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170. Multiple Choice: In a single year, Argentina can raise...
Question In a single year, Argentina can raise 100 tons of beef or produce 1,000 boxes of
tulips. In the same growing season, Venezuela can raise 50 tons of beef or produce
750 boxes of tulips. When the two countries begin trading beef for tulips, we would
expect the price of beef in Argentina:
171. Multiple Choice: In a single year, Argentina can raise...
Question In a single year, Argentina can raise 100 tons of beef or produce 1,000 boxes of
tulips. In the same growing season, Venezuela can raise 50 tons of beef or produce
750 boxes of tulips. When the two countries begin trading beef for tulips, we would
expect the total surplus from beef consumption and production to:
172. Multiple Choice: In a single year, Argentina can raise...
Question In a single year, Argentina can raise 100 tons of beef or produce 1,000 boxes of
tulips. In the same growing season, Venezuela can raise 50 tons of beef or produce
750 boxes of tulips. When the two countries begin trading beef for tulips, we would
expect the price of beef in Venezuela:
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173. Multiple Choice: In a single year, Argentina can raise...
Question In a single year, Argentina can raise 100 tons of beef or produce 1,000 boxes of
tulips. In the same growing season, Venezuela can raise 50 tons of beef or produce
750 boxes of tulips. When the two countries begin trading beef for tulips, we would
expect the consumer surplus from beef consumption to:
174. Multiple Choice: When a domestic market begins to expo...
Question When a domestic market begins to export goods to and import goods from a foreign
market:
175. Multiple Choice: If a domestic market begins to export...
Question If a domestic market begins to export goods to and import goods from a foreign
market, we can assume that:
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176. Multiple Choice: Compared with autarky, international ...
Question Compared with autarky, international trade leads to ________ production in
exporting industries and ________ production in import-competing industries.
177. Multiple Choice: Policies that limit imports, usually ...
Question Policies that limit imports, usually with the goal of protecting domestic producers in
import-competing industries from foreign competition, are known as:
178. Multiple Choice: Restrictions on free international tr...
Question Restrictions on free international trade designed to protect domestic industries from
competitive market forces that originate beyond the borders of the country are:
179. Multiple Choice: Figure: The Market for Laptop Sleeves...
Question
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Figure: The Market for Laptop Sleeves
Reference: Ref 8-19
(Figure: The Market for Laptop Sleeves) Look at the figure The Market for Laptop
Sleeves. Identify the area or areas of consumer surplus when a tariff raises the
domestic price from the world price to P1.
180. Multiple Choice: Figure: The Market for Laptop Sleeves...
Question Figure: The Market for Laptop Sleeves
Reference: Ref 8-19
(Figure: The Market for Laptop Sleeves) Look at the figure The Market for Laptop
Sleeves. Identify the area or areas of deadweight loss when a tariff raises the
domestic price from the world price to P1.
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181. Multiple Choice: Figure: The Market for Laptop Sleeves...
Question Figure: The Market for Laptop Sleeves
Reference: Ref 8-19
(Figure: The Market for Laptop Sleeves) Look at the figure The Market for Laptop
Sleeves. Identify the area or areas of government tax revenue when a tariff raises the
domestic price from the world price to P1.
182. Multiple Choice: If the United States placed larger ta...
Question If the United States placed larger tariffs on all textiles, then:
183. Multiple Choice: An example of a tariff is a:
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Question An example of a tariff is a:
184. Multiple Choice: If Japan levies tariffs on U.S. goods...
Question If Japan levies tariffs on U.S. goods entering Japan, this will tend to:
185. Multiple Choice: If a country imposes a tariff on impo...
Question If a country imposes a tariff on imported shoes, we expect the domestic price of
shoes to ________, domestic consumption to ________, and domestic production
to ________.
