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Microeconomics Study Set 30

Business

Quiz 10 :

International Trade Policy

Quiz 10 :

International Trade Policy

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The WTO authorized several countries to impose about $150 million in trade sanctions against the United States in retaliation for a U.S. import law that the WTO ruled to be illegal. The organization that issued this ruling against the United States is known as the:
Free
Multiple Choice
Answer:

Answer:

B

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The outsourcing of service jobs such as those in call centers has become a political issue. Do economists see any benefit to outsourcing?
Free
Multiple Choice
Answer:

Answer:

C

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As a country develops economically, what changes usually take place in the goods it exports?
Free
Multiple Choice
Answer:

Answer:

B

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Technological changes in telecommunications have:
Multiple Choice
Answer:
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Tariffