B、 reciprocal dumping C、 pure monopoly D、 monopoly

5. In a perfectly competitive market, firms are （）

A、 patterns of trade B、 terms of trade

C、 price takers D、 price setters

三、Answer the following questions chiefly: （30 points）

1. What does the relationship between MR and price depends on？ 2. What are the failings of the Recardian Model？

3. How is trade based on external economies in its effects on national welfare？ 4. What benefits and costs does an export subsidy bring for the exporting country？ 5. In 1986, the price of oil on world markets dropped sharply. Since the United

States is an oil-importing country, this was widely regarded as good for the U.S. economy. Yet, in Texas and Louisiana 1986 was a year of economic decline. Why？

6. What do factor movements include？

四、Justify true or false: （10 points）

1. International factor movements can sometimes substitute for trade. （）

2. Economic growth means an inward shift in a country’s production possibility

frontier. （）

3. In reality, we can observe complete factor price equalization. （）

4. Foreign tariffs are always bad for a country and foreign export subsidies always beneficial. （）

5. The distinctive feature of direct foreign investment is that it involves only a transfer of resources. （）

五、Calculate the following questions: （20 points）

1、Home has 1200 units of labor available. It can produce two goods, and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2.

a、 Graph Home’s production possibility frontier.

b、What is the opportunity cost of apples in terms of bananas？

c、 In the absence of trade, what would the price of apples in terms of bananas be？

Why？

2、The nation of American is “small,”unable to affect world prices. It imports peanuts at the price of ＄10 per bag. The demand curve is D=400-10P.

The supply curve is S=50+5P.

Determine the free trade equilibrium. Then calculate the following effects of an import quota that limits imports to 50 bags.

a、 The increase in the domestic price. b、The quota rents.

c、 The consumption distortion loss. d、The production distortion loss.

六、Translate the following passage into Chinese: （15 points）

1、As a country seeks to employ more labor on a given amount of land, it must move to increasingly labor-intensive techniques of production, and this will normally become increasingly difficult the further the substitution of labor for land goes. 2、The fixed cost in a linear cost function gives rise to economies of scale, because the larger the firm’s output, the less is the fixed cost per unit.

3、There is no good economic justification for regarding dumping as particularly harmful, but U.S. trade law prohibits foreign firms from dumping in our market and automatically imposes tariffs when such dumping is discovered.

4、an economy’s productive capacity is described by its PPF, the differences in PPF bring out trade. Production possibilities determine a country’s RS. World equilibrium is determined by RDW and a RSW that is between the nations’ RS.

5、International trade plays a crucial role: It makes it possible for each country to produce a restricted range of goods and to take advantage of economies of scale without sacrificing variety in consumption.

答案

一、Explain the following nouns: （15 points）

1. International borrowing and lending can be viewed as a kind of international

trade, but one that involves trade of present consumption for future consumption rather than trade of one good for another.

2. Consumer surplus is the difference between the price a consumer actually pays

and the price he would have been willing to pay.

3. Import-biased growth is the growth that biased toward the good a country

imports.

4. Home import demand means that Home consumers demand is more than Home

producers supply.

5. In general, the practice of charging different customers different prices is called

price discrimination.

二、Choose the one that best completes the sentence: （10 points）

A B A A C

三、Answering the following questions chiefly: （30 points） 1、The relationship between MR and price depends on two things： Firstly, it depends on how much output the firm is already selling. Secondly, it depends on the slope of the demand curve.

2、The failings of the Recardian Model：

(1) It has neglected the effects of inter- national trade on the income distribution within countries, and predicted countries as a whole could always gain from trade. In fact, some organized political opposition is much more important than the gains from trade.

(2) It predicts an extreme degree of specialization but not observed in the real world. (3) It has neglected trade system

(4) It has not taken scale economy into the model, and this has weakened its explaining force on the large trade flows between apparently similar nations. (5) It has omitted the costs of labor movements among the industries.

3、Trade based on external economies is ambiguous in its effects on national welfare. On one hand, it may make a country better off; on the other hand, it may also make a country worse off.

4、In the exporting country, consumers lose, producers gain, and the government loses because it must expend money on the subsidy.

5、Texas and Louisiana are states with large oil-producing sectors. The real wage of oil-producing factors of production in terms of other goods falls when the price of oil falls relative to the price of other goods. This was the source of economic decline in these states in 1986.

6、Factor movements include labor migration, the transfer of capital via international borrowing and lending, and the subtle international linkages involved in the formation of multination corporations.

四、Justify true or false: （10 points）

? ? ? ? ?

五、Calculate the following questions:（20 points）

1、a、

the apple

400(1200/3)

Home’s PPF

600( 1200/2) the banana b、The opportunity cost of apples in terms of bananas is 3÷2=1.5.

c、Labor mobility ensures a common wage in each sector and competition ensures the price of goods equals their cost of production. Thus, the relative price equals the relative costs, which equals the wage times the unit labor requirement for apples divided by the wage times the unit labor requirement for bananas. Since wages are equal across sectors, the price ratio equals the ratio of the unit labor requirement, which is 3 apples per 2 bananas.

2、At a price of ＄10 per bag of peanuts, American imports 200 bags of peanuts. A quota limiting the import of peanuts to 50 bags has the following effects: a、 The price of peanuts rises to ＄20 per bag.

b、The quota rents are （＄20-＄10）×50=＄500. c、 The consumption distortion loss is 5×100 bags×＄10 per bag=＄500. d、The production distortion loss is 5×50 bags×＄10 per bag=＄250.

六、Translate the following passage into Chinese: （15 points）

1. 一国要在给定土地上雇佣更多劳动力就必须移向劳动密集型技术的生产。事

实上是很困难的，这是因为土地与劳动力存在替代。

2. 线性成本函数的固定成本引致规模经济。产出越大，单位固定成本越小。 3. 没有好的经济评判方法来认定倾销特别有害。但美国贸易法限制外商倾销，

并自动启动关税。

4. 经济的生产能力是由PPF来决定的。PPF的差异引起贸易。生产可能决定一

国的相对供给状况。世界市场的均衡由相对供给和需求决定。这个相对供给在两国的相对供给之间。

5. 国际贸易的关键作用是使各国生产特定范围产品，并利用规模经济优势，且

不牺牲消费种类组合而且还会增加。

《国际贸易理论与政策》试题及答案

第二套

一、Explain the following nouns:（15 points）

1. 2. 3. 4. 5.