186. Multiple Choice: Figure: A Tariff on Oranges in South ...
Question
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Figure: A Tariff on Oranges in South Africa
Reference: Ref 8-20
(Figure: A Tariff on Oranges in South Africa) Look at the figure A Tariff on Oranges in
South Africa. When the government imposes a tariff on imported oranges, the price
of oranges in South Africa rises from PW to PT and the volume of imports falls to:
187. Multiple Choice: (Figure: A Tariff on Oranges in South...
Question (Figure: A Tariff on Oranges in South Africa) Look at the figure A Tariff on Oranges in
South Africa. When the government imposes a tariff on imported oranges, the price
of oranges in South Africa rises from PW to PT and domestic consumer surplus
________ to ________.
188. Multiple Choice: (Figure: A Tariff on Oranges in South...
Question
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(Figure: A Tariff on Oranges in South Africa) Look at the figure A Tariff on Oranges in
South Africa. When the government imposes a tariff on imported oranges, the price
of oranges in South Africa rises from PW to PT and domestic producer surplus
________ to ________.
189. Multiple Choice: (Figure: A Tariff on Oranges in South...
Question (Figure: A Tariff on Oranges in South Africa) Look at the figure A Tariff on Oranges in
South Africa. When the government imposes a tariff on imported oranges, the price
of oranges in South Africa rises from PW to PT and there's a net ________ to total
surplus of ________.
190. Multiple Choice: A tariff imposed on Japanese imports ...
Question A tariff imposed on Japanese imports into the United States tends to:
191. Multiple Choice: The United States places a tariff on ...
Question The United States places a tariff on imported Brazilian ethanol. The impact of this
tariff on the domestic ethanol market is a ________ domestic price, ________
consumer surplus, and ________ producer surplus.
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192. Multiple Choice: A tariff ________ the price received ...
Question A tariff ________ the price received by domestic producers and ________ the price
paid by domestic consumers.
193. Multiple Choice: A tariff is most likely to ________ p...
Question A tariff is most likely to ________ prices and ________ consumption of the good or
service being protected.
194. Multiple Choice: A tax imposed by a government on impo...
Question A tax imposed by a government on imported goods or services is a:
195. Multiple Choice: If Japan levies tariffs on U.S. goods...
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Question If Japan levies tariffs on U.S. goods entering Japan, this will tend in the short run to:
Answer benefit both Japanese and U.S. producers.
196. Multiple Choice: Which of the following is an example ...
Question Which of the following is an example of a tariff?
Answer A regulation specifying that each imported Yamaha motorcycle must meet
certain emission exhaust guidelines.
197. Multiple Choice: In the importing country, the most li...
Question In the importing country, the most likely effect of a tariff on a good is to:
198. Multiple Choice: If a country imposes a tariff on impo...
Question If a country imposes a tariff on imported shoes, we expect the domestic price of
shoes to ________ and the quantity of shoes consumed in the domestic market to
________ .
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rise; rise
199. Multiple Choice: If a country removes a tariff on impo...
Question If a country removes a tariff on imported shoes, we expect the domestic price of
shoes to ________ and the quantity of shoes consumed in the domestic market to
________ .
Answer fall; fall
200. Multiple Choice: If Canada imposes a tariff of $5 per ...
Question If Canada imposes a tariff of $5 per bottle on French wine, the most likely effect will
be to raise the price of wine in Canada by:
Answer more than $5 per bottle.
201. Multiple Choice: Assume that a tariff is imposed on Ch...
Question Assume that a tariff is imposed on Chinese imports into the United States. This tariff
is likely to:
Answer penalize both U.S. and Chinese producers.
202. Multiple Choice: A tariff imposed on U.S. imports into...
Question A tariff imposed on U.S. imports into Japan tends to:
Answer
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203. Multiple Choice: A tax on imports of foreign goods is ...
Question A tax on imports of foreign goods is called:
Answer a quota.
204. Multiple Choice: A regulation that specifies the maxim...
Question A regulation that specifies the maximum amount of a good or service that may be
imported during a specified period is:
205. Multiple Choice: An example of a quota is a:
Question An example of a quota is a:
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206. Multiple Choice: Assume that the United States imposes...
Question Assume that the United States imposes a quota on Columbian coffee. Relative to
the equilibrium world price that would exist in the absence of quotas, it is likely that
the equilibrium price of coffee in the United States will ________ and the equilibrium
price of coffee in Columbia will ________.
Answer decrease; remain the same
207. Multiple Choice: Assume that the United States imposes...
Question Assume that the United States imposes a quota on Scottish wool suits. Relative to
the equilibrium price that would exist in the absence of quotas, the equilibrium price
of suits in the United States will most likely ________ and the equilibrium price of
suits in Scotland will most likely ________.
Answer remain the same; decrease
208. Multiple Choice: If the United States imposes a quota ...
Question If the United States imposes a quota on French wines, the result in the short run is
likely to be ________ profits for American wine producers and ________ profits for
French wine producers.
