Question 1

-Refer to above figure.In the absence of trade,what is the country's producer surplus?

Accepted Answer

The answer of  
-Refer to above figure.In the absence...

Question 2

Throughout the post-World War II era,the importance of tariffs as a trade barrier has

Accepted Answer

A) increased. 
B) decreased. 
C) remained the same. 
D) fluctuated wildly. 
E) demonstrated a classic random walk with a mean-reversion tendency. 
A) increased. 
B) decreased. 
C) remained the same. 
D) fluctuated wildly. 
E) demonstrated a classic random walk with a mean-reversion tendency.

Question 3

An export tariff will ________ producer surplus,________ consumer surplus,________ government revenue,and ________ overall domestic national welfare.

Accepted Answer

A) increase;decrease;increase;have an ambiguous effect on 
B) increase;decrease;decrease;decrease 
C) increase;decrease;have no effect on;have an ambiguous effect on 
D) increase;decrease;have no effect on;decrease 
E) increase;increase;decrease;have an ambiguous effect on 
A) increase;decrease;increase;have an ambiguous effect on 
B) increase;decrease;decrease;decrease 
C) increase;decrease;have no effect on;have an ambiguous effect on 
D) increase;decrease;have no effect on;decrease 
E) increase;increase;decrease;have an ambiguous effect on

Question 4

Suppose the United States eliminates its tariff on ball bearings used in producing exports.Ball bearing prices in the United States would be expected to

Accepted Answer

A) increase,and the foreign demand for U.S.exports would increase. 
B) decrease,and the foreign demand for U.S.exports would increase. 
C) increase,and the foreign demand for U.S.exports would decrease. 
D) decrease,and the foreign demand for U.S.exports would decrease. 
E) decrease,and the foreign demand would be unchanged. 
A) increase,and the foreign demand for U.S.exports would increase. 
B) decrease,and the foreign demand for U.S.exports would increase. 
C) increase,and the foreign demand for U.S.exports would decrease. 
D) decrease,and the foreign demand for U.S.exports would decrease. 
E) decrease,and the foreign demand would be unchanged.

Question 5

A lower tariff on imported steel would most likely benefit

Accepted Answer

A) foreign producers at the expense of domestic consumers. 
B) domestic manufacturers of steel. 
C) domestic consumers of steel. 
D) workers in the steel industry. 
E) foreign consumers of steel. 
A) foreign producers at the expense of domestic consumers. 
B) domestic manufacturers of steel. 
C) domestic consumers of steel. 
D) workers in the steel industry. 
E) foreign consumers of steel.

Question 6

If an import-competing firm is the only domestic producer of a good,then a transition from autarky to free trade will ________ domestic price,________ producer surplus,________ consumer surplus,and ________ overall domestic national welfare.

Accepted Answer

A) decrease;decrease;increase;increase 
B) increase;increase;increase;increase 
C) decrease;decrease;decrease;decrease 
D) increase;increase;decrease;decrease 
E) increase;increase;decrease;increase 
A) decrease;decrease;increase;increase 
B) increase;increase;increase;increase 
C) decrease;decrease;decrease;decrease 
D) increase;increase;decrease;decrease 
E) increase;increase;decrease;increase

Question 7

The deadweight loss of a tariff

Accepted Answer

A) is a social loss because it promotes inefficient use of national resources. 
B) is a social loss because it reduces the revenue of the government. 
C) is not a social loss because it merely redistributes revenue from one sector to another. 
D) is not a social loss because it is paid for by rich corporations. 
E) is not a social loss because it aids domestic consumers. 
A) is a social loss because it promotes inefficient use of national resources. 
B) is a social loss because it reduces the revenue of the government. 
C) is not a social loss because it merely redistributes revenue from one sector to another. 
D) is not a social loss because it is paid for by rich corporations. 
E) is not a social loss because it aids domestic consumers.

Question 8

-Refer to above figure.What is the amount of government revenue resulting from imposition of the tariff?

Accepted Answer

The answer of  
-Refer to above figure.What is the...

Question 9

When a government allows raw materials and other intermediate products to enter a country duty free,this generally results in a(an)

Accepted Answer

A) effective tariff rate less than the nominal tariff rate. 
B) nominal tariff rate less than the effective tariff rate. 
C) rise in both nominal and effective tariff rates. 
D) fall in both nominal and effective tariff rates. 
E) rise in only the effective tariff rate. 
A) effective tariff rate less than the nominal tariff rate. 
B) nominal tariff rate less than the effective tariff rate. 
C) rise in both nominal and effective tariff rates. 
D) fall in both nominal and effective tariff rates. 
E) rise in only the effective tariff rate.

Question 10

Which of the following is a fixed percentage of the value of an imported product?

Accepted Answer

A) specific tariff 
B) ad valorem tariff 
C) nominal tariff 
D) effective protection tariff 
E) infant industry tariff 
A) specific tariff 
B) ad valorem tariff 
C) nominal tariff 
D) effective protection tariff 
E) infant industry tariff

Question 11

The excess supply curve of a product we (H)import from foreign countries (F)increases as

Accepted Answer

A) excess demand of country H increases. 
B) excess demand of country F increases. 
C) excess supply of country H increases. 
D) excess supply of country F increases. 
E) excess supply of country F decreases. 
A) excess demand of country H increases. 
B) excess demand of country F increases. 
C) excess supply of country H increases. 
D) excess supply of country F increases. 
E) excess supply of country F decreases.

Question 12

It is argued that a tariff may help promote employment in a single industry,but is not likely to help employment in general.Discuss.