Biased growth Intra-industry trade Consumer surplus Import tariffs Economies of scale

二、Fill in the following blanks with appropriate word or phrase: （10 points）

1. If a country’s opportunity cost of producing one good in terms of other goods is

lower than that in other countries, this country has a __________ in the production of this good.

2. One good’s __________ is the number of another good produced with the same

resources as used in the production of this good.

3. __________ reflects the possibility of all maximum combinations of two goods

that a country can produce by exploiting its limited resources.

4. __________ is the price of one good in terms of the other.

5. __________ of a country’s workers is the amount they’re paid per hour,

compared with the amount in another country are paid per hour.

三、Answer the following questions chiefly: （30 points）

1. What are the failings of the Recardian Model？

2. Why does international trade have strong effects on income distribution？ 3. Why are international market imperfectly integrated？

4. What is an export subsidy？How many kinds has it？What are they？ 5. Why may relative world demand for goods shift？ 6. What do factor movements include？

四、Justify true or false: （10 points）

1. International factor movements can sometimes substitute for trade. （） 2. Trade need be the result of comparative advantage. （）

3. Internal economies of scale leads to a perfectly competitive market structure with

many small firms. （）

4. Inter-industry trade reflects economics of scale. It is comparative advantage that

result in international trade. （）

5. Growth that is export-biased improves the terms of trade. （）

600( 1200/2) the banana

b、The opportunity cost of apples in terms of bananas is 3÷2=1.5.

六、Translate the following passage into Chinese:（15 points）

1、没有好的经济评判方法来认定倾销特别有害。但美国贸易法限制外商倾销，并自动启动关税。

2、基于外部经济的贸易对国民福利的影响比基于比较优势或是企业规模经济更为模糊。

3、知识外溢导致随着行业技术经验的积累而使个体企业生产成本下降。

4、要素的国际流动更多难于政治而非贸易。由此，要素流动易于受到限制。 5、一国要在给定土地上雇佣更多劳动力就必须移向劳动密集型技术的生产。事实上是很困难的，这是因为土地与劳动力存在替代。

《国际贸易理论与政策》试题及答案

第三套

一、Explain the following nouns:（15 points）

1. 2. 3. 4. 5.

Opportunity cost

International borrowing and lending Specific factors model Relative wage Dumping

二、Fill in the following blanks with appropriate word or phrase: （10 points）

1. Owners of a country’s abundant factors__________ from trade, but owners of a

country’s scarce factors__________.

2. _______ leads to a convergence of goods prices, and this convergence , in turn,

also leads to a convergence of factor prices.

3. An economy’s productive capacity is described by its __________, the

differences in which bring out trade;

4. __________ means that countries attempt to promote economic growth and

realize industrialization not via import substitution but via exporting manufactured goods. It is an outward-looking strategy.

三、Answer the following questions chiefly: （30 points）

7. What’s the theory of comparative advantage?

8. Why is trade a source of potential gain for everyone?

9. What do both import tariffs and exports subsidies have terms of trade effects？ 10. How many kinds of economies of scale are there？When do they occur？ 11. What is the significance of intra-industry trade？

12. How does the fact that many goods are nontraded affect the extent of possible

gains from trade？

四、Justify true or false: （10 points）

1. The relative importance of intra-industry and inter-industry trade depends on how

similar countries are. （）.

2. Foreign tariffs are always bad for a country and foreign export subsidies always

beneficial. （）

3. The terms of trade correspond to internal prices. （）

4. In a perfectly competitive market, firms are price setters. （）

5. Growth that is import-biased worsens a country’s terms of trade. （）

五、Calculate the following question: （20 points）

5、Home has 1200 units of labor available. It can produce two goods, and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2. There is now also another country, Foreign, with a labor force of 800. Foreign’s unit labor requirement in apple production is 5, while in banana production it is 1.

a、 Graph Home’s production possibility frontier. b、Graph Foreign’s production possibility frontier. c、 Construct the world relative supply curve.

六、Translate the following passage into Chinese:（15 points）

1、If Home imposes a tariff, it improves its terms of trade at Foreign’s expense. Thus tariffs hurt the rest of the world.

2、International trade plays a crucial role: It makes it possible for each country to produce a restricted range of goods and to take advantage of economies of scale without sacrificing variety in consumption. 3、The fixed cost in a linear cost function gives rise to economies of scale, because the larger the firm’s output, the less is the fixed cost per unit.

4、The number of firms in a monopolistically competitive industry and the prices they charge are affected by the size of the market.

5、There is often no clear comparative advantage within an industry, and much of international trade therefore takes the form of two-way exchanges within industries—probably driven in large part by economies of scale—rather than interindustry specialization driven by comparative advantage.

答案

一、Explain the following nouns: （15 points）

1. One good’s opportunity cost is the number of another good produced with the

same resources as used in the production of this good.

2. International borrowing and lending can be viewed as a kind of international

trade, but one that involves trade of present consumption for future consumption rather than trade of one good for another.

3. Specific factors model allows for a distinction between general-purpose factors

that can move between sectors and factors that are specific to particular uses. In this model, differences in resources can cause countries to have different relative supply curves, and thus cause international trade.

4. The relative wage of a country’s workers is the amount they’re paid per hour,

compared with the amount in another country are paid per hour.

5. Dumping is a pricing practice of charging a lower price for exported goods than

the same goods sold domestically.

二、Fill in the following blanks with appropriate word or phrase: （10 points）

1. 2. 3. 4. 5.

gain; lose; Trade; PPF;

Export-oriented industrialization;

三、Answering the following questions chiefly: （30 points）

1、Prerequisite: labors can move only in their own country; there exists international differences in the productivity of labor.

According to Ricardo reasoned, although international trade could? take place on the basis of absolute advantage, gains from trade on the basis of comparative advantage can also take place.

Trade between two countries can benefit mutually if each country? specializes in and exports the goods in which it has a comparative advantage. Then, the trade becomes a positive-sum game.

The main point of? Ricardian argument is that the basis for and the gains from trade rest on comparative advantage which is due to international differences in the productivity of labor, not absolute advantage.

2、Trade expands the economy’s consumption possibilities: Meaning it’s always possible to redistribute income in such a way that everyone gains from trade.

