Economics MCQs

Page No. 329

Trade creation takes place when ?


aa country moves from autarky to free trade


ba movement to a customs union reduces the cost of trade through standardization


c economic integration results in a movement in product origin to a lower-cost member country


deconomic integration results in a shift in product origin from a lower cost nonmember country to a member country having higher costs



When imports from a higher-cost supplier within a customs union replace imports from a lower-cost supplier outside the custom union, there exists ?


atrade creation


btrade diversion


c dynamic welfare effects


dcomprehensive welfare effects


View Answer trade diversion

Suppose that tomatoes from Mexico face a 20 percent tariff in the United States and a 25 percent tariff in Canada. If the United States and Canada maintain free trade between each other, the these two countries belong to a ?


afree-trade area


bcustoms union


ccommon market


dmonetary union


View Answer free-trade area

Which level of economic integration best applies to the U.S economy ?


a free trade area


bcustoms union


ccommon market .


dmonetary union


View Answer monetary union

A ____ is a regional trading bloc in Which member countries eliminate internal trade barriers but maintain existing barriers against countries that are not member ?


afree trade area


bcustoms union


c common market


dmonetary union


View Answer free trade area

The European Monetary Union is an example of a ?


acustoms union


bfree trade area


creciprocal trade agreement


d monetary union


View Answer monetary union

If A forms a customs union with B, A will import ?


a400 units from B


b200 units from C


c200 units from each


d400 units from B and 200 units from C


View Answer 400 units from B

In free trade A will import ?


a 700 units from country C


b700 units from country C and 600 units from country B


c600 units from country C


d600 units from country C and 400 units from country B



Under the Common Agricultural Policy exports of any surplus quantities EU produce are encouraged through the usage of ?


avariable levies


b export subsidies


c trigger prices


dcountertrade


View Answer export subsidies

When several countries jointly impose common external tariffs, eliminate tariffs on each other, and eliminate barriers to the movement of labor and capital among themselves, they have formed a/na ?


a. free trade area


bcustoms union


ccommon market


deconomic union


View Answer common market

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