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"economics"exercise:International trade

来源: 正保会计网校 2020-12-01
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Questions 1:

The production capabilities of two countries for computers and phones is as follows:

1

Country X is best described as having a comparative advantage over Country Y for producing:

A 、computers.

B 、phones.

C、 phones and computers.

Questions 2:

A country’s international transactions accounts data for last year are presented in its domestic currency:

2

The current account balance is closest to:

A 、–4,087.

B、 –4,216.

C 、–4,345.

View answer resolution
【Answer to question 1】A

【analysis】

A is correct. A country has a comparative advantage if its opportunity cost for producing a product is less than its trading partners: the cost of a computer in units of phones is lowest for Country X.

3

Country X has an absolute advantage over country Y in producing both computers and phones.

 B is incorrect because Country Y has the higher opportunity cost in making phones.

 C is incorrect because Country Y has a comparative advantage in making phones. lowest for Country X.

【Answer to question 2】A

【analysis】

A is correct.

4

C is incorrect. It mixes up the direction of flow for the income payments and receipts and the unilateral transfers 

Exports + Income payments made + Unilateral transfers paid = 10,000 + 1,107 + 2,519 + 1,107 = 13,626 

Imports + Income payments received + Unilateral transfers received = 14,216 + 3,409 + 346 = 17,971 

13,626 – 17,971 = –4,345 

B is incorrect. It is simply Exports – Imports: 10,000 – 14,216 = –4,216

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