3、Import tariffs: taxes levied on imports. Exports subsidies: payments given to domestic producers who sell a good abroad.

The distinctive feature of them is that they create a difference between prices at which goods are traded on the world market and their prices within a country.

Tariff: to make imported goods more expensive inside a country than? they are outside.

Export subsidies: to give producers an incentive to? export.

The prices changes change both RS and RD.?

4、There are two kinds of economies of scale :

External economies of scale occur when the cost of per unit of goods depends on the size of the industry;

Internal economies of scale occur when the cost of per unit of goods depends on the size of a firm.

5、In general, industries with high levels of intra-industry trade tend to be manufactured goods. On the other hand, the industries with very little intra-industry trade are mostly labor-intensive products.

6、Gains from trade still exist in the presence of nontraded goods. The gains from trade decline as the share of nontraded goods increases. In other words, the higher the portion of goods which do not enter international marketplace, the lower the potential gains from trade. If transport costs were high enough so that no goods were traded then, obviously, there would be no gains from trade.

四、Justify true or false: （10 points）

? ? ? ? ?

五、Calculate the following question: （20 points）

1、 a、 the apple

400(1200/3)

b、 the apple

160(800/5) c、

relative price of the apple 5/1

Home’s PPF

600( 1200/2) the banana

Foreign’s PPF

800( 800/1) the banana

3/2

1200/3(800/1) relative quantity of the apple

六、Translate the following passage into Chinese:（15 points）

1、如果本国征收关税，以外国为代价改善贸易条件，那么关税就损害了其他国家的利益。

2、国际贸易的关键作用是使各国生产特定范围产品，并利用规模经济优势，且不牺牲消费种类组合而且还会增加。

3、线性成本函数的固定成本引致规模经济。产出越大，单位固定成本越小。 4、市场规模影响垄断竞争行业的企业数量与价格。

5、在产业中无比较优势，国际贸易多因规模经济而非比较优势下的产业间的专业化。

《国际贸易理论与政策》试题及答案

第四套

一、Explain the following nouns:（15 points）

1. 2. 3. 4. 5.

Price discrimination Home import demand Comparative advantage Import-biased growth Specific tariffs

二、Fill in the following blanks with appropriate word or phrase: （10 points）

5. PPF determine an economy’s __________;

6. World equilibrium is determined by__________ and a __________ that is

between the nations’ RS

7. __________trade reflects comparative advantage. It is comparative advantage

that result in international trade.

8. External economies of scale occur when the cost of per unit of goods depends on

the size of the __________.

三、Answer the following questions chiefly: （30 points）

13. I s growth in the rest of the world good or bad for a given country? 14. What does the relationship between MR and price depends on？ 15. When can dumping occur？

16. How is trade based on external economies in its effects on national welfare？ 17. Why will the relative derived demand for Home labor fall when the radio of

Foreign wages rises？

18. In 1986, the price of oil on world markets dropped sharply. Since the United

States is an oil-importing country, this was widely regarded as good for the U.S. economy. Yet, in Texas and Louisiana 1986 was a year of economic decline. Why？

四、Justify true or false: （10 points）

1. Movement of goods and services is not the only form of international integration. （）

2. The distinctive feature of direct foreign investment is that it involves only a

transfer of resources. （）

3. Foreign tariffs are always bad for a country and foreign export subsidies always

beneficial. （）

4. The terms of trade correspond to internal prices. （）

5. In a perfectly competitive market, firms are price setters. （）

五、Calculate the following question: （20 points）

6、The nation of American is “small,”unable to affect world prices. It imports peanuts at the price of ＄10 per bag. The demand curve is D=400-10P.

The supply curve is S=50+5P.

Determine the free trade equilibrium. Then calculate the following effects of an import quota that limits imports to 50 bags.

e、 The increase in the domestic price. f、 The quota rents.

g、The consumption distortion loss. h、The production distortion loss.

六、Translate the following passage into Chinese: （15 points）

1、International trade plays a crucial role: It makes it possible for each country to produce a restricted range of goods and to take advantage of economies of scale without sacrificing variety in consumption.

2、Production possibilities determine a country’s RS.

3、The number of firms in a monopolistically competitive industry and the prices they charge are affected by the size of the market.

5、If Home imposes a tariff, it improves its terms of trade at Foreign’s expense. Thus tariffs hurt the rest of the world.

答案

一、Explain the following nouns: （15 points）

1. In general, the practice of charging different customers different prices is called

price discrimination.

2. Home import demand means that Home consumers demand is more than Home

producers supply.

3. If a country’s opportunity cost of producing one good in terms of other goods is

lower than that in other countries, this country has a comparative advantage in the production of this good.

4. Import-biased growth is the growth that biased toward the good a country

imports.

5. Specific tariffs are taxes levied as a fixed charge for each unit of imported goods.

二、Fill in the following blanks with appropriate word or phrase: （10 points）

1. 2. 3. 4.

RS;

RDW; RSW; Inter-industry; industry;

三、Answering the following questions chiefly: （30 points）

1、Export-biased growth in the rest of the world is good for the given country, improving its terms of trade, while import-biased growth in the rest of the world worsens its terms of trade.

2、The relationship between MR and price depends on two things： Firstly, it depends on how much output the firm is already selling. Secondly, it depends on the slope of the demand curve.

3、Dumping can occur only if two conditions are met. First, the industry must be imperfectly competitive, so that firms set prices rather than taking market prices as given. Second, markets must be segmented, so that domestic consumers can not easily purchase goods intended for export.

4、Trade based on external economies is ambiguous in its effects on national welfare. On one hand, it may make a country better off; on the other hand, it may also make a country worse off.

5、First, as Home labor become more expensive relative to Foreign labor, goods produced in Home also become relatively more expensive, and world demand for these goods falls.

Second, as Home wages rise, fewer goods will be produced in Home and more in Foreign, further reducing the demand for Home labor.

6、Texas and Louisiana are states with large oil-producing sectors. The real wage of oil-producing factors of production in terms of other goods falls when the price of oil falls relative to the price of other goods. This was the source of economic decline in these states in 1986.

四、Justify true or false: （10 points）

? ? ? ? ?

