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D. the closer Px/Py with trade settles to nation 1's pretrade Px/Py

11. If Px/Py exceeds the equilibrium relative Px/Py with trade

A. the nation exporting commodity X will want to export more of X than at equilibrium

B. the nation importing commodity X will want to import less of X than at uilibrium

C. Px/Py will fall toward the equilibrium Px/Py *D. all of the above

12. With free trade under increasing costs:

A. neither nation will specialize completely in production B. at least one nation will consume above its production frontier C. a small nation will always gain from trade *D. all of the above

13. Which of the following statements is false?

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A.The gains from trade can be broken down into the gains from exchange and the gains from specialization

B. gains from exchange result even without specialization *C. gains from specialization result even without exchange D. none of the above

14. The gains from exchange with respect to the gains from specialization are always: A. greater B. smaller C. equal

*D. we cannot say without additional information

15. Mutually beneficial trade cannot occur if production frontiers are: A. equal but tastes are not B. different but tastes are the same C. different and tastes are also different *D. the same and tastes are also the same.

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思考题：

国际贸易的标准理论与大卫.李嘉图的比较优势原理有何异同？

两国仅仅由于需求偏好不同可以进行市场分工和狐狸贸易吗？

两国仅仅由于要素禀赋不同和/或生产技术不同可以进行分工和贸易吗? Chapter 4: Demand and Supply, Offer Curves, and the Terms of Trade Multiple Choice Questions

1. Which of the following statements is correct?

A. The demand for imports is given by the excess demand for the commodity B. the supply of exports is given by the excess supply of the commodity C. the supply curve of exports is flatter than the total supply curve of the commodity

*D. all of the above

2. At a relative commodity price above equilibrium

A. the excess demand for a commodity exceeds the excess supply of the commodity

B. the quantity demanded of imports exceeds the quantity supplied of exports

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*C. the commodity price will fall D. all of the above

3. The offer curve of a nation shows: A. the supply of a nation's imports B. the demand for a nation's exports

C. the trade partner's demand for imports and supply of exports *D. the nation's demand for imports and supply of exports

4. The offer curve of a nation bulges toward the axis measuring the nations A. import commodity *B. export commodity

C. export or import commodity D. nontraded commodity

5. Export prices must rise for a nation to increase its exports because the nation: A. incurs increasing opportunity costs in export production

B. faces decreasing opportunity costs in producing import substitutes

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