Economics MCQs

Page No. 357

With the tariff, the quantity of imports falls to ?


a12,000 units

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b20,000 units

✓


c30,000 units

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d42,000 units

✖


View Answer 20,000 units

With free trade the total quantity of imports would equal ?


a 10,000 units

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b 40,000 units

✓


c 42,000 units

✖


d50,000 units

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View Answer 40,000 units

In developed countries, tariffs on raw materials tend to be ?


a highest of all

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bhigher than on manufactured goods

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c equal to tariffs on manufactured goods

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dlower than on manufactured goods

✓


View Answer lower than on manufactured goods

The difference between what consumers have to pay for a particular and what they are willing to pay is known as ?


aconsumer surplus

✓


b producer surplus

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cdeadweight costs

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ddeadweight surplus

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View Answer consumer surplus

_______ represents the difference between what consumer have to pay for a product and what they are willing and able to pay ?


aproducer surplus

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bdeadweight surplus

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c government surplus

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d consumer surplus

✓


View Answer consumer surplus

If a nation fitting the criteria for the small nation model imposes a 10 percent tariff on imports of autos ?


a The price of autos within the nation will rise by 10 percent

✓


b The price of autos within the nation will rise by less than 10 percent

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cThe price of autos within the nation will rise by more than 10 percent

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dThe price of autos will not rise because of internal competition

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View Answer The price of autos within the nation will rise by 10 percent

A foreign-trade zone (FTZ) is ?


a a regional area within which trade with foreign nations is allowed

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ba free trade agreement among several nations

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c designed to limit exports of manufactured goods by placing export taxes on goods made within the zone

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ddesigned to promote exports by deferring imports duties on intermediate inputs and waving such duties if the final product is re-exported rather than sold domestically

✓


View Answer designed to promote exports by deferring imports duties on intermediate inputs and waving such duties if the final product is re-exported rather than sold domestically

Most tariffs have ?


a only revenue effects

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b only protective effects

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cBoth protective and revenue effects

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dneither protective or revenue effects

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View Answer Both protective and revenue effects

Ad valorem tariffs are collected as ?


afixed amounts of money per unit traded

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b a percentage of the price of the product

✓


c a percentage of the quantity of imports

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dAll of the above

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View Answer a percentage of the price of the product

If we consider the impact on both consumers and producers, then protection of the steel industry is ?


aIn the interest of the U.S as a whole but not in the interest of the state of Pennsylvania where steel mills are located

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b In the interest of the U.S as a whole and in the interest of the state of Pennsylvania

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c Not in the interest of the U.S as a whole, but it might be in the interest of the state of Pennsylvania

✓


dNot in the interest of the U.S as a whole, nor in the interest of the state of Pennsylvania

✖


View Answer Not in the interest of the U.S as a whole, but it might be in the interest of the state of Pennsylvania

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