五、Calculate the following question: （20 points）

1、 At a price of ＄10 per bag of peanuts, American imports 200 bags of peanuts. A

quota limiting the import of peanuts to 50 bags has the following effects: e、 The price of peanuts rises to ＄20 per bag.

f、 The quota rents are （＄20-＄10）×50=＄500.

g、The consumption distortion loss is 5×100 bags×＄10 per bag=＄500. h、The production distortion loss is 5×50 bags×＄10 per bag=＄250.

六、Translate the following passage into Chinese: （15 points）

6、国际贸易的关键作用是使各国生产特定范围产品，并利用规模经济优势，且不牺牲消费种类组合而且还会增加。 2、生产可能决定一国的相对供给状况。

3、市场规模影响垄断竞争行业的企业数量与价格。

4、没有好的经济评判方法来认定倾销特别有害。但美国贸易法限制外商倾销，并自动启动关税。

5、如果本国征收关税，以外国为代价改善贸易条件，那么关税就损害了其他国家的利益。

《国际贸易理论与政策》试题及答案

第五套

一、Explain the following nouns:（15 points）

Production possibility frontier Inter-industry trade Export-biased growth Producer surplus Ad valorem tariffs

二、Fill in the following blanks with appropriate word or phrase: （10 points）

9. A tariff drives a wedge between the prices in the two markets, raises the price of a

good in the __________ country and lowers it in the __________ country.

10. __________ is the difference between the price a consumer actually pays and the

price he would have been willing to pay.

11. Export-oriented industrialization means that countries attempt to promote

economic growth and realize industrialization not via __________ substitution but via __________ manufactured goods. It is an outward-looking strategy. 12. The direction of the terms of trade effects depends on the nature of

the_________.

三、Answer the following questions chiefly: （30 points）

19. Does the fact that the country is a part of a trading world economy increase or

decrease the benefits of growth?

20. What is the significance of intra-industry trade？

21. Why can’t we observe complete factor price equalization in reality？

22. What benefits and costs does the tariff bring for the importing country？ 23. Why do countries engage in international trade？

24. Why may a cluster of firms be more efficient than an individual firm in

isolation？

四、Justify true or false: （10 points）

1. Internal economies of scale leads to a perfectly competitive market structure with

many small firms. （）

2. The pattern of intra-industry trade itself is predictable. （）

3. In reality, we can observe complete factor price equalization. （）

4. Other things equal, a rise in a country’s terms of trade increases its welfare. （） 5. Growth that is export-biased improves the terms of trade. （）

五、Discuss the following problems: （20 points）

1、In the United States where land is cheap, the ratio of land to labor used in cattle raising is higher than that of land used in wheat growing. But in more crowded countries, where land is expensive and labor is cheap, it is common to raise cows by using less land and more labor than Americans use to grow wheat. Can we still say that raising cattle is land intensive compared with farming wheat？Why or why not？

2、“The world’s poorest countries cannot find anything to export. There is no resource that is abundant-certainly not capital nor land, and in small poor nations not even labor is abundant.” Discuss.

六、Translate the following passage into Chinese: （15 points）

1、The fixed cost in a linear cost function gives rise to economies of scale, because the larger the firm’s output, the less is the fixed cost per unit.

2、The number of firms in a monopolistically competitive industry and the prices they charge are affected by the size of the market.

3、There is often no clear comparative advantage within an industry, and much of international trade therefore takes the form of two-way exchanges within industries—probably driven in large part by economies of scale—rather than interindustry specialization driven by comparative advantage.

4、There is no good economic justification for regarding dumping as particularly harmful, but U.S. trade law prohibits foreign firms from dumping in our market and automatically imposes tariffs when such dumping is discovered. 5、Trade based on external economies has more ambiguous effects on national welfare than either trade based on comparative advantage or trade based on economies of scale at the level of the firm.

答案

一、Explain the following nouns: （15 points）

1. Production possibility frontier reflects the possibility of all maximum

combinations of two goods that a country can produce by exploiting its limited

2. 3. 4. 5.

resources.

The exchange of trading manufactures for food is called inter-industry trade. Export-biased growth is the growth that disproportionately expands a country’s production possibilities in the direction of the good it exports.

Producer surplus is the difference between the price a producer actually charges and the price he would have been willing to charge.

Ad valorem tariffs are taxes levied as a fraction of the value of the imported goods.

二、Fill in the following blanks with appropriate word or phrase: （10 points）

5. 6. 7. 8.

importing; exporting; Consumer surplus; import; exporting; growth;

三、Answering the following questions chiefly: （30 points）

1、Export-biased growth in the given country worsens its terms of trade, reducing the direct benefits of growth, while import-biased growth improve its terms of trade.

2、In general, industries with high levels of intra-industry trade tend to be manufactured goods. On the other hand, the industries with very little intra-industry trade are mostly labor-intensive products.

3、The reasons:

(1) Differences in resources to remain unspecialized; (2) Natural and artificial barriers to trade; (3) International differences in technology.

4、(1) Domestic producers gain from the tariff. (2) Domestic consumers suffer loss from the tariff.

(3) The government gains from the tariff by collecting tariff revenue.

5、First, countries trade because they are different from each other.

Second, countries trade to achieve economies of scale in production. 6、Three main reasons: the ability of a cluster to support specialized suppliers; the way that a geographically concentrated industry allows labor market pooling; and the way that a geographically concentrated industry helps foster knowledge spillovers.

四、Justify true or false: （10 points）

? ? ? ? ?

五、Discuss the following question: （20 points）

1、The definition of cattle growing as land intensive depends on the ratio of land to

labor used in production, not on the ratio of land or labor to output. The ratio of land to labor in cattle exceeds the ratio in wheat in the United States, implying cattle is land intensive in the United States. Cattle is land intensive in other countries too if the ratio of land to labor in cattle production exceeds the ratio in wheat production in that country. Comparisons between another country and the United States is less relevant for this purpose.

2、What matters is not the absolute abundance of factors, but their relative abundance. Poor countries have an abundance of labor relative to capital when compared to more developed countries.

