Economics MCQs

Page No. 305

For year the U.S government levied quotas on inexpensive oil imported from the Middle East The quotas led to cost increases for U.S consumers totaling $3 billion for oil products. An apparent justification of this policy was that ?


aU.S oil companies and workers deserved higher incomes

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bU.S oil was of superior quality and merited higher prices

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cone should not be too dependent on foreign suppliers of crucial resources

✓


d The U.S government needed the quota revenue to balance its budget

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View Answer one should not be too dependent on foreign suppliers of crucial resources

If the home country government grants a subsidy on a domestically produced good domestic producers tend to ?


aCapture the entire subsidy in the form of higher profits

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b Increase their level of production

✓


c reduce wages paid to domestic worker

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dconsider the subsidy as a increase in production cost

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View Answer Increase their level of production

A tariff-rate quota ?


ais a limit on the number of tariffs that a country can place on imports?

✖


b uses a single tariff along with import quotas to restrict import

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c is designed to avoid the the price increases caused by simple tariffs

✖


dis a two-tier tariff system intended to restrict imports?

✓


View Answer is a two-tier tariff system intended to restrict imports?

A specification of a maximum amount of a foreign produced good that will be allowed to enter the country over a given time period is referred to as a (an) ?


a domestic subsidy

✖


b export subsidy

✖


c import quota

✓


dexport quota

✖


View Answer import quota

Export subsidies levied by foreign governments on products in which the Pakistan the comparative disadvantage ?


alower the welfare of all Pakistanis

✖


blead to increases in Pakistani consumer surplus

✓


c encourage Pakistan’s production of competing goods

✖


dencourage Pakistani workers to demand higher wages

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View Answer lead to increases in Pakistani consumer surplus

With free trade, suppose that the rest of the world can supply calculators to Canada at a price of $30. Canada’s imports would now equal _____ and its consumer surplus would ____ relative to what occurred in the absence of trade. What is the change in consumer surplus? Refer to the figure that you have plotted ?


a20 calculators increase

✖


b25 calculators decrease

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c25 calculators increase

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d30 calculators increase

✓


View Answer 30 calculators increase

The reason for dumping is that the demand curve for ABC Co’s computers is _______ because ________ are available from other nations?The reason for dumping is that the demand curve for ABC Co’s computers is _______ because ________ are available from other nations?


amore elastic in Japan, more substitutes are available from other nations

✓


b more elastic in Japan, fewer substitutes are available from other; nations

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c more inelastic in Japan; more substitutes are available from other; nations

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d more inelastic in Japan; fewer substitutes are available from other nations

✖


View Answer more elastic in Japan, more substitutes are available from other nations

From the perspective of the American public as a whole, export subsidies levied by overseas governments on goods sold to the United States ?


ahelp more than they hurt

✓


bhurt more then they help

✖


care equivalent to an import quota

✖


dare equivalent to an export quota

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View Answer help more than they hurt

With free trade suppose that the rest of the world can supply computers to Norway at a price of $1,500 Norway’s imports will now equal. Compared to What occurred in the absence of trade, Norway’s consumers surplus will _____ and its producer surplus will ____. Can you calculate these amounts? Try plotting the information of this table on a sheet of graph paper ?


a1,600 computers, decrease, increase

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b1,600 computers, increase, decrease

✓


c 1,200 computers, decrease, increase

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d1,200 computers, increase, decrease

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View Answer 1,600 computers, increase, decrease

By practicing price discrimination, the firm would realize profits totaling ?


a$160,000

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b$420,000

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c$540,000

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d $660,000

✓


View Answer $660,000

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