Reading 19 – International Trade & Capital Flows

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1、Reading19–InternationalTrade&CapitalFlows©2011CFAInstitute.Allrightsreserved.1.Whichofthefollowingstatementsbestdescribesthebenefitsofinternationaltrade?A.Countriesgainfromexchangeandspecialization.B.Countriesreceivelowerpricesfortheirexportsandpayhigherpricesforimports.C.Absoluteadvantag

2、eisrequiredforacountrytobenefitfromtradeinthelongterm.2.Whichofthefollowingstatementsbestdescribesthecostsofinternationaltrade?A.Countrieswithoutanabsoluteadvantageinproducingagoodcannotbenefitsignificantlyfrominternationaltrade.B.Resourcesmayneedtobeallocatedintooroutofanindustryandless-

3、efficientcompaniesmaybeforcedtoexitanindustry,whichinturnmayleadtohigherunemployment.C.Lossofmanufacturingjobsindevelopedcountriesasaresultofimportcompetitionmeansthatdevelopedcountriesbenefitfarlessthandevelopingcountriesfromtrade.3.SupposethecostofproducingtearelativetocopperislowerinTe

4、alandthaninCopperland.Withtrade,thecopperindustryinCopperlandwouldmostlikely:A.expand.B.contract.C.remainstable.4.Acountryhasacomparativeadvantageinproducingagoodif:A.itisabletoproducethegoodatalowercostthanitstradingpartner.B.itsopportunitycostofproducingthegoodislessthanthatofitstrading

5、partner.C.itsopportunitycostofproducingthegoodismorethanthatofitstradingpartner.5.SupposeMexicoexportsvegetablestoBrazilandimportsflashlightsusedforminingfromBrazil.Theoutputperworkerperdayineachcountryisasfollows:FlashlightsVegetablesMexico2060Brazil40806.Whichcountryhasacomparativeadvan

6、tageintheproductionofvegetablesandwhatisthemostrelevantopportunitycost?A.Brazil:2vegetablesperflashlight.B.Mexico:1.5vegetablesperflashlight.C.Mexico:flashlightpervegetable.6.Supposethreecountriesproducerulersandpencilswithoutputperworkerperdayineachcountryasfollows:RulersPencilsMexico204

7、0Brazil3090China40160Whichcountryhasthegreatestcomparativeadvantageintheproductionofrulers?A.China.B.Brazil.C.Mexico.7.IntheRicardiantrademodel,comparativeadvantageisdeterminedby:A.technology.B.thecapital-to-laborratio.C.theleveloflaborproductivity.8.IntheRicardiant