六、Translate the following passage into Chinese: （15 points）

7、线性成本函数的固定成本引致规模经济。产出越大，单位固定成本越小。 8、市场规模影响垄断竞争行业的企业数量与价格。

9、在产业中无比较优势，国际贸易多因规模经济而非比较优势下的产业间的专业化。

4、没有好的经济评判方法来认定倾销特别有害。但美国贸易法限制外商倾销，

并自动启动关税。

5、基于外部经济的贸易对国民福利的影响比基于比较优势或是企业规模经济更为模糊。

《国际贸易理论与政策》试题及答案

第六套

一、Explain the following nouns:（15 points）

1. 2. 3. 4. 5.

Foreign export supply

Export-oriented industrialization Dumping

Inter-industry trade Exports subsidies

二、Fill in the following blanks with appropriate word or phrase: （10 points）

13. Good prices depend on__________ prices.

14. Owners of a country’s abundant factors__________ from trade, but owners of a

country’s scarce factors__________.

15. _______ leads to a convergence of goods prices, and this convergence , in turn,

also leads to a convergence of factor prices.

16. Internal economies of scale occur when the cost of per unit of goods depends on

the size of a __________.

三、Answer the following questions chiefly: （30 points）

25. What do factor movements include？

26. In 1986, the price of oil on world markets dropped sharply. Since the United

States is an oil-importing country, this was widely regarded as good for the U.S. economy. Yet, in Texas and Louisiana 1986 was a year of economic decline. Why？

27. Why will the relative derived demand for Home labor fall when the radio of

Foreign wages rises？

28. What are the stages of import-substitution？

29. Why can’t we observe complete factor price equalization in reality？ 30. What are the failings of the Recardian Model？

四、Justify true or false: （10 points）

1. Internal economies of scale leads to a perfectly competitive market structure with

many small firms. （）

2. Inter-industry trade reflects economics of scale. It is comparative advantage that

result in international trade. （）

3. Prices of internationally traded goods are not determined by supply and demand.

（）

4. Most economists regard the effects of international trade on income distribution

as a good reason to limit this trade. （）

5. Other things equal, a rise in a country’s terms of trade increases its welfare. （）

五、Discuss the following problems: （20 points）

2、Japan primarily exports manufactured goods, while importing raw materials such as food and oil. Analyze the impact on Japan’s terms of trade of the following events:

a、A war in the Middle East disrupts oil supply.

b、Korea develops the ability to produce automobiles that it can sell in Canada and the United States.

六、Translate the following passage into Chinese: （15 points）

1、If Home imposes a tariff, it improves its terms of trade at Foreign’s expense. Thus tariffs hurt the rest of the world.

4、The number of firms in a monopolistically competitive industry and the prices they charge are affected by the size of the market.

答案

一、Explain the following nouns: （15 points）

1. Foreign export supply means that Foreign producers supply is more than Foreign

consumers demand.

2. Export-oriented industrialization means that countries attempt to promote

economic growth and realize industrialization not via import substitution but via exporting manufactured goods. It is an outward-looking strategy.

3. Dumping is a pricing practice of charging a lower price for exported goods than

the same goods sold domestically.

4. The exchange of trading manufactures for food is called inter-industry trade.

5. Exports subsidies: payments given to domestic producers who sell a good abroad.

二、Fill in the following blanks with appropriate word or phrase: （10 points）

1. 2. 3. 4.

factor; gain; lose; Trade; firm;

三、Answering the following questions chiefly: （30 points）

1、Factor movements include labor migration, the transfer of capital via international borrowing and lending, and the subtle international linkages involved in the formation of multination corporations.

2、Texas and Louisiana are states with large oil-producing sectors. The real wage of oil-producing factors of production in terms of other goods falls when the price of oil falls relative to the price of other goods. This was the source of economic decline in these states in 1986.

3、First, as Home labor become more expensive relative to Foreign labor, goods produced in Home also become relatively more expensive, and world demand for these goods falls.

Second, as Home wages rise, fewer goods will be produced in Home and more in Foreign, further reducing the demand for Home labor.

4、There are two stages of import-substitution:

First, replace imported consumer goods by protecting final stage of industry. Second, replace imported intermediate goods by domestic products.

5、The reasons:

(1) Differences in resources to remain unspecialized; (2) Natural and artificial barriers to trade; (3) International differences in technology.

6、The failings of the Recardian Model：

(2) It predicts an extreme degree of specialization but not observed in the real world.

(3) It has neglected trade system

四、Justify true or false: （10 points）

? ? ? ? ?

五、Discuss the following question: （20 points）

1、The definition of cattle growing as land intensive depends on the ratio of land to

2、 a、Oil supply disruption from the Middle East decreases the supply of raw materials, which increases the world relative supply. The world relative supply curve shifts out, decreasing the world relative price of manufactured goods and deteriorating Japan’s terms of trade.

b、Korea’s increased automobile production increases the supply of manufactures, which increases the world RS. The world relative supply curve shifts out, decreasing the world relative price of manufactured goods and deteriorating Japan’s terms of trade.

六、Translate the following passage into Chinese: （15 points）

10、如果本国征收关税，以外国为代价改善贸易条件，那么关税就损害了其他国家的利益。

11、国际贸易的关键作用是使各国生产特定范围产品，并利用规模经济优势，且不牺牲消费种类组合而且还会增加。

12、线性成本函数的固定成本引致规模经济。产出越大，单位固定成本越小。 13、市场规模影响垄断竞争行业的企业数量与价格。

14、在产业中无比较优势，国际贸易多因规模经济而非比较优势下的产业间的专业化。

《国际贸易理论与政策》试题及答案

第七套

一、Explain the following nouns:（15 points）

1. 2. 3. 4.

Reciprocal dumping Price discrimination Home import demand Opportunity cost

5. International borrowing and lending

二、Fill in the following blanks with appropriate word or phrase: （10 points）

17. External economies of scale leads to a __________ competitive market structure

with many small firms.

18. __________ trade reflects not comparative advantage but economics of scale. 19. As tariff raises the price of a good, consumers lose in the importing country and

gain in the exporting country; producers __________ in the importing country and __________ in the exporting country. In addition, the government imposing the tariff gains revenue.

20. In an idealized model international trade would actually lead to __________ of

the prices of factors such as labor and capital between countries.

