[{"id":214199,"question":"Those who argue in favor of import protection generally give the impression that such restricted trade will.","choices":[{"text":"Decrease the level of national security","value":"A"},{"text":"Provide benefits to some particular industry","value":"B"},{"text":"Provide benefits to the entire nation","value":"C"},{"text":"Not yield welfare losses for the nation","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214198,"question":"When one country provides most favored nation status for another if agrees to.","choices":[{"text":"Change that nation's product a lower tariff than any other nations","value":"A"},{"text":"Charge that nation's products a tariff rate no higher than that on any other nation.","value":"B"},{"text":"Charge that nation's products a higher tariff than any other nation's","value":"C"},{"text":"Export to that nation any products that it wants to purchase","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214197,"question":"The institutional framework developed in 1974 to promote trade liberalization is known as.","choices":[{"text":"WTO","value":"A"},{"text":"GATT","value":"B"},{"text":"IMF","value":"C"},{"text":"World bank","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214196,"question":"According to the cost based definition of dumping occurs when a firm sells a product abroad at a price that is less than","choices":[{"text":"Average total cost","value":"A"},{"text":"Average variable cost","value":"B"},{"text":"Average fixed cost","value":"C"},{"text":"Marginal cost","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214195,"question":"Nontariff trade barriers could include all of the following except.","choices":[{"text":"Domestic content laws","value":"A"},{"text":"Government procurement polices","value":"B"},{"text":"Health , safety, and environmental standards","value":"C"},{"text":"Antidumping counter/vialling duties applied to imports.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214194,"question":"International dumping may involve.","choices":[{"text":"Selling goods to foreigners at a price below that charged domestic consumers","value":"A"},{"text":"Selling goods to foreigners at a price below the cost of production","value":"B"},{"text":"antidumping duties being levied on the imported dumped goods","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214193,"question":"Similar to import tariffs import quotas tend to result in.","choices":[{"text":"Higher prices ad reduced imports","value":"A"},{"text":"Increased government revenue","value":"B"},{"text":"Increases consumer surplus","value":"C"},{"text":"Decreased producer surplus","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214192,"question":"___________ are quotas that lead to a complete abolishment of trade.","choices":[{"text":"Nontariff barriers","value":"A"},{"text":"Embargoes","value":"B"},{"text":"Voluntary export restraints","value":"C"},{"text":"Orderly marketing agreements","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214191,"question":"Quotas are government imposed limits on the ___ of goods trade between countries.","choices":[{"text":"Prices","value":"A"},{"text":"Quantity","value":"B"},{"text":"Revenue","value":"C"},{"text":"Costs","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214190,"question":"If the home country government grants a subsidy on a domestically produced good domestic producers lend to.","choices":[{"text":"Capture the entire subsidy in the form of higher profits","value":"A"},{"text":"Increases their level of production","value":"B"},{"text":"Reduce wages paid to domestic workers","value":"C"},{"text":"Consider the subsidy as an increase in production cost","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214189,"question":"A tariff -rate quota","choices":[{"text":"Is a limit on the number of tariff that a country can place on imports","value":"A"},{"text":"Uses a single tariff along with import quotas to restrict imports","value":"B"},{"text":"Is decreased to avoid the price increase caused by simple tariffs","value":"C"},{"text":"Is a two tier tariff system intended to restrict imports","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214188,"question":"Import quotas tend to result in all of the following except.","choices":[{"text":"Domestic producers of the imported good being harmed","value":"A"},{"text":"Domestic consumers of the imported good being harmed","value":"B"},{"text":"Prices increasing in the importing country","value":"C"},{"text":"Price failing in the exporting country.","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214187,"question":"A specification of a maximum amount of a foreign produced good that will be allowed to enter the country over a given time period is referred to as a","choices":[{"text":"Domestic subsidy","value":"A"},{"text":"Export subsidy","value":"B"},{"text":"Import quota","value":"C"},{"text":"Export quota","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214186,"question":"If import licenses are auctioned off to domestic importers in a competitive market their scarcity value accurse to.","choices":[{"text":"Foreign corporations","value":"A"},{"text":"Foreign workers","value":"B"},{"text":"Domestic corporations","value":"C"},{"text":"The domestic government","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214185,"question":"The