CHAPTER 6
Multiple Choice Questions
1.
Which of the following is two-way trade in which the country both exports and imports products that are the same or similar? a. net trade
b. product differentiation trade c. intra-industry trade d. internal trade
Which of the following is the value of the difference between exports and imports for a product?
a. product differentiation b. net trade
c. intra-industry trade d. constant returns to trade
Which of the following is not an example of intra-industry trade? a. Europe exports Airbus airplanes and imports Boeing airplanes. b. Americans export Jeeps and import Jaguars. c. Japan exports cars and imports oil.
d. America exports films to the rest of the world and imports foreign films.
Which of the following statements about intra-industry trade is accurate? (1) (2) (3) a. b. c. d.
Intra-industry trade occurs primarily between developed countries. Intra-industry trade is less prevalent where trade barriers are low.
Intra-industry trade has become more prominent over the last 50 years. (1) + (2) (2) + (3) (1) + (3)
(1) + (2) + (3)
2.
3.
4.
5.
Which of the following is the formula for the intra-industry trade (IIT) share? a. 1 – (Sum of |X – M|) b. 1 – (Sum of X + M)
c. 1 – (Sum of |X – M|/Sum of X + M) d. X – M
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6.
7.
Which of the following refers to the situation that arises when consumers view products produced in an industry as similar, but not perfect substitutes for each other? a. product differentiation b. net trade
c. intra-industry trade d. constant returns to trade
Assuming both long-run adjustments of factor inputs and constant factor input prices, average cost does not change when the quantity of output changes with _______. a. internal scale economies b. external scale economies c. economies of scale
d. constant returns to scale
_______ exist if increasing expenditures on all inputs increases the output quantity by a larger percentage.
a. Constant returns to scale b. Economies of scale c. Product differentiations d. Monopolies
If the expansion of the size of a firm is responsible for a decline in average cost, then _______ are present.
a. internal scale economies b. external scale economies c. product differentiations d. constant returns to scale
When the average cost of the typical firm declines as the output of the industry within a geographic area increases we call that: a. internal scale economies b. external scale economies c. product differentiations d. constant returns to scale
Which of the following is a market structure in which a large number of firms compete vigorously with each other in producing and selling varieties of a basic product? a. oligopoly b. monopoly
c. product differentiation d. monopolistic competition
If a global industry is dominated by a few large firms, we call that market structure: a. oligopoly
8.
9.
10.
11.
12.
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13.
b. monopoly
c. product differentiation d. monopolistic competition
14. An individual firm in a monopolistically competitive market will produce where marginal revenue is _______ the marginal cost and unit cost _______ as the number of varieties in the market increases.
a. greater than; increases b. equal to; increases c. less than; decreases d. greater than; decreases
15. In a monopolistically competitive market, as the number of varieties increases, the price
_______ because the demand for each variety becomes more _______. a. increases; elastic b. decreases; inelastic c. increases; inelastic d. decreases; elastic
16. In a monopolitistically competitive market, as the number of varieties increases, the price
_______ and the unit cost _______. a. increases; increases b. increases; decreases c. decreases; increases d. decreases; decreases
17. Which of the following is the basis for trade in a monopolistically competitive market?
a. scale economies
b. product differentiation c. constant returns to scale d. net trade
18. Which of the following is not an effect of intra-industry trade with a monopolistically competitive market?
a. There are considerable national gains that arise from trade because there is an
increase in the number of varieties of products available in the country.
b. There are national gains because the trade results in lower prices on domestic
varieties.
c. Total output of the domestic industry increases as a result of trade.
d. There are few shifts in production between industries that would affect factor prices.
The market structure in which one firm dominates the global industry for a good is called: a. oligopoly b. monopoly
c. product differentiation d. monopolistic competition
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19.
Which of the following statements about economic welfare in an industry with external economies after the initiation of trade is not accurate?
a. Consumers in the exporting country lose consumer surplus. b. Producers in importing countries lose producer surplus. c. Consumers in the importing country gain consumer surplus. d. Producers in the exporting country gain producer surplus.
Answers: cbccc adbab dabbd cbca
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