三、Answer the following questions chiefly: （30 points）

31. What are the failings of the Recardian Model？

32. Why does international trade have strong effects on income distribution？ 33. What do both import tariffs and exports subsidies have terms of trade effects？ 34. What does the relationship between MR and price depends on？ 35. When can dumping occur？

36. What do factor movements include？

四、Justify true or false: （10 points）

1. In reality, we can observe complete factor price equalization. （）

2. Export-oriented industrialization means that countries attempt to promote

economic growth and realize industrialization via import substitution. It is an outward-looking strategy. （）

3. Prices of internationally traded goods are not determined by supply and demand.

（）

4. Most economists regard the effects of international trade on income distribution

as a good reason to limit this trade. （）

5. Other things equal, a rise in a country’s terms of trade increases its welfare. （）

五、Discuss the following problems: （20 points）

1、For each of the following examples, explain whether this is a case of external or internal economies of scale:

a、Most musical wind instruments in the United States are produced by more than a dozen factories in Elkhart, Indiana.

b、All Hondas sold in the United States are either imported or produced in Marysville, Ohio.

c、All airframes for Airbus, Europe’s only producer of large aircraft, are assembled in Toulouse, France.

d、Hartford, Connecticut, is the insurance capital of the northeastern United States.

2、In perfect competition, firms set price equal to marginal cost. Why is not this

possible when there are internal economies of scale？

六、Translate the following passage into Chinese: （15 points）

1、If Home imposes a tariff, it improves its terms of trade at Foreign’s expense. Thus tariffs hurt the rest of the world.

4、The number of firms in a monopolistically competitive industry and the prices they charge are affected by the size of the market.

答案

一、Explain the following nouns: （15 points）

1. If two firms both dump in the other’s national market, the situation is known as

reciprocal dumping .

2. In general, the practice of charging different customers different prices is called

price discrimination.

3. Home import demand means that Home consumers demand is more than Home

producers supply.

4. One good’s opportunity cost is the number of another good produced with the

same resources as used in the production of this good.

5. International borrowing and lending can be viewed as a kind of international

trade, but one that involves trade of present consumption for future consumption rather than trade of one good for another.

二、Fill in the following blanks with appropriate word or phrase: （10 points）

1. 2. 3. 4.

perfectly; Intra-industry; gain; lose; equalization;

三、Answering the following questions chiefly: （30 points）

1、The failings of the Recardian Model：

(2) It predicts an extreme degree of specialization but not observed in the real world. (3) It has neglected trade system

2、The reasons of international trade has strong effects on income distribution:

(1) Economic resources cannot move immediately or costlessly from a given industry to another.

(2) Industries differ in the factors of production they demand: A shift in the mix of goods that a country produces will ordinarily reduce the demand for some productive factors, while raising the demand for others.

3、Import tariffs: taxes levied on imports. Exports subsidies: payments given to domestic producers who sell a good abroad.

The distinctive feature of them is that they create a difference between prices at which goods are traded on the world market and their prices within a country.

Tariff: to make imported goods more expensive inside a country than? they are outside.

Export subsidies: to give producers an incentive to? export. The prices changes change both RS and RD.?

4、The relationship between MR and price depends on two things： Firstly, it depends on how much output the firm is already selling. Secondly, it depends on the slope of the demand curve.

四、Justify true or false: （10 points）

? ? ? ? ?

五、Discuss the following question: （20 points）

1、Case a and d reflect external economies of scale since concentration of the production of an industry in a few locations reduces the industry’s costs even when the scale of operation of individual firms remains small. External economies need not lead to imperfect competition. The benefits of geographical concentration may include a greater variety of specialized services to support industry operations and larger labor markets or thicker input markets.

Cases b and c reflect internal economies of scale and occur at the level of the individual firm. The larger the output of a product by a particular firm, the lower its average costs. This leads to imperfect competition as in petrochemicals, aircraft, and autos.

2、The profit maximizing output level of a monopolist occurs where marginal revenue equals marginal cost. Unlike the case of perfectly competitive markets, under monopoly marginal revenue is not equal to price. Marginal revenue is always less than price under imperfectly competitive markets because to sell an extra unit of output the firm must lower the price of all units, not just the marginal one.

六、Translate the following passage into Chinese: （15 points）

15、如果本国征收关税，以外国为代价改善贸易条件，那么关税就损害了其他国家的利益。

16、国际贸易的关键作用是使各国生产特定范围产品，并利用规模经济优势，且不牺牲消费种类组合而且还会增加。

17、线性成本函数的固定成本引致规模经济。产出越大，单位固定成本越小。 18、市场规模影响垄断竞争行业的企业数量与价格。

19、在产业中无比较优势，国际贸易多因规模经济而非比较优势下的产业间的专业化。

《国际贸易理论与政策》试题及答案

第八套

一、Explain the following nouns:（15 points）

1. 2. 3. 4. 5.

Specific factors model Relative wage

Export-biased growth Producer surplus Ad valorem tariffs

二、Fill in the following blanks with appropriate word or phrase: （10 points）

21. External economies of scale leads to a __________ competitive market structure

with many small firms.

22. __________ trade reflects not comparative advantage but economics of scale. 23. As tariff raises the price of a good, consumers lose in the importing country and

gain in the exporting country; producers __________ in the importing country and __________ in the exporting country. In addition, the government imposing the tariff gains revenue.

24. In an idealized model international trade would actually lead to __________ of

the prices of factors such as labor and capital between countries.

三、Answer the following questions chiefly: （30 points）

37. What are the failings of the Recardian Model？

38. Why does international trade have strong effects on income distribution？ 39. What do both import tariffs and exports subsidies have terms of trade effects？ 40. What is the significance of intra-industry trade？ 41. When can dumping occur？

42. Why may a cluster of firms be more efficient than an individual firm in

isolation？

四、Justify true or false: （10 points）

1. External and internal economies of scale have the same effects on the structure of

industries. （）

2. Export-oriented industrialization means that countries attempt to promote

economic growth and realize industrialization via import substitution. It is an outward-looking strategy. （）

3. The pattern of intra-industry trade itself is predictable. （）

4. Most economists regard the effects of international trade on income distribution

as a good reason to limit this trade. （）

5. Other things equal, a rise in a country’s terms of trade increases its welfare. （）

五、Discuss the following problems: （20 points）

1、Evaluate the relative importance of economies of scale and comparative advantage in causing the following:

a、 Most of the world’s aluminum is smelted in Norway or Canada. b、Half of the world’s large jet aircrafts are assembled in Seattle.

c、 Most semiconductors are manufactured in either the United States or Japan. d、Most Scotch whiskey comes from Scotland. e、 Much of the world’s best wine comes from France.

