quiz_trade_policy
贸易政策代写 1. Import tariffs are ___________ on imports, and import quotas are ____________ on imports. a. subsidies; taxes b. quantity limits; subsidies
1.
Import tariffs are ___________ on imports, and import quotas are ____________ on imports.
a. subsidies; taxes
b. quantity limits; subsidies
c. taxes; quantity limits
d. quantity limits; taxes
2.
What is an “export subsidy”?
a. a payment by one government to another for exports
b. a payment (or other benefit) to domestic firms by their government to help them sell exports more cheaply
c. the rule that says all exports must be taxed before they leave the port
d. a provision that exporters must get their payments indirectly through a third party
3. 贸易政策代写
Export subsidies are a form of trade policy in which:
a. the importer taxes imports.
b. the exporter taxes imports.
c. the importer pays a lower price than what the exporter receives.
d. the exporter receives a higher price than what the buyer pays.
4.
The General Agreement on Tariffs and Trade focused on:
a. raising tariffs on agricultural products.
b. lowering trade restrictions between countries.
c. promoting full employment worldwide.
d. increasing trade restrictions between countries.
5. 贸易政策代写
What is the name of the MOST recent round of WTO negotiations?
a. the Doha Round
b. the Kyoto Round
c. the Geneva Accord
d. the Paris Round
6.
One feature of the GATT and now the WTO is that all member nations get the same treatment from their trading partners in terms of trade rules and restrictions. This provision is:
a. beggar thy neighbor.
b. the good neighbor policy.
c. rotating obligations.
d. the most favored nation clause.
7. 贸易政策代写
The most favored nation clause requires that a WTO member:
a. reduces a tariff on imports from one WTO trading partner and applies the lower tariff to imports from all other WTO members.
b. reduces a tariff on imports from one WTO trading partner and applies the lower tariff to imports from all other countries.
c. increases a tariff on imports from one WTO trading partner and raises the tariff on imports from most other WTO members.
d. increases a tariff on imports from one WTO trading partner and raises the tariff on imports from all other countries.
8.
Which principle of the GATT/WTO do regional trade agreements violate?
a. the principle of first mover
b. the targeting principle
c. the most favored nation principle
d. the principle of comparative advantage
9. 贸易政策代写
What GATT provision did the United States use to justify levying tariffs on steel imports (unsuccessfully) in 2002?
a. antidumping duties
b. export subsidization
c. safeguard provision
d. national security
10.
Which of the following is an exception to the most favored nation principle?
a. trade in petroleum
b. trade with Japan
c. tariff concessions negotiated within a free-trade area or a customs union
d. trade in services
11. 贸易政策代写
The safeguard provision or escape clause allows a country to:
a. import products below cost from foreign countries.
b. export products by selling below cost to foreign countries.
c. avoid tariffs in foreign countries temporarily.
d. temporarily increase tariffs on certain imported goods.
12.
A customs union is different from a free-trade area, in that:
a. a free-trade area allows for free movement of factors, whereas a customs union does not.
b. a free-trade area allows for uniform tariffs, whereas a customs union does not.
c. a free-trade area removes trade barriers between member countries, whereas a customs union adopts identical tariffs with the rest of the world.
d. a customs union removes trade barriers between member countries, whereas a free-trade area adopts identical tariffs with the rest of the world.
13. 贸易政策代写
China is now a member of the World Trade Organization. For China, one of the benefits of WTO membership is:
a. the right to impose antidumping duties on its exports.
b. the right to increase tariffs on all its imports.
c. the right to subsidize all its exports.
d. the right to impose antidumping duties on its imports.
14.
Consumer surplus is:
a. the difference between the price of a product and consumers’ valuation of the last unit of the product purchased.
b. the difference between the price of a product and what consumers were willing to pay for the product.
c. the difference between the discounted price of a product and its retail price.
d. the difference between the price paid by consumers and the price required of producers.
