Economics MCQs

Page No. 393

The U.S has granted China permanent most favored nation treatment (normal trade relations) This means that the tariff schedules which apply to U.S imports from china ?


a have tariff rates equal to zero suggesting a free trade policy for the United States

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bhave lower tariff rates than the rates that apply to any other country sending goods to the United States

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c have tariff rates that are identical to the rates that apply to other countries to which the U.S grants most-favored nation treatment

✓


d have tariff rates that are identical to the rates that apply to other countries to which the U.S grants most-favored nation treatment

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View Answer have tariff rates that are identical to the rates that apply to other countries to which the U.S grants most-favored nation treatment

The organization that currently establishes rules of conduct for firms engaging in international trade is the ?


aWorld Bank

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b International Trade Commission

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cDepartment of justice

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dWorld Trade Organization

✓


View Answer World Trade Organization

Which round of international trade negotiations resulted in the creation of the World Trade Organization ?


aKennedy Round of 1964-1967

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b Tokyo Round of 1973-1979

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c Uruguay Round of 1986-1993

✓


dDoha Round of 2003-2007

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View Answer Uruguay Round of 1986-1993

________ are quotas that result in a total prohibition of trade?


a embargoes

✓


btariff-rate quotas

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cvoluntary export restraints

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dnontariff barriers

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View Answer embargoes

Suppose that Russia steel firms engage in dumping in the German market in terms of overall economic welfare, German welfare would _______ as the result of the dumping?


a increase

✓


bdecrease

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cnot change

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dNone of These

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View Answer increase

According to the United States ____ is the number one violator of intellectual property rights?


a Canada

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b Australia

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c Japan

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dChina

✓


View Answer China

Following World War II the United States and other countries sought to liberalize trade among each other the first major postwar step toward trade liberalization was the ?


aGeneral Agreement on Tariffs and Trade

✓


bWorld Trade Organization

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cSmoot Hawley Organization

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dMcKinley Agreement on Trade policy

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View Answer General Agreement on Tariffs and Trade

All of the following are fundamental to the World Trade Organization except ?


a bilateral tariff reductions to promote trade liberalization

✓


b the use of the most-favored nation clause (normal trade relations)

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cnondiscrimination in trading relationships

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dthe prohibition of import quotas and export quotas

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View Answer bilateral tariff reductions to promote trade liberalization

To help its firms penetrate Mexico’s radio market suppose the Japanese government provides them a subsidy of $15 for each radio shipped to Mexico As a result of this trade policy ?


a The price of radios in Mexico equals $60 and its imports equal 30 radios

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bThe price of radios in Mexico equals $30 and its imports equal 30 radios

✓


c The price of radios in Mexico equals $40 and its imports equals 20 radios

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dTh price of radios in Mexico equals $20 and its imports equal 40 radios

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View Answer The price of radios in Mexico equals $30 and its imports equal 30 radios

Countervailing duties levied by the U.S government are imposed to offset ?


a foreign dumping of goods in the U.S

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b subsidies granted to foreign firms that export to the U.S

✓


cbuy national policies of foreign government

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dstringent environmental regulations of foreign government s

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View Answer subsidies granted to foreign firms that export to the U.S

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