2、There are some shops in Japan that sell Japanese goods imported back from the United States at a discount over the prices charged by other Japanese shops. How is this possible？

六、Translate the following passage into Chinese: （15 points）

1、an economy’s productive capacity is described by its PPF, the differences in PPF bring out trade.

2、Production possibilities determine a country’s RS. 3、The fixed cost in a linear cost function gives rise to economies of scale, because the larger the firm’s output, the less is the fixed cost per unit.

4、The number of firms in a monopolistically competitive industry and the prices they charge are affected by the size of the market.

答案

一、Explain the following nouns: （15 points）

1. Specific factors model allows for a distinction between general-purpose factors

2. The relative wage of a country’s workers is the amount they’re paid per hour,

compared with the amount in another country are paid per hour.

3. Export-biased growth is the growth that disproportionately expands a country’s

production possibilities in the direction of the good it exports.

4. Producer surplus is the difference between the price a producer actually charges

and the price he would have been willing to charge.

5. Ad valorem tariffs are taxes levied as a fraction of the value of the imported

goods.

二、Fill in the following blanks with appropriate word or phrase: （10 points）

5. 6. 7. 8.

perfectly; Intra-industry; gain; lose; equalization;

三、Answering the following questions chiefly: （30 points）

1、The failings of the Recardian Model：

(2) It predicts an extreme degree of specialization but not observed in the real world. (3) It has neglected trade system

2、The reasons of international trade has strong effects on income distribution:

(1) Economic resources cannot move immediately or costlessly from a given industry to another.

3、Import tariffs: taxes levied on imports. Exports subsidies: payments given to domestic producers who sell a good abroad.

The distinctive feature of them is that they create a difference between prices at which goods are traded on the world market and their prices within a country.

Tariff: to make imported goods more expensive inside a country than? they are outside.

Export subsidies: to give producers an incentive to? export.

The prices ch?anges change both RS and RD.

4、In general, industries with high levels of intra-industry trade tend to be manufactured goods. On the other hand, the industries with very little intra-industry trade are mostly labor-intensive products.

5、Dumping can occur only if two conditions are met. First, the industry must be imperfectly competitive, so that firms set prices rather than taking market prices as given. Second, markets must be segmented, so that domestic consumers can not easily purchase goods intended for export. 6、Three main reasons: the ability of a cluster to support specialized suppliers; the way that a geographically concentrated industry allows labor market pooling; and the way that a geographically concentrated industry helps foster knowledge spillovers.

四、Justify true or false: （10 points）

? ? ? ? ?

五、Discuss the following question: （20 points）

1、a、The relatively few locations for production suggest external economies of scale in production. If these operations are large, there may also be large internal economies of scale in production.

b、Since economies of scale are significant in airplane production, it tends to be done by a small number of firms at a limited number of locations. One such location is Seattle, where Boeing produces.

c、Since external economies of scale are significant in semiconductor production, semiconductor industries tend to be concentrated in certain geographic locations. If for some historical reasons, a semiconductor is established in a specific location, the export of semiconductors by that country is due to economies of scale and not comparative advantage.

d、“True” scotch whiskey can only come from Scotland. The production of scotch whiskey requires a technique known to skilled distillers who are concentrated in the region. Also, soil and climactic conditions are favorable for grains used in local scotch production. This reflects comparative advantage.

e、France has a particular blend of climactic conditions and land that is difficult to reproduce elsewhere. This generates a comparative advantage in wine production.

2、The Japanese producers are price discriminating across United States and Japanese markets, so that the goods sold in the United States are much cheaper than those sold in Japan. It may be profitable for other Japanese to purchase these goods in the United States, incur any tariffs and transportation costs, and resell the goods in Japan. Clearly, the price differential across markets must be non-trivial for this to be profitable. 六、

Translate the following passage into Chinese: （15 points）

20、 21、 22、 23、 24、

经济的生产能力是由PPF来决定的。PPF的差异引起贸易。生产可能决定一国的相对供给状况。线性成本函数的固定成本引致规模经济。产出越大，单位固定成本越小。市场规模影响垄断竞争行业的企业数量与价格。

在产业中无比较优势，国际贸易多因规模经济而非比较优势下的产业间

的专业化。

《国际贸易理论与政策》试题及答案

第九套

一、Explain the following nouns:（15 points）

1. 2. 3. 4. 5.

Biased growth Intra-industry trade Consumer surplus Specific factors model Ad valorem tariffs

二、Fill in the following blanks with appropriate word or phrase: （10 points）

25. External economies of scale leads to a __________ competitive market structure

with many small firms.

26. If a country’s opportunity cost of producing one good in terms of other goods is

lower than that in other countries, this country has a__________ in the production of this good.

27. In an idealized model international trade would actually lead to __________ of the prices of

factors such as labor and capital between countries.

28. As tariff raises the price of a good, consumers lose in the importing country and

gain in the exporting country; producers __________ in the importing country and __________ in the exporting country. In addition, the government imposing the tariff gains revenue.

三、Answer the following questions chiefly: （30 points）

43. Why does international trade have strong effects on income distribution？ 44. What do both import tariffs and exports subsidies have terms of trade effects？ 45. What benefits and costs does the tariff bring for the importing country？

46. What benefits and costs does an export subsidy bring for the exporting country？ 47. Why do countries engage in international trade？ 48. Why may relative world demand for goods shift？

四、Justify true or false: （10 points）

6. External and internal economies of scale have the same effects on the structure of

industries. （）

7. Export-oriented industrialization means that countries attempt to promote

economic growth and realize industrialization via import substitution. It is an outward-looking strategy. （）

8. Growth that is export-biased improves the terms of trade. （）

9. Tariffs and export subsidies are often treated as similar policies, since they both

seem to support domestic producers, and they have same effects on the terms of

trade. （）

10. Other things equal, a rise in a country’s terms of trade increases its welfare. （）

五、Discuss the following problems: （20 points）

1、Which of the following are direct foreign investments, and which are not？ a、A Saudi businessman buys ＄10 million of IBM stock. b、The same businessman buys a New York apartment building.

c、A French company merges with an American company; stockholders in the U.S. company exchange their stock for shares in the French firm.

d、An Italian firm builds a plant in Russia and manages the plant as a contractor to the Russia government.