15. 贸易政策代写
The difference between the price consumers are willing to pay and the price that they actually pay is known as:
a. price discrimination.
b. government surplus.
c. consumer surplus.
d. producer surplus.
16.
Figure: Consumer Surplus
When the price of the product is $15, the consumer surplus is:
a. $441.
b. $256.
c. $13.
d. $15.
17.
Figure: Consumer Surplus
By how much will consumer surplus increase if the price of the product decreases to $10?
a. $441
b. $256
c. $185
d. $160
18.
When firms are able to sell units of a good at a price higher than the marginal cost of production, they are getting:
a. consumer surplus.
b. higher efficiency.
c. producer surplus.
d. marginal utility.
19. 贸易政策代写
Suppose that consumer demand is given by this equation: P = 10 – Q. What is the value of consumer surplus when P = 5?
a. $5
b. $12.50
c. $25
d. $50
20.
Producer surplus is:
a. the difference between the price of a product and the marginal cost of producing the product.
b. the difference between the price of a product and what consumers were willing to pay for the product.
c. the difference between the discounted price of a product and its retail price.
d. the difference between the price of a product and its average cost of production.
21. 贸易政策代写
Suppose that the supply curve is given by this equation: P = Q. What is the value of producer surplus when P = 10?
a. $25
b. $50
c. $100
d. $500
22.
We can measure producer and consumer surplus by looking at a graph of supply and demand. Consumer surplus is:
a. the area above the supply curve but below the equilibrium price.
b. the area below the demand curve but greater than the equilibrium price.
c. the area below the demand curve all the way down to the quantity axis.
d. the combined triangular area below the demand curve and above the supply curve.
23. 贸易政策代写
We can measure producer and consumer surplus by looking at a graph of supply and demand. Producer surplus is:
a. the area above the supply curve but below the equilibrium price.
b. the area below the demand curve but greater than the equilibrium price.
c. the area below the demand curve all the way down to the quantity axis.
d. the combined triangular area below the demand curve and above the supply curve.
24.
How many units will a country import if S = P represents its home supply curve, D = 100 – P represents its home demand curve, and the world price is $25?
a. 25
b. 50
c. 75
d. 100
25. 贸易政策代写
A small country in international trade faces:
a. a perfectly elastic world supply curve.
b. a perfectly inelastic world supply curve.
c. a perfectly elastic world demand curve.
d. a perfectly inelastic world demand curve.
26.
Figure: The Import-Competing Industry
Suppose that, with free trade, the world price of the product is $15. In comparison to a no-trade situation, with free trade, producer surplus:
a. increases to $75.
b. decreases to $75.
c. increases to $150.
d. decreases to $150.
27.
Figure: Home’s Import-Competing Industry
What is the domestic price before trade?
a. $100
b. $800
c. $50
d. $1,300
28.
Figure: Home’s Import-Competing Industry
What is the domestic price after trade?
a. $100
b. $800
c. $50
d. $1,300
29.
Figure: Home’s Import-Competing Industry
What is the consumer surplus after trade?
a. triangle ADB
b. triangle AEC
c. quadrangle DEBC
d. triangle EFG
30.
Suppose that the world price of radios is above the no-trade domestic price. In that case, the country:
a. imports radios at the world price.
b. imports radios at the no-trade domestic price.
c. exports radios at the world price.
d. exports radios at the no-trade domestic price.
31. 贸易政策代写
Suppose that the equations S = 2P and D = 6 – P represent a small country’s home supply and home demand curves, and the free-trade world price is $1. If the government imposed a 50% tariff on imports, how much revenue would it collect as a result of the tariff? (Note: It is possible to consume partial units of this product, such as 2.5 units.)
a. $1.50
b. $2.75
c. $0.50
d. $0.75
32.
