Economics MCQs

Page No. 328

________ is said to exist when the formation of a regional trading group leads to the reduction of trade with nonmember countries in favor of member countries ?


a trade creation

✖


btrade diversion

✓


ctrade exclusion

✖


d trade distortion

✖


View Answer trade diversion

If A forms a customs union with C, the value of trade diversion will be ?


a$0

✓


b $10,000

✖


c $20,000

✖


d$40,000

✖


View Answer $0

If A imposes a per unit tariff of $10 on imports from both B and C A will import ?


a 400 units from B

✖


b200 units from C

✓


c200 units from each

✖


d400 units from B and 200 units from C

✖


View Answer 200 units from C

Trade diversion takes place when ?


aa country moves from autarky to free trade

✖


ba movement to a customs union reduces the costs of trade through standardization economic integration results in a

✖


ceconomic integration results in a movement in product origin to a lower cost member country

✖


d economic integration results in a shift in product origin from a lower-cost, nonmember country to a member country having higher costs

✓


View Answer . economic integration results in a shift in product origin from a lower-cost, nonmember country to a member country having higher costs

The implementation of a common market involves all of the following except ?


aelimination of trade restrictions among member countries

✖


b a common tax system and monetary union

✓


cprohibition to restriction on factor movements

✖


d a common tariff levied in imports from nonmembers

✖


View Answer a common tax system and monetary union

As of 2002, the ________ became the official currency union of the European Monetary System ?


adollar

✖


bmark

✖


cfranc

✖


deuro

✓


View Answer euro

The implementation of the European Union has ?


amade it harder for Americans of compete against the Germans in the British market

✓


bmade it easier for Americans to compete against the Germans in the British market

✖


cmade it harder for Americans to compete against the Japanese in the British market

✖


d made it easier for Americans to compete against the Japanese in the British

✖


View Answer made it harder for Americans of compete against the Germans in the British market

The European Union is an example of a/an ?


acustoms union

✖


b economic union

✖


ccommon market

✓


d free trade area

✖


View Answer common market

The European Union has achieved all of the following except ?


a adopted a common fiscal policy for member nations

✓


bestablished a common system of agricultural price supports

✖


cdisbanded all tariffs between its member countries

✖


dlevied common tariffs on products imported from nonmembers

✖


View Answer adopted a common fiscal policy for member nations

Under the EU’s Common Agricultural Policy, a variable import levy equals the ?


aamount the which the EU’s support price exceeds the world price

✓


bamount by which the world price exceeds the EU’s support price

✖


csupport price of the EU

✖


dworld price

✖


View Answer amount the which the EU’s support price exceeds the world price

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