2、The Karma Computer Company has decided to open a Brazilian subsidiary. Brazilian import restrictions have prevented the firm from selling into that market, while the firm has been unwilling to sell or lease its patents to Brazilian firms because it fears this will eventually hurt its technological advantage in the U.S. market. Analyze Karma’s decision in terms of the theory of multinational enterprise.

六、Translate the following passage into Chinese: （15 points）

1、an economy’s productive capacity is described by its PPF, the differences in PPF bring out trade.

4、The number of firms in a monopolistically competitive industry and the prices they charge are affected by the size of the market.

答案

一、Explain the following nouns: （15 points）

1. Biased growth: the PPF shifts out more in one direction than in the other.

2. The exchange of trading manufactures for manufactures is called intra-industry

trade.

3. Consumer surplus is the difference between the price a consumer actually pays

and the price he would have been willing to pay.

4. Specific factors model allows for a distinction between general-purpose factors

5. Ad valorem tariffs are taxes levied as a fraction of the value of the imported

goods.

二、Fill in the following blanks with appropriate word or phrase: （10 points）

1. 2. 3. 4.

perfectly;

comparative advantage; equalization; gain; lose;

三、Answering the following questions chiefly: （30 points）

1、The reasons of international trade has strong effects on income distribution:

(1) Economic resources cannot move immediately or costlessly from a given industry to another.

2、Import tariffs: taxes levied on imports. Exports subsidies: payments given to domestic producers who sell a good abroad.

The distinctive feature of them is that they create a difference between prices at which goods are traded on the world market and their prices within a country.

Tariff: to make imported goods more expensive inside a country than? they are outside.

Export subsidies: to give producers an incentive to? export. The prices changes change both RS and RD.?

3、(1) Domestic producers gain from the tariff. (2) Domestic consumers suffer loss from the tariff.

(3) The government gains from the tariff by collecting tariff revenue. 4、In the exporting country, consumers lose, producers gain, and the government loses because it must expend money on the subsidy.

5、First, countries trade because they are different from each other. Second, countries trade to achieve economies of scale in production.

6、(1) Taste may change;

(2) Technology may also change demand.

四、Justify true or false: （10 points）

? ? ? ? ?

五、Discuss the following question: （20 points）

1、 a、＄10 million is not a controlling interest in IBM, so this does not qualify as direct foreign investment. It is international portfolio diversification.

b、This is direct foreign investment if one considers the apartment building a business which pays returns in terms of rents.

c、Unless particular U.S. shareholders will not have control over the new French company, this will not be direct foreign investment.

d、This is not direct foreign investment since the Italian company is an “employee,”but not the ones which ultimately control, the company.

2、In terms of location, the Karma company has avoided Brazilian import restrictions. In terms of internalization, the firm has retained its control over the technology by not divulging its patents.

六、Translate the following passage into Chinese: （15 points）

25、经济的生产能力是由PPF来决定的。PPF的差异引起贸易。 26、生产可能决定一国的相对供给状况。 27、线性成本函数的固定成本引致规模经济。产出越大，单位固定成本越小。 28、市场规模影响垄断竞争行业的企业数量与价格。

29、在产业中无比较优势，国际贸易多因规模经济而非比较优势下的产业间的专业化。

《国际贸易理论与政策》试题及答案

第十套

一、Explain the following nouns:（15 points）

1. 2. 3. 4. 5.

Import tariffs Economies of scale Foreign export supply

Export-oriented industrialization Dumping

二、Fill in the following blanks with appropriate word or phrase: （10 points）

29. If a country’s opportunity cost of producing one good in terms of other goods is

lower than that in other countries, this country has a__________ in the production of this good.

30. In an idealized model international trade would actually lead to __________ of the prices of

factors such as labor and capital between countries.

31. __________ reflects the possibility of all maximum combinations of two goods

that a country can produce by exploiting its limited resources.

32. Good prices depend on__________ prices.

33. The direction of the terms of trade effects depends on the nature of

the_________.

三、Answer the following questions chiefly: （30 points）

49. Why does international trade have strong effects on income distribution？ 50. What do both import tariffs and exports subsidies have terms of trade effects？ 51. What benefits and costs does the tariff bring for the importing country？

52. Why will the relative derived demand for Home labor fall when the radio of

Foreign wages rises？

53. Why do countries engage in international trade？ 54. Why may relative world demand for goods shift？

四、Justify true or false: （10 points）

1. Other things equal, a rise in a country’s terms of trade increases its welfare. （） 2. The exchange of trading manufactures for manufactures is called inter-industry

trade. （）

3. Economic growth means an inward shift in a country’s production possibility

frontier. （）

4. Growth that is export-biased improves the terms of trade. （）

5. Tariffs and export subsidies are often treated as similar policies, since they both

seem to support domestic producers, and they have same effects on the terms of trade. （）

五、Discuss the following problems: （20 points）

1、Why might import-substituting industrialization be more successful in large developing countries such as Brazil than in smaller nations such as Ghana？

2、“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.” Explain this remark.

3、Suppose the U.S. government were able to determine which industries will grow most rapidly over the next 20 years. Why doesn’t this automatically mean that the nation should have a policy of supporting these industries’ growth？

六、Translate the following passage into Chinese: （15 points）

2、International factor movement tends to raise even more political difficulties than international trade. Thus factor movements are subject to more restriction than trade in goods.

4、The number of firms in a monopolistically competitive industry and the prices they charge are affected by the size of the market.

5、If Home imposes a tariff, it improves its terms of trade at Foreign’s expense. Thus tariffs hurt the rest of the world.

答案

一、Explain the following nouns: （15 points）

1. Import tariffs: taxes levied on imports.

2. Economies of scale is from a tendency of unit costs to be lower with larger

output.

3. Foreign export supply means that Foreign producers supply is more than Foreign

consumers demand.

4. Export-oriented industrialization means that countries attempt to promote

economic growth and realize industrialization not via import substitution but via exporting manufactured goods. It is an outward-looking strategy.

5. Dumping is a pricing practice of charging a lower price for exported goods than

the same goods sold domestically.

二、Fill in the following blanks with appropriate word or phrase: （10 points）

5. 6. 7. 8. 9.

comparative advantage; equalization;

Production possibility frontier; factor; growth;