"economics"exercise:International trade

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來源: 正保會(huì)計(jì)網(wǎng)校編輯：小鞠橘桔 2020/12/01 09:49:41　字體：大小

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Questions 1:

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

economics exercise:International trade

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:

economics exercise:International trade

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.

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.

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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