Accepted Answer

A general tariff on all imports is equiv

Question 13

A tax of 20 cents per unit of imported garlic is an example of a(n)

Accepted Answer

A) specific tariff. 
B) ad valorem tariff. 
C) nominal tariff. 
D) effective protection tariff. 
E) a disadvantageous tariff. 
A) specific tariff. 
B) ad valorem tariff. 
C) nominal tariff. 
D) effective protection tariff. 
E) a disadvantageous tariff.

Question 14

If a good is imported into (large)country H from country F,then the imposition of a tariff in country H

Accepted Answer

A) raises the price of the good in both countries (the "Law of One Price"). 
B) raises the price in country H and cannot affect its price in country F. 
C) lowers the price of the good in both countries. 
D) lowers the price of the good in H and could raise it in F. 
E) raises the price of the good in H and lowers it in F. 
A) raises the price of the good in both countries (the "Law of One Price"). 
B) raises the price in country H and cannot affect its price in country F. 
C) lowers the price of the good in both countries. 
D) lowers the price of the good in H and could raise it in F. 
E) raises the price of the good in H and lowers it in F.

-Refer to above figure.In the absence of trade,what is the country's producer surplus?

Throughout the post-World War II era,the importance of tariffs as a trade barrier has

An export tariff will producer surplus, consumer surplus, government revenue,and overall domestic national welfare.

Suppose the United States eliminates its tariff on ball bearings used in producing exports.Ball bearing prices in the United States would be expected to

A lower tariff on imported steel would most likely benefit

If an import-competing firm is the only domestic producer of a good,then a transition from autarky to free trade will domestic price, producer surplus, consumer surplus,and overall domestic national welfare.

The deadweight loss of a tariff

-Refer to above figure.What is the amount of government revenue resulting from imposition of the tariff?

When a government allows raw materials and other intermediate products to enter a country duty free,this generally results in a(an)

Which of the following is a fixed percentage of the value of an imported product?

The excess supply curve of a product we (H)import from foreign countries (F)increases as

It is argued that a tariff may help promote employment in a single industry,but is not likely to help employment in general.Discuss.

A tax of 20 cents per unit of imported garlic is an example of a(n)

If a good is imported into (large)country H from country F,then the imposition of a tariff in country H

Introduction

World Trade: An Overview

Labor Productivity and Comparative Advantage: The Ricardian Model

Specific Factors and Income Distribution

Resources and Trade: the Heckscher-Ohlin Model

The Standard Trade Model

External Economies of Scale and the International Location of Production

Firms in the Global Economy: Export Decisions, Outsourcing, and Multinational Enterprises

The Political Economy of Trade Policy

Trade Policy in Developing Countries

Controversies in Trade Policy

National Income Accounting and the Balance of Payments

Exchange Rates and the Foreign Exchange Market: An Asset Approach

Money,Interest Rates, and Exchange Rates

Price Levels and the Exchange Rate in the Long Run

Output and the Exchange Rate in the Short Run

Fixed Exchange Rates and Foreign Exchange Intervention

International Monetary Systems: An Historical Overview

Financial Globalization: Opportunity and Crisis

Optimum Currency Areas and the Euro

Developing Countries: Growth, Crisis, and Reform

Filters

Exam 9: The Instruments of Trade Policy

-Refer to above figure.In the absence of trade,what is the country's producer surplus?

Throughout the post-World War II era,the importance of tariffs as a trade barrier has

An export tariff will ________ producer surplus,________ consumer surplus,________ government revenue,and ________ overall domestic national welfare.

Suppose the United States eliminates its tariff on ball bearings used in producing exports.Ball bearing prices in the United States would be expected to

A lower tariff on imported steel would most likely benefit

If an import-competing firm is the only domestic producer of a good,then a transition from autarky to free trade will ________ domestic price,________ producer surplus,________ consumer surplus,and ________ overall domestic national welfare.

The deadweight loss of a tariff

-Refer to above figure.What is the amount of government revenue resulting from imposition of the tariff?

When a government allows raw materials and other intermediate products to enter a country duty free,this generally results in a(an)

Which of the following is a fixed percentage of the value of an imported product?

The excess supply curve of a product we (H)import from foreign countries (F)increases as

It is argued that a tariff may help promote employment in a single industry,but is not likely to help employment in general.Discuss.

A tax of 20 cents per unit of imported garlic is an example of a(n)

If a good is imported into (large)country H from country F,then the imposition of a tariff in country H

Introduction

World Trade: An Overview

Labor Productivity and Comparative Advantage: The Ricardian Model

Specific Factors and Income Distribution

Resources and Trade: the Heckscher-Ohlin Model

The Standard Trade Model

External Economies of Scale and the International Location of Production

Firms in the Global Economy: Export Decisions, Outsourcing, and Multinational Enterprises

The Political Economy of Trade Policy

Trade Policy in Developing Countries

Controversies in Trade Policy

National Income Accounting and the Balance of Payments

Exchange Rates and the Foreign Exchange Market: An Asset Approach

Money,Interest Rates, and Exchange Rates

Price Levels and the Exchange Rate in the Long Run

Output and the Exchange Rate in the Short Run

Fixed Exchange Rates and Foreign Exchange Intervention

International Monetary Systems: An Historical Overview

Financial Globalization: Opportunity and Crisis

Optimum Currency Areas and the Euro

Developing Countries: Growth, Crisis, and Reform

Filters

An export tariff will producer surplus, consumer surplus, government revenue,and overall domestic national welfare.

If an import-competing firm is the only domestic producer of a good,then a transition from autarky to free trade will domestic price, producer surplus, consumer surplus,and overall domestic national welfare.