[{"id":214709,"question":"The warfare effect of a quota depend to a considerable extent upon.","choices":[{"text":"Who has the quota license","value":"A"},{"text":"The size of the quota","value":"B"},{"text":"Elasticities of domestic demand and supply","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214708,"question":"Similar to import tariffs, import quotas tend to result in.","choices":[{"text":"Higher prices and reduced imports","value":"A"},{"text":"Increasesed government revenue","value":"B"},{"text":"Increased consumer surplus","value":"C"},{"text":"Decrease producer surplus","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214707,"question":"_________ are quotas that lead to a complete abolishment of trade.","choices":[{"text":"Embargoes","value":"A"},{"text":"Voluntary export restraints","value":"B"},{"text":"Nontariff beamers","value":"C"},{"text":"Orderly marketing agreements","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214706,"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":214705,"question":"Through the world government tend o auction quota license to their highest bidder.","choices":[{"text":"Always","value":"A"},{"text":"Often","value":"B"},{"text":"Seldom","value":"C"},{"text":"Never","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214704,"question":"In the home country government grants a subsidy of a domestically produced good domestic producers tend to.","choices":[{"text":"Capture the entire subsidy in the form of higher profits","value":"A"},{"text":"Increase 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":214703,"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":214702,"question":"Suppose that the domestic government allows a specific number of goods to be imported each year but it does not spicily from where the product is shipped or who is permitted to import such a trade barrier is known as","choices":[{"text":"an import tariff","value":"A"},{"text":"A tariff rate quota","value":"B"},{"text":"A selective quota","value":"C"},{"text":"A global quota","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214701,"question":"In the balcne of payments, travel and tourism are included int he category of.","choices":[{"text":"Unilateral transfers","value":"A"},{"text":"Capital account","value":"B"},{"text":"Merchandise account","value":"C"},{"text":"Services account","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214700,"question":"If a country an imposes an import tariff its welfare can improve if","choices":[{"text":"The country is a small country's than a larger country.","value":"A"},{"text":"Its terms of trade improve enough","value":"B"},{"text":"The tariff enhances the welfare of its trading partners","value":"C"},{"text":"Its government's tax revenue increase because of the tariff","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214699,"question":"If a small country imposes a tariff on an imported good its 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":214698,"question":"A tariff can________ raise a country's welfare.","choices":[{"text":"Sometimes","value":"A"},{"text":"Never","value":"B"},{"text":"Always","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214697,"question":"____________ represents the difference between what consumers have to pay for a product and what they are willing and able to pay.","choices":[{"text":"Producer surplus","value":"A"},{"text":"Deadweight surplus","value":"B"},{"text":"Government surplus","value":"C"},{"text":"Consumer surplus","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214696,"question":"A tariff that probibits imports ahs only","choices":[{"text":"A revenue effect and redislnbution effect","value":"A"},{"text":"Revenue effect and protection effect","value":"B"},{"text":"Consumption effect and production effect","value":"C"},{"text":"Redistribution effect and consumption effect","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214695,"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":214694,"question":"A tax 15 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":214693,"question":"A tax of 20 cents per unit of imported cheese would be an example of a","choices":[{"text":"Compound tariff","value":"A"},{"text":"Effective traiff","value":"B"},{"text":"Ad valorem tariff","value":"C"},{"text":"Specific tariff","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214692,"question":"According to 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":214691,"question":"If tastes are identical between countries than comparative advantage is determined by","choices":[{"text":"Supply conditions only","value":"A"},{"text":"Demand conditions only","value":"B"},{"text":"Supply and demand conditions","value":"C"},{"text":"Can't tell without more information.","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214690,"question":"Industrial polices intended to foster comparative advantage for domestic industries could result in the implementation of.","choices":[{"text":"Research and development subsidies","value":"A"},{"text":"Loan guarantees","value":"B"},{"text":"Low interest rate loans","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214689,"question":"The Hocksher Ohlin model rules out the classical model's basis for trade by assuming that. _______ is identical between countries.","choices":[{"text":"Factor endowments","value":"A"},{"text":"Factor intensities","value":"B"},{"text":"Technology","value":"C"},{"text":"Opportunity costs","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214688,"question":"That the division of labor is limited by the size of the market best applies to which explanation of trade.","choices":[{"text":"Factor endowment theory","value":"A"},{"text":"Product life cycle theory","value":"B"},{"text":"Economies of scale theory","value":"C"},{"text":"Overlapping demand theory","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214687,"question":"the theory of overlapping demands predicts that trade in manufactured goods is unimportant by countries with very different .","choices":[{"text":"Tastes and preferences.","value":"A"},{"text":"Expectations of future interest rate levels","value":"B"},{"text":"Per capita income levels","value":"C"},{"text":"Labor productivities.","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214686,"question":"Which trade theory contents that a country that initially develops and exports a new product may eventually become an importer of if ,a nd may no longer manufacture the product.","choices":[{"text":"Theory of factor endowments","value":"A"},{"text":"Theory of overlapping demands","value":"B"},{"text":"Economies of scale theory","value":"C"},{"text":"Product life cycle theory.","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214685,"question":"John Stuart Mill was the founder of the","choices":[{"text":"Theory of reciprocal demand","value":"A"},{"text":"Theory of absolute advantage","value":"B"},{"text":"Theory of comparative advantage","value":"C"},{"text":"Theory of mercantilism","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214684,"question":"If the autarky price of S were lower in country A than in country B, then if trade were allowed.","choices":[{"text":"A would likely exports s to B","value":"A"},{"text":"A would likely import s from B","value":"B"},{"text":"Neither country would want to trade","value":"C"},{"text":"None of the above","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":214683,"question":"In autarky when a community maximizes its standard of living its production points is.","choices":[{"text":"Below the production possibility frontier","value":"A"},{"text":"On the production possibility frontier","value":"B"},{"text":"Above the production possibility frontier","value":"C"},{"text":"Can't tell without more information.","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":214682,"question":"In autarky equilibrium.","choices":[{"text":"Production equals consumption","value":"A"},{"text":"Export equal inmprts","value":"B"},{"text":"There is no trade","value":"C"},{"text":"All of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":214681,"question":"The term of trade is given by the process.","choices":[{"text":"Paid for all goods exported by the home country","value":"A"},{"text":"Received for all goods exported by the home country","value":"B"},{"text":"Received for exports and paid for imports.","value":"C"},{"text":"Of primary product as opposed to manufactured products.","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":214680,"question":"If a country has linear production possibilities frontier than production is said to be subject to.","choices":[{"text":"constant opportunity costs","value":"A"},{"text":"Decreasing opportunity costs","value":"B"},{"text":"First increasing and the decreasing opportunity costs","value":"C"},{"text":"Increasing opportunity costs.","value":"D"},{"value":"E"}],"correctAnswer":1}]