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Unit 3 Exercise

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1. Multiple choices:

1. Which of the following is not an assumption of the Hechscher-Ohlin model? a. Markets are competitive.

b. Technology is the same across countries.

c. The supply of factors of production grows over time. d. Factors of production can be used in different industries.

2. If Country A is defined as “relatively capital-abundant” in relation to Country B by the “price” definition of factor abundance, then the price of labor relative to the price of capital is ____ in Country A would export relatively ____ good s to Country B. a. higher; capital-intensive b. higher; labor-intensive c. lower; capital-intensive d. lower; labor-intensive

3. What is the main difference between the Hechscher-Ohlin model and the Ricardian model?

a. Unlike in the Ricardian model, endowments of factors of production affect trade patterns in the Hechscher-Ohlin model.

b. Unlike in the Ricardian model, factors are mobile across industries in the Hechscher-Ohlin model.

c. Unlike in the Ricardian model, trade is not assumed to be free in the Hechscher-Ohlin model.

d. Unlike in the Ricardian model, all factors of production gain as a result of trade in the Hechscher-Ohlin model.

4. What does the Hechscher-Ohlin model predict about the pattern of trade? a. Each country sells abundant factors of production.

b. Each country specializes in the production of goods that use available technology efficiently.

c. The pattern of trade depends on the size of the economy.

d. Each country specializes in the production of goods that use its abundant factors intensively.

5. If relatively capital abundant Country A opens trade with relatively labor abundant Country B and the trade takes place in accordance with the Heckscher-Ohlin theorem, what would be the consequence for factor prices (w/r) in the two countries? a. (w/r) rises in A and falls in B b. (w/r) rises in A and also rises in B c. (w/r) falls in A and rises in B d. (w/r) falls in A and also falls in B

6. The Hechscher-Ohlin model predicts that prices of factors of production equalize across countries. But we do not observe factor price equalization principally because____.

a. the Hechscher-Ohlin model is not useful

b. prices of goods are inconsistently measured across countries.

c. there are differences in technology across countries that the Hechscher-Ohlin model ignores.

d. there are non-tradable goods that the Hechscher-Ohlin model does not account for. 7. An implication of the Hechscher-Ohlin theorem is that____.

a. if two countries have identical tastes, then no trade will occur between them.

b. the relative price of a country’s scarce factor of production will rise when the country is opened to trade.

c. income distribution in a country does not change when a country is opened to trade. d. two countries with identical tastes can still have a basis for trade if factor endowments of the countries differ and if factor intensities of the commodities differ.

Unit 12 Exercises

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1. Multiple-choice questions:

1. The sale of particular goods such as ornaments, jewels, paintings, artworks, etc. is usually made by____.

a. sale as seen b. sale by buyer’s sample c. sale by seller’s sample d. sale by specifications

2. The sample reproduced by the seller according to the buyer’s sample for the buyer’s confirmation is called____.

a. duplicate sample b. confirming sample c. reference sample d. buyer’s sample 3. The most widely adopted method sale is ____.

a. sale by sample b. sale as seen

c. sale by specifications d. sale by trade mark and brand

4. According to the CISG, if the quantity of goods the seller delivers is greater than the contracted quantity, ____.

a. the buyer must accept the excess quantity. b. the buyer is entitled to reject all the goods

c. the buyer is entitled to reject the excess quantity d. all of the above are not correct.

5. Which of the following is China’s official metrical system? a. The metric system b. The British system

c. The American system d. The international system of units (SI)

6. At present, which of the following is not the system of weight and measures commonly used in international trade?

a. SI b. The French System c. The British system d. The metric system

7. The weight applicable for weighing products with unstable moisture contents such as wool, cotton, raw silk, etc. is ____.

a. conditioned weight b. theoretic weight c. net weight d. dry weight

8. The use of shipping mark on the outer packing is not aimed at ____. a. promoting the sales of goods

b. facilitating shipping and storing

c. preventing the goods from being wrongly delivered or shipped

d. facilitating the identification and count of the goods in the process of loading and unloading

2. True or False questions:

1. Although the British system and the American system of weights and measures are closely related, there are a number of differences between them.

