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econ 461 test 1

 Essay about econ 461 test one particular

Econ 461

Worldwide Trade

Early spring Quarter

Prof. Giorgio Canarella

MULTIPLE DECISION. Choose the a single alternative that best wraps up the affirmation or answers the question. Solution the question(s) below relying on the following diagram.

1)

Refer to the figure previously mentioned. With free trade, the overall quantity of imports would the same

1)

__d____

A)

35, 000 models.

B)

15, 000 devices.

C)

twenty two, 000 devices.

D)

twenty, 000 devices.

2)

Make reference to the determine above. With free operate, the total value of imports would the same

2)

__b_____

A)

$300, 000.

B)

$200, 500

C)

$10,50.

D)

$100, 000.

3)

Refer to the figure previously mentioned. With the contract price, the quantity of imports falls to

3)

____a___

A)

twelve, 000 models.

B)

twenty two, 000 devices.

C)

doze, 000 devices.

D)

13, 000 units.

4)

Consider the figure above. With the tariff, the us government collects

4)

__c_____

A)

$100, 1000.

B)

$60, 000.

C)

$50, 500.

D)

$220, 000.

5)

Refer to the figure over. The deadweight cost of the tariff equates to

5)

__b_____

A)

$25, 000.

B)

$50, 000.

C)

$10,50, 000.

D)

cannot be calculated without further information.

6)

Label the figure above. Home-based producers gain ________ because of the tariff.

6)

____a___

A)

$55, 000

B)

$150, 000

C)

$15

D)

$120, 1000

7)

Refer to the figure above. A tariff of ________ can be prohibitive.

7)

____b___

A)

$0

B)

$10

C)

$5

D)

$8

8)

The United States charges

8)

_d______

A)

a similar tariff costs on merchandise from almost all countries.

B)

lower contract price rates upon goods coming from countries with most favorite nation status. C)

low or perhaps zero tariffs on merchandise from certain developing countries. D)

Both B and C.

9)

Tariff levels in developing countries tend to end up being ________ contract price levels in developed countries.

9)

___a____

A)

above

B)

below

C)

about equal to

D)

there is no general pattern

10)

Quotas happen to be government imposed limits around the ________ of products traded among countries.

10)

__d____

A)

prices

B)

quantity

C)

value

D)

Either M or C

11)

Just like tariffs, quotas tend to lead to

11)

_d_____

A)

elevated consumer extra.

B)

improved government revenue.

C)

higher prices and reduced imports.

D)

All the above.

12)

Which of the following is a valid argument for protection?

12)

__b____

A)

reasonable trade

B)

creation of employment

C)

national defense

D)

Each of the above

13)

Which from the following is usually an unacceptable argument intended for protection?

13)

___a___

A)

preservation of the house market

B)

infant industry protection

C)

redistribution of income

D)

All of the previously mentioned

14)

The us bans many imports by all of the pursuing countries besides

14)

___b___

A)

Barrica.

B)

China.

C)

North Korea.

D)

Iran.

15)

Quotas that entirely eradicate trade within a certain item or a number of products are known as

15)

___b___

A)

ultimate tariffs.

B)

siege.

C)

foreign trade tariffs.

D)

deadweight.

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