Suppose that the free-trade price of a ton of steel is €500. (Note: € is the symbol for the euro, a common currency used in 19 European countries, including Finland.) Finland, a small country, imposes a €60 per ton specific tariff on imported steel. With the tariff, Finland produces 300,000 tons of steel and consumes 600,000 tons of steel. What is the purpose of this €60 per ton tariff?
a. Its purpose is to protect Finnish steel consumers from foreign competition.
b. Its purpose is to protect Finnish steel producers and consumers from the World Trade Organization.
c. Its purpose is to protect Finnish steel producers from foreign competition.
d. Its purpose is to cause Finland to comply with provisions of the General Agreement on Tariffs and Trade.
33. 贸易政策代写
Suppose that the free-trade price of a ton of steel is €500. (Note: € is the symbol for the euro, a common currency used in 19 European countries, including Finland.) Finland, a small country, imposes a €60 per ton specific tariff on imported steel. With the tariff, Finland produces 300,000 tons of steel and consumes 600,000 tons of steel. Who will gain and who will lose as a result Finland’s €60 per ton tariff on imported steel?
a. Both Finnish steel producers and steel consumers will be worse off with the tariff than without it.
b. Finnish steel producers will be better off; Finnish steel consumers will be worse off with the tariff than without it.
c. Finnish steel producers will be worse off; Finnish steel consumers will be better off with the tariff than without it.
d. Both Finnish steel producers and steel consumers will be better off with the tariff than without it.
34. 贸易政策代写
Suppose that the free-trade price of a ton of steel is €500. (Note: € is the symbol for the euro, a common currency used in 19 European countries, including Finland.) Finland, a small country, imposes a €60 per ton specific tariff on imported steel. With the tariff, Finland produces 300,000 tons of steel and consumes 600,000 tons of steel. What is likely to happen to Finnish production of steel and the price of steel sold in Finland after the €60 per ton tariff is imposed?
a. Finnish steel production will fall, and the Finnish price of steel will fall.
b. Finnish steel production will rise, and the Finnish price of steel will fall.
c. Finnish steel production will fall, and the Finnish price of steel will rise.
d. Finnish steel production will rise, and the Finnish price of steel will rise.
35. 贸易政策代写
Suppose that the free-trade price of a ton of steel is €500. (Note: € is the symbol for the euro, a common currency used in 19 European countries, including Finland.) Finland, a small country, imposes a €60 per ton specific tariff on imported steel. With the tariff, Finland produces 300,000 tons of steel and consumes 600,000 tons of steel. Suppose that the €60 per ton tariff caused Finnish production of steel to increase by 100,000 tons and Finnish consumption of steel to fall by 100,000 tons. What is the value of Finland’s welfare loss due to the tariff?
a. 200,000 tons
b. €6 million
c. €12 million
d. €15 million
36.
Figure: Home Market 1
The home market shown in the figure has imposed a _____ tariff.
a. $3
b. $16
c. $6
d. $22
37.
Figure: Home Market 1
Under free trade, the home country will import:
a. 26 units.
b. 22 units.
c. 16 units.
d. 10 units.
38.
Figure: Home Market 1
After the imposition of the tariff, the producer surplus in the home country:
a. decreases by $84.
b. increases by $72.
c. increases by $84.
d. increases by $64.
39.
Figure: Home Market 1
The government revenue due to the tariff is:
a. $84.
b. $14.
c. $48.
d. $8.
40.
Figure: Home Market 1
After the imposition of the tariff, the consumer surplus in the home country:
a. decreases by $144.
b. decreases by $84.
c. decreases by $72.
d. increases by $72.
41.
Figure: Home Market 1
What is the deadweight loss because of the tariff?
a. $24
b. $12
c. $48
d. $44
42.
How did the WTO react to the U.S. imposition of steel tariffs in 2002?
a. It said that even though the tariffs were high, it was okay because of the escape clause.
b. It suspended the United States temporarily, stripping it of all its rights in the organization.
c. It made the United States promise to repeal the tariff as soon as possible.
d. It allowed other nations to impose tariffs on U.S. exports to retaliate.
