Exam 5: Understanding Tariffs and Quotas in International Trade

Under the effects of a tariff under partial equilibrium analysis, the revenue effect is the change in government receipts due to

A tariff or import duty which are a combination of the ad valorem and specific duty

High tariffs have the effect of restricting

An increase in domestic production of goods due to imposition of import quota is called

Import quotas include

In balance of payments account, all goods exported and imported are recorded in

The system devised to administer the types of quotas is

The physical limitation of quantities of different products to be imported from foreign countries within a specified period of time is called

On the basis of retaliation, tariffs can be of the types of

The objective of import quotas include

Under the unilateral quota system, the autonomously fixed quota may either be

The effects of quota under partial equilibrium include

Under the redistribution effect of tariff, the loss of consumer's surplus is neither transferable to the produces nor to the government and is called by Kindleberger as the

Import quotas may be fixed either in terms of quantity or

The tariffs or duties levied upon goods originating from abroad and scheduled for the home country are

When import quotas are fixed after negotiations between the importing and exporting countries, it is known as

The increase in the domestic production of a commodity due to imposition of a tariff is

Balance of trade includes

Tariff can be levied upon

The quota system in which domestic producers of a quota fixing country are required to make use of both domestic raw materials and a specified proportion of imported raw materials to produce a product