The principal benefit of tariff protection

QUESTION 5 points Saved The principal benefit of tariff protection goes to: a. domestic consumers of the good produced O b.foreign consumers of the good produced O c. domestic producers of the good produced O d. · foreign producers of the good produced QUESTION 2 5 points Save Answer Arguments for protection against imported products assume that: restricting trade by limiting competition will encourage growth in a particular industry sector in the domestic market all of these restricting trade will provide economic benefits to developing nations restricting trade will decrease the level of national security QUESTION 3 5 points Save Answer Firms should regularly assess from where their foreign products are being sourced to ensure: O a. they are taking advantage of lower tariffs in countries being offered preferential treatment as a result of a program or agreement O b. costs stay constant over time O c. they are minimizing competition in the existing industry O d. the government is collecting revenue QUESTION 4 5 points Save Answer A firm is considered to be dumping product when its producers receive government funding to offset production costs its producers do not adhere to the environmental rules for disposing of waste imposed by the World Trade Organization its producers are comprised of labor union controlled manufacturing facilities it charges foreign buyers a lower price than domestic buyers for the same product QUESTION 5 5 points Save Answer Nontariff barriers include all of the following except: 0 a. a government-sponsored “Buy American” policy Ob a corporate income tax O c. technical standards on product ingredients that tend to favor domestic products over imported products O d. policies for bidding on government contracts that exclude or discriminate against foreign producers QUESTION 6 5 points Save Answer A decrease in the import tariff will result in: O a an increase in the price of the imported product but a decrease in quantity purchased O b. an increase in imports but a decrease in domestic production O c. a decrease in the price of the imported product and a decrease in quantity purchased O d. a decrease in imports but an increase in domestic production a QUESTION 7 5 points Save Answer A firm that faces problems of falling sales and excess productive capacity might resort to sporadic product dumping if it: O a. can charge higher prices in markets that are elastic to price changes O b. earns revenues on foreign sales that, at least, cover variable costs on a limited amount of product can sell the product at a higher price in the foreign market d.

is able to force foreign prices below marginal production costs O C. QUESTION 8 5 points Save Answer Government export subsidies: are granted to producers of goods to be sold only in developing countries are a voluntary export restraint agreement have an economic impact identical to that of implementing a quota may lead to countervailing duties as a punitive response QUESTION 9 5 points Save Answer The most vocal political pressure for tariffs is generally made by: O a. consumers lobbying for export tariffs O b. producers lobbying for import tariffs O c. consumers lobbying for import tariffs O d. producers lobbying for export tariffs QUESTION 10 5 points Save Answer Globalization has been driven by all of the following except: access to information technology cultural norms O speedy transportation QUESTION 11 5 points Save Answer The Mercantilists would have objected to: O a. trade policies designed to accumulate gold and other precious metals O trade based on open markets O c. use of tariffs or quotas to restrict imports O d. export promotion policies initiated by the government QUESTION 12 5 points Save Answer A main advantage of specialization results from: O a. the specializing country behaving as a monopoly O b.economies of large-scale production O c. high wages paid to foreign workers d. smaller productions capabilities which result in lower costs for producers QUESTION 13 5 points Save Answer Which international organization defines procedures for the settlement of international trade disputes? O a. Organization of Economic Development O b. World Bank OC. International Monetary Fund O d. World Trade Organization QUESTION 14 5 points Save Answer of multilateral trade negotiations.

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The World Trade Organization was established during the O Uruguay Round Clinton Round Tokyo Round Kennedy Round QUESTION 15 QUESTION 15 5 points Save Answer The Smoot-Hawley Tariff Act of 1930 has generally been associated with: O increasing the volume of global trade rising employment rates in the US intensifying the worldwide depression falling tariffs QUESTION 16 5 points Save Answer If a nation has an open economy it means that the nation: places a relatively high level of importance on trade as it relates to total GDP allows private ownership of capital encourages domestic production of the same goods and services does not restrict internet usage by its citizens auction QUESTION 17 5 points Save Answer The World Trade Organization provides for all of the following except: a. the usage of the normal-trade-relation (most favored nation) clause Ob. assistance in the settlement of trade disagreements C. multilateral tariff reductions O d. bilateral tariff reductions QUESTION 18 5 points Save Answer International trade forces domestic firms to become more competitive in all of the following except: O a. product price b.federal minimum wage c. introduction of new products d. production design and quality QUESTION 19 5 points Save Answer A nation’s import tariffs may burden domestic manufacturers by all of the following except: O increasing the cost of components needed for production increasing the likelihood of retaliatory tariffs by our trading partners O increasing the cost of living decreasing wages for domestic workers QUESTION 20 5 points Save Answer A central policy lesson of the principle of comparative advantage is that a nations gains from international trade: by generating larger export surpluses if GDP grows by more than 5% a quarter by producing those goods for which it is relatively more efficient than other nations if it is larger than its trading partners

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