Answer lower; lower
209. Multiple Choice: A direct restriction on the quantity ...
Question A direct restriction on the quantity of an import is called a(n):
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210. Multiple Choice: If quota rents do not accrue to the g...
Question If quota rents do not accrue to the government, then the net loss from a quota is
________ the deadweight loss from an equivalent tariff.
Answer less than
211. Multiple Choice: In the case of U.S. import protection...
Question In the case of U.S. import protection, quota rents for the most important import
licenses are earned by:
212. Multiple Choice: Which of the following is an example ...
Question Which of the following is an example of an import quota?
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213. Multiple Choice: Assume that the United States imposes...
Question Assume that the United States imposes a quota on Italian shoes. Relative to the
equilibrium world price that would exist in the absence of quotas, the equilibrium
price of shoes in the United States will most likely ________, and the equilibrium
price of shoes in Italy will most likely ________.
214. Multiple Choice: The most likely effects of tariffs an...
Question The most likely effects of tariffs and/or quotas are to ________ prices and to
________ consumption of the protected goods in the importing country.
Answer raise; raise
215. Multiple Choice: The main difference between a tariff ...
Question The main difference between a tariff and a quota is:
Answer a quota reduces imports more sharply than a tariff.
216. Multiple Choice: Suppose the United States auctioned o...
Question Suppose the United States auctioned off all import quotas, the auctions were
perfectly competitive, and the government received the revenues from the auction. In
this case, the deadweight loss from a quota would be ________ the deadweight loss
from an equivalent tariff.
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Answer less than
217. Multiple Choice: If the United States removed the tari...
Question If the United States removed the tariffs and quotas on sugar, then:
Answer consumer surplus would not change.
218. Multiple Choice: Which of the following best describes...
Question Which of the following best describes the most likely effects of a tariff or a quota?
Answer The tariff or quota will raise prices and increase the consumption of the
protected goods in the importing country.
219. Multiple Choice: In the importing country, the most li...
Question In the importing country, the most likely effects of tariffs and/or import quotas is to
________ prices and ________ consumption of the protected goods.
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reduce; reduce
220. Multiple Choice: Tariffs and import quotas always:
Question Tariffs and import quotas always:
Answer increase the quantity of imports as compared to free trade.
221. Multiple Choice: Which of the following is a common ar...
Question Which of the following is a common argument for trade protection?
increased productivity
222. Multiple Choice: The infant industry argument for trad...
Question The infant industry argument for trade protection states that:
Answer small, traditional industries such as handicrafts should be protected from foreign
competition or they would not be able to survive.
223. Multiple Choice: In 2002, the steel industry argued th...
Question In 2002, the steel industry argued that higher tariffs on steel were necessary to help
fight the war on terrorism. This is an example of the:
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Answer infant industry argument.
224. Multiple Choice: According to the infant industry argu...
Question According to the infant industry argument for import protection, such protection is
needed because:
Answer foreign workers are often paid less than American workers.
225. Multiple Choice: If the executives of the U.S. silicon...
Question If the executives of the U.S. silicon-chip industry lobby Congress for protection from
imports on the grounds that theirs is a new industry that needs time to develop
technological efficiency, they are using the:
Answer environmental standards argument.
226. Multiple Choice: If the executives of the U.S. silicon...
Question If the executives of the U.S. silicon-chip industry lobby Congress for protection from
imports on the grounds that the military should have an unrestricted domestic
supply of silicon chips, they are using:
Answer the infant industry argument.
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227. Multiple Choice: The job creation argument for protect...
Question The job creation argument for protection against free trade:
228. Multiple Choice: Many countries engage in trade protec...
Question Many countries engage in trade protection by imposing import tariffs or quotas for at
least some goods. This is because:
229. Multiple Choice: Import protections are often imposed ...
Question Import protections are often imposed because:
Answer import protections increase total surplus, even though some groups are harmed.
230. Multiple Choice: The organization that oversees global...
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Question The organization that oversees global trade negotiations and settles trade disputes
among its members is the:
Answer World Bank.
231. Multiple Choice: Which statement is not true about the...
Question Which statement is not true about the World Trade Organization (WTO)?
Answer The WTO provides the framework for complex negotiations involved in major
international trade agreements.
232. Multiple Choice: In which of the following areas does ...
Question In which of the following areas does the United States significantly limit imports?
Answer computers
233. Multiple Choice: Which of the following oversees inter...
Question Which of the following oversees international trade agreements?
Answer NAFTA
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