43. 贸易政策代写
Which of the following is a possible reason for a country to impose a tariff?
a. A tariff discourages domestic production.
b. A tariff reduces the benefits for domestic producers.
c. A tariff is a source of revenue for the government.
d. A tariff will encourage domestic consumers to buy foreign goods.
44.
How does a tariff imposed by a large country differ from a tariff imposed by a small country?
a. If a large nation imposes a tariff, that government gets more revenue.
b. It may not have any effect at all in the large country, since its consumers have so many other choices.
c. Because of its size, the large nation’s tariff not only decreases the quantity demanded of the product but may also reduce the world price of the good.
d. The large nation can just buy up foreign producers if the foreign producers don’t like having a tariff imposed.
45. 贸易政策代写
Foreign supply curves facing a large country differ from those facing a small country. Large countries face _____________ foreign supply curves, and small countries face ______________ foreign supply curves.
a. perfectly price-elastic; upward-sloping
b. upward-sloping; perfectly price-elastic
c. downward-sloping; perfectly price-elastic
d. upward-sloping; downward-sloping
46.
When a large country imposes a tariff, the burden is often shared by:
a. foreign consumers and domestic producers.
b. domestic consumers and foreign producers.
c. all producers and consumers in each nation equally.
d. its government.
47. 贸易政策代写
If a large country imposes a tariff:
a. its economic welfare may increase.
b. its economic welfare must always fall.
c. its economic welfare will increase if its deadweight losses exceed gains from its terms-of-trade effect.
d. the tariff will have the same impact as an identical tariff imposed by a small country.
48.
Who bears the burden of the terms-of-trade effect when a large country imposes a tariff?
a. foreign consumers
b. foreign producers
c. domestic producers
d. domestic consumers
49. 贸易政策代写
If a large country imposes a tariff:
a. the terms-of-trade effect may offset deadweight losses on its economy.
b. the terms-of-trade effect can never offset deadweight losses on its economy.
c. there will be no terms-of-trade effect.
d. the country will always be worse off.
50.
The United States applies a 25% tariff on imported pickup trucks (mainly from Japan). If the United States is considered a “large” country, then the U.S. price of imported Japanese pickup trucks will increase by:
a. 25%.
b. less than 25%.
c. more than 25%.
d. 35%.
51.
Figure: Home Market 2
For the large country in the graph, the free-trade price of the product is ______ and the amount imported is _________.
a. $20; 30
b. $25; 10
c. $15; 30
d. $15; 10
52.
Figure: Home Market 2
Now suppose that the large country in the graph imposes a tariff. How large is the tariff?
a. $10
b. $20
c. $25
d. $15
53.
Figure: Home Market 2
The foreign producers in the figure absorbed _____ of the overall tariff.
a. $10
b. $8
c. $5
d. 10%
54.
Figure: Home Market 2
The net welfare loss for the home country because of the tariff is:
a. $50.
b. $25.
c. $0.
d. $100.
55. 贸易政策代写
Suppose that the United States is a large country. In fall 2009, the United States imposed tariffs on tires imported from China. The deadweight losses of these tariffs were larger than the terms-of-trade gains to the U.S. economy. Who was better off and who was worse off as a result of these tariffs?
a. U.S. tire workers were better off; U.S. consumers and Chinese tire producers were worse off.
b. U.S. tire workers, U.S. consumers, and Chinese tire producers were all worse off.
c. U.S. tire workers and Chinese tire producers were better off; U.S. consumers were worse off.
d. U.S. tire workers and U.S. consumers were better off; Chinese tire producers were worse off.
56. 贸易政策代写
Which of the following is NOT an effect of an import quota imposed by a small nation?
a. It raises producer prices.
b. It generates revenue for the nation.
c. It causes more production by domestic industries.
d. It causes a reduction in imports of the product.
57.
Quota rents are:
a. the extra return to quota license holders following imposition of a quota.
b. the extra return to land that occurs following imposition of a quota.
c. the difference between imports with no quota and imports with the quota.
d. the extra payment to labor that occurs following imposition of a quota.
58. 贸易政策代写
Who collects quota rents when the government gives quota licenses to domestic firms?
a. domestic consumers
b. foreign suppliers
c. domestic producers
d. the government
59.
Dumping occurs when a foreign monopolist charges ______ price in the domestic market than(as) in a foreign market.
a. a lower
b. a higher
c. the same
d. an equivalent
60. 贸易政策代写
In general, an export subsidy:
a. discourages foreign sales in favor of domestic sales.
b. encourages firms to export rather than sell domestically.
c. penalizes producers that export.
d. justifies government involvement in helping firms export.
61.
An export subsidy works to _______________ the price of exported products for producers to encourage _______________ production.
a. lower; less
b. lower; more
c. raise; more
d. raise; less
62. 贸易政策代写
Suppose that the world price of sugar is $100 per ton. If a small country gives its sugar exporters a subsidy of $50 per ton, then the world price of sugar will:
a. rise to $150 per ton.
b. fall to $50 per ton.
c. remain at $100 per ton.
d. first rise to $150 per ton, then fall to $100 per ton.
63.
Suppose that the world price of sugar is $100 per ton. If a small country gives its sugar exporters a subsidy of $50 per ton, then its exporters will receive:
a. $150 per ton.
b. $50 per ton.
c. $100 per ton.
d. first $150 per ton, then $100 per ton.
64. 贸易政策代写
Suppose that the world price of sugar is $100 per ton. If a small country gives its sugar exporters a subsidy of $50 per ton, then its domestic price of sugar will:
a. fall by $50 per ton.
b. rise by $50 per ton.
c. remain unchanged at $100 per ton.
d. first fall to $50 per ton, then rise to $100 per ton.
65.
Suppose that the world price of sugar is $100 per ton. If a small country gives its sugar exporters a subsidy of $50 per ton, then domestic consumption of sugar will:
a. fall.
b. rise.
c. remain unchanged.
d. first fall, then rise.
66. 贸易政策代写
Suppose that a large country decides to reduce its agricultural export subsidies by 50%. Will the country gain or lose?
a. The country will always gain by reducing its subsidies.
b. The country will always lose by reducing its subsidies.
c. The country will gain if the reduction in its deadweight losses exceeds its terms-of-trade gains.
d. The country will gain if its terms-of-trade gains exceed the reduction in its deadweight losses.
67.
The WTO is a _____, involving many countries, with an agreement to lower tariffs between all members.
a. bilateral trade organization
b. trilateral trade organization
c. multilateral trade organization
d. quasipolitical organization
68. 贸易政策代写
A regional trade agreement involves:
a. most, if not all, of the nations in the world.
b. several nations, usually trading partners, with a common agenda or geographically linked.
c. nations that agree to trade only with nations in their region.
d. a region of the world with not only trade issues but also political cohesiveness.
69.
The WTO is considered a _____, whereas NAFTA and the European Union are _____.
a. free-trade area; cartels
b. cartel; multilateral agreements
c. free-trade area; multilateral agreements
d. multilateral agreement; regional trade agreements
70. 贸易政策代写
U.S. firms can produce and sell electric fans for $25. The United States can also import electric fans from China at $19 each and from Canada at $20 each. Electric fans made in the United States, China, and Canada are identical. Currently, the United States imposes a 30% tariff on imported electric fans. Without a regional trade agreement, from which country(ies) will the United States import fans?
a. China
b. Canada
c. neither China nor Canada
d. both China and Canada
71.
U.S. firms can produce and sell electric fans for $25. The United States can also import electric fans from China at $19 each and from Canada at $20 each. Electric fans made in the United States, China, and Canada are identical. Currently, the United States imposes a 30% tariff on imported electric fans. Suppose that the United States forms a free-trade area (USMCA) with Canada and Mexico. From which country will the United States import fans?
a. China
b. Canada
c. neither China nor Canada
d. both China and Canada
72. 贸易政策代写
U.S. firms can produce and sell electric fans for $25. The United States can also import electric fans from China at $19 each and from Canada at $20 each. Electric fans made in the United States, China, and Canada are identical. Currently, the United States imposes a 30% tariff on imported electric fans. For the United States, are there trade diversion losses, trade creation gains, or both as a result of the formation of USMCA?
a. There are only trade diversions losses.
b. There are only trade creation gains.
c. There are neither trade creation gains nor trade diversion losses.
d. There are both trade creation gains and trade diversion losses.
73. 贸易政策代写
U.S. firms can produce and sell electric fans for $25. The United States can also import electric fans from China at $19 each and from Canada at $20 each. Electric fans made in the United States, China, and Canada are identical. Currently, the United States imposes a 30% tariff on imported electric fans. Suppose that the United States levied a 10% tariff on imported electric fans (rather than the 30% tariff described). For the United States, would there be trade diversion losses, trade creation gains, or both as a result of the formation of USMCA?
a. There would be only trade diversions losses.
b. There would be only trade creation gains.
c. There would be neither trade creation gains nor trade diversion losses.
d. There would be both trade creation gains and trade diversion losses.
74. 贸易政策代写
In terms of efficiency, trade diversion is a _____ desirable outcome of a regional free-trade agreement, because trade is diverted from the _____ producer to the _____ producer.
a. more; high-cost; low-cost
b. more; less deserving; more deserving
c. less; low-cost; high-cost
d. less; foreign; domestic
75.
The tuna–dolphin dispute was ruled by the WTO in favor of nations that _____. The ruling said that trading partners _____ bar imports based on _____.
a. exported tuna to the United States and Europe; could not; a production process, such as the size of the nets used
b. imported tuna; could; the production process, such as the size of the nets used
c. cared about wildlife in the seas; could; concerns over the safety of dolphins
d. produced seafood products; could not; the way the products were used, such as in pet food
76. 贸易政策代写
The ruling in the shrimp–turtle case resulted in:
a. the United States being able to ban shrimp caught with nets unsafe for sea turtles.
b. the WTO upholding the environmental standard but ruling against the United States on technical grounds that it did not provide sufficient notice to the exporting countries.
c. the WTO refusing to hear the case.
d. a ruling that upheld the environmental standard.
77.
The WTO also ruled on the U.S. restriction of gasoline imports from Venezuela and Brazil in 1994 on environmental grounds. What was the outcome?
a. The United States could ban those imports because they violated the U.S. Clean Air Act.
b. The United States could not ban the imports because it had not given Venezuela and Brazil a grace period as it had given its own U.S. companies.
c. The United States could not use “environmental protection” as an excuse for every trade dispute that came along.
d. The United States could bring counter-charges against Venezuela and Brazil on the banana issue.
78. 贸易政策代写
Europe had refused to import genetically modified food products. The WTO ruled that:
a. if Europe was afraid of these products, it could put an import ban on them.
b. Europe needed to base its ban on scientific risk assessments rather than fear about something unproven.
c. Europe could declare a moratorium until an investigation could be undertaken.
d. the products could be treated and then they would be safe.
79.
What would happen to U.S. economic welfare if the U.S. eliminated tariffs on solar panel imports?
a. U.S. economic welfare would increase because of the social gains from increased U.S. consumption of solar panels.
b. U.S. economic welfare would decrease because the social gains from increased U.S. consumption of solar panels would be less than the social costs inflicted on U.S. solar panel producers.
c. U.S. economic welfare would decrease because the social gains from increased U.S. production of solar panels would be less than the social costs associated with increased U.S. consumption of solar panels.
d. U.S. economic welfare would increase because the social gains from increased U.S. production of solar panels would exceed the social costs associated with increased U.S. consumption of solar panels.
