1.
_____ is the barrier to trade that best distinguishes among gradations of a good
or service. (Points : 1)

Question

Specific tariff

Voluntary export restraint

Ad valorem tariff

Import quota

2.
The purpose of a protective tariff is: (Points : 1)

to protect domestic consumers from harmful products.

to protect the international laws of commerce.

to protect the foreign country from anti-trust actions.

to protect domestic producers from foreign competition.

3.
A revenue tariff is: (Points : 1)

a tariff on domestically produced products.

a tariff levied on a product that is produced domestically that is designed to protect domestic industries.

a tariff levied on a product that is not domestically produced.

a tariff based on the profits of international firms doing business within a country.

4.
A compound tariff is a combination of: (Points : 1)

a specific tariff and a F.A.S. tariff.

a specific tariff and a F.O.B. tariff.

an ad valorem tariff and a F.A.S. tariff.

a specific tariff and an ad valorem tariff.

5.
A tariff levied as a certain amount per unit imported is known as: (Points : 1)

a specific tariff.

a counter tariff.

a forgone tariff.

F.A.S.

6.
When a quota is imposed: (Points : 1)

foreign firms may gain by selling the imported product at a higher price.

foreign firms may lose by selling fewer imports.

domestic firms lose by selling fewer products.

both a and b

7.
A VER is imposed by: (Points : 1)

the domestic government.

the foreign government.

the domestic producers.

the domestic consumers.

8.
Quotas are a greater threat to competition than tariffs because: (Points : 1)

quotas allow imports but only at a higher price.

tariffs are voluntary but quotas are not.

quotas preclude additional imports at any price.

tariffs do not reduce imports and quotas do.

9.
The Buy American Act of 1933 gives American suppliers a _____ percent margin
of preference over foreign suppliers and a _____ percent margin of preference for
military or defense related goods. (Points : 1)

6; 10

5; 20

6; 50

10; 20

10.
A VER is: (Points : 1)

a tariff that is imposed by the exporting country.

a tariff that is imposed by an importing country.

a voluntary quota imposed by the importing country.

a voluntary quota imposed by the exporting country.

11.
Which of the following is the only country in the world with a uniform tariff? (Points : 1)

Switzerland

Mexico

Nigeria

Chile

12.
The now infamous legislation of 1930 that imposed a very high tariff structure on

goods imported into the U.S. was the: (Points : 1)

Reciprocal Trade Agreements Act.

Trade and Tariff Act.

Omnibus Trade and Competitiveness Act.

Smoot-Hawley Tariff.

13.
The activity of a group that seeks to gain from changes in government policy is

known as: (Points : 1)

public policy.

directly productive activities.

rentseeking.

broad focus tariff policy.

14.
The branch of economics that deals with governmental decisionmaking is: (Points : 1)

civics.

public finance.

public choice.

economic/politics.

15.
The branch of economics that applies economic analysis to voting behavior is
known as: (Points : 1)

public finance.

negative political science.

public choice.

economic analysis of DUP.

16.
Which of the following is an exception to the most favored nation principle? (Points : 1)

Trade in petroleum

trade with Japan

A free-trade area or a customs union

Trade in services

17.
Rules of origin are necessary for which of the following reasons? (Points : 1)

To determine which company produced the product

To determine which country produced the product

To determine which country consumes the product

To determine where the profits of the firm are taxed

18.
The least integrated category of economic integration is: (Points : 1)

a common market.

a free-trade area.

an economic union.

a customs union.

19.
Trade creation refers to: (Points : 1)

the expansion of trade among member countries as a result of the
elimination of tariffs.

the creation of new products for trade in countries.

the creation of a trade program that enhances multinational corporations.

the creation of government sanctioned trade with terrorist countries.

20.
Which of the following is not a characteristic of a common market? (Points : 1)

Capital and labor can freely move within member countries.

The are no trade restrictions between member countries.

Member countries have a common external tariff.

Member countries have a common currency.

Time Remaining:

Robert · Accepted Answer

1. _____ is the barrier to trade that best distinguishes among gradations of a good 
or service. (Points : 1) 
Specific tariff 
Voluntary export restraint 
Ad valorem tariff 
Import quota 
 
2. The purpose of a protective tariff is: (Points : 1) 
to protect domestic consumers from harmful products. 
to protect the international laws of commerce. 
to protect the foreign country from anti-trust actions. 
to protect domestic producers from foreign competition. 
 
3. A revenue tariff is: (Points : 1) 
a tariff on domestically produced products. 
a tariff levied on a product that is produced domestically that is designed to protect domestic industries. 
a tariff levied on a product that is not domestically produced. 
a tariff based on the profits of international firms doing business within a country. 
 
4. A compound tariff is a combination of: (Points : 1) 
a specific tariff and a F.A.S. tariff. 
a specific tariff and a F.O.B. tariff. 
an ad valorem tariff and a F.A.S. tariff. 
a specific tariff and an ad valorem tariff.
 
5. A tariff levied as a certain amount per unit imported is known as: (Points : 1) 
a specific tariff. 
a counter tariff. 
a forgone tariff. 
F.A.S. 
 
6. When a quota is imposed: (Points : 1) 
foreign firms may gain by selling the imported product at a higher price. 
foreign firms may lose by selling fewer imports.

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1. _____ is the barrier to trade that best distinguishes among gradations of a good or service. (Points : 1) Specific tariff Voluntary export restraint Ad valorem tariff Import quota 2. The purpose of...

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