national security argument for protection is more likely to be valid when","choices":[{"text":"The purpose is to maintain protection for an indefinite time period.","value":"A"},{"text":"The industry is characterized by increasing returns to scale.","value":"B"},{"text":"the economy operates during a recession","value":"C"},{"text":"The protected industry provides invaluable goods during periods of war","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214184,"question":"If a small country imposes a tariff on an imported goods terms of trade will","choices":[{"text":"Improve","value":"A"},{"text":"worsen","value":"B"},{"text":"Not change","value":"C"},{"text":"any of the above","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214183,"question":"In today world most countries impose tariffs","choices":[{"text":"Only on imports","value":"A"},{"text":"Only on exports","value":"B"},{"text":"On both imports and exports","value":"C"},{"text":"On imports exports and nontrade goods","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214182,"question":"In developed countries tariffs on raw materials tend to be.","choices":[{"text":"Highest of all","value":"A"},{"text":"Higher than on manufactured goods","value":"B"},{"text":"Equal to tariffs on manufactured goods","value":"C"},{"text":"Lower than on manufactured goods","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214181,"question":"A tariff can ___________ raise a country's welfare","choices":[{"text":"Never","value":"A"},{"text":"Sometimes","value":"B"},{"text":"always","value":"C"},{"text":"None of the above","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214180,"question":"The difference between what consumers have to pay for a particular and what they are willing to pay is known as.","choices":[{"text":"Consumer surplus","value":"A"},{"text":"Producer surplus","value":"B"},{"text":"Dead weight costs","value":"C"},{"text":"Dead weight surplus","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214179,"question":"A tariff that prohibits imports has only","choices":[{"text":"a revenue effect and redistribution effect","value":"A"},{"text":"Revenue effect and protection effect","value":"B"},{"text":"Consumption effect and protection effect","value":"C"},{"text":"Redistribution effect and consumption effect","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214178,"question":"Most tariffs have","choices":[{"text":"Only revenue effects","value":"A"},{"text":"Only protective effects","value":"B"},{"text":"Both protective ad revenue effects","value":"C"},{"text":"Neither protective or revenue effects","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214177,"question":"Specific tariffs are collected as","choices":[{"text":"Fixed amount of money per unit traded","value":"A"},{"text":"a percentage of the price of the product","value":"B"},{"text":"A percentage of the quantity of imports","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214176,"question":"Ad valorem tariffs are collected as.","choices":[{"text":"Fixed amounts of money per unit traded","value":"A"},{"text":"A percentage of the price of the product","value":"B"},{"text":"A percentage of the quantity of imports","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214175,"question":"Which trade policy results in the government levying both a specific tariff and an advalorem tariff on imported goods.","choices":[{"text":"Compound tariff","value":"A"},{"text":"Nominals tariff","value":"B"},{"text":"Effective tariff","value":"C"},{"text":"Revenue tariff","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214174,"question":"A tax of 17 percent per imported item would be an example of a","choices":[{"text":"Ad valorem tariff","value":"A"},{"text":"Specific tariff","value":"B"},{"text":"effective tariff","value":"C"},{"text":"Compound tariff","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214173,"question":"A tax of 18 cents per unit of imported cheese would be an example of a.","choices":[{"text":"Compound tariff","value":"A"},{"text":"Effective tariff","value":"B"},{"text":"Ad valorem tariff","value":"C"},{"text":"Specific tariff","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214172,"question":"A product will be traded only if the pre trade price difference between the two countries","choices":[{"text":"Is less than the cost of transporting it between them","value":"A"},{"text":"is greater than the cost of transporting it between them","value":"B"},{"text":"Equals the cost of transporting it between them","value":"C"},{"text":"More information is needed to answer this question","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214171,"question":"According to the factor price equalization theorem, the ______ factor should oppose free trade policies in any given country.","choices":[{"text":"Abundant","value":"A"},{"text":"scarce","value":"B"},{"text":"Neither","value":"C"},{"text":"Can't tell without more information","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214170,"question":"The factor endowment theory was pioneered by","choices":[{"text":"Adam Smith","value":"A"},{"text":"David Richardo","value":"B"},{"text":"Wassily Leontief","value":"C"},{"text":"Ell Heckscher and Bartill Ohlim","value":"D"},{"value":"E"}],"correctAnswer":4}]