2. According to the CISG, if the buyer takes delivery of all or part of the excess quantity delivered by the seller, he must pay for it at the contract rate.

3. The quantity clause in the contract provides “500M/T 10% more or less at seller’s option”. This means the quantity delivered by the seller can be less than 450M/T or more than 550M/T.

4. All the marks on the outer packages are called shipping marks. 5. China’s GSI country codes are 960-965.

6. Packing charges are usually included in price.

7. Theoretically, use of hard currency (currency that is reliable and stable and more in demand) as payment currency is beneficial to the exporter.

Unit 13 Exercise

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1. Multiple-choice questions:

1. the most commonly used mode of transport in international trade is ____. a. air transport b. road transport c. ocean transport d. railway transport

2. If an item is marked with “M” in the tariff, then the liner rate for this item is collected on ____.

a. its unit b. its weight c. its capacity d. its measurement 3. FIO in the voyage charter-party means that the shipowner is ____. a. only responsible for the charges of loading. b. only responsible for the charges of unloading.

c. responsible for both the loading and unloading charges

d. responsible neither for the loading charges nor for the unloading charges 4. Liner terms in the voyage charter-party mean that the shipowner is ____. a. only responsible for loading charges b. only responsible for unloading charges

c. responsible for both the loading and unloading charges

d. responsible neither for the loading charges nor for the unloading charges

5. In voyage charter, shipowner is only responsible for loading charges under____. a. FI b. FO c. FIO d. Liner terms 6. Lay days are commonly expressed as ____.

a. running days b. working days

c. weather working days d. eight hours’ working days

7. Which of the following modes provides door-to-door container service or house-to-house container service?

a. CY/CY b. CY/CFS c. CFS/CY d. CFS/CFS 8. Container capacity is measured in ____.

a. FEU (Forty-foot Equivalent Units) b. TEU (Twenty-foot Equivalent Units) c. EEU (Eight-foot Equivalent Units) d. NEU (Nineteen-foot Equivalent Units) 9. The document which can be transferred by endorsement is ____.

a. rail waybill b. air waybill c. sea waybill d. order bill of lading 10. Which of the following are not rules governing bill of lading? a. The Hague Rules b. The Hague-Visby Rules c. The Hamburg Rules d. The New York Rules

11.In the field of consignee of a B/L, “To order of ABC CO. Ltd” is marked. This B/L is ____.

a. a straight B/L b. a blank B/L c. an order B/L d. a direct B/L 12. Marin Bs/L perform a number of functions except____.

a. evidence of the contract of carriage b. receipt for the goods shipped c. document of title to goods d. non-negotiable document

13. Which of the following terms on the B/L shows that the bill of lading is a clean B/L?

a. One carton short b. Insufficient packing c. In apparent good order and condition d. Missing safety seal 14. The issuance of ____ is unlawful.

a. stale Bs/L b. on deck Bs/L c. anti-dated Bs/L d. charter-party Bs/L 2. True or false questions

1. Ocean transport is a very fast mode of transport.

2. Time charter generally does not include loading and unloading costs in the charter rate.

3. In voyage charter, the vessel is under the control of the charterer who is responsible for equipping and manning the vessel.

4. A “B/L blank endorsed” refers to the B/L without any endorsement. 5. All Bs/L are transferable.

6. A bill of lading with a notation of “insufficient packing” is a foul bill of lading. 7. A short form bill of lading is usually not acceptable.

8. According to the CISG, in the absence of terms as to whether transshipment is allowed or not in the contract, transshipment is to be construed as allowed.

9. Time charter means that the charterer hires the vessel for a period of time without crew.

10. Dispatch money and demurrage clause normally appear in the time charter-party.

Unit 14 Exercise

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I. Multiple-choice questions: