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Exam 7: The Political Economy of International Trade

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Question 71

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Both import quotas and VERs benefit _____ by limiting import competition,but they result in higher prices,which hurt _____.

A) domestic producers; consumers
B) the governments; domestic producers
C) importers; foreign producers
D) foreign producers; the governments
E) consumers; foreign investros

F) D) and E)
G) A) and E)

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Question 72

Multiple Choice

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Which of the following is most likely to be an objective of export tariffs?

A) Abiding by the rules enforced by the WTO
B) Curbing the competition offered by foreign firms to domestic firms
C) Reducing exports from a sector, often for political reasons
D) Maintaining a positive trade deficit
E) Increasing the flow of capital in international market

F) A) and B)
G) A) and C)

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Question 73

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The ultimate objective of antidumping policies is to protect domestic producers from unfair foreign competition.

The threat of antidumping action enhances the ability of a firm to use aggressive pricing to gain market share in a country.

Which of the following indicates the reason for the British Parliament repealing the Corn Laws in 1846?

Dumping is variously defined as selling goods in a foreign market at below their costs of production,or as selling goods in a foreign market at below their "fair" market value.

Myra is a firm producing premium hand bags for women.These bags are manufactured and patented in the country of Ceria.Manufactures in the country of Argonia create counterfeit Myra bags and sell them in the local markets of Argonia.These bags are sold at almost similar prices to the original in other countries.According to the given info,which of the following is likely to happen?

In recent decades,a fall in subsidies,quotas,and voluntary export restraints has been accompanied by a rise in tariff barriers.

_____ are the highest rate that can be charged,which is often,but not always,the rate that is charged.

Which of the following organizations,established in 1995 under the provisions of the Uruguay Round,has taken over the responsibility to arbitrate trade disputes and monitor the trade policies of member countries?

Paul Krugman argues that although strategic trade policy looks unappealing in theory,in practice it is most likely to be workable.

D'Amato Act allows Americans to sue foreign firms that use property in Cuba confiscated from them after the 1959 revolution.

In the context of international trade,_____ is defined as selling goods in a foreign market at a price below their costs of production or as selling goods in a foreign market at below their "fair" market price.

Which of the following is considered to be the ultimate objective of antidumping policies?

The infant industry argument is the oldest economic argument for government intervention in international trade.

By lowering production costs,subsidies help domestic producers in:

In the Uruguay Round of the WTO,member countries sought to exempt trade in services from GATT rules.

Which of the following historical events signifies the first official embracing of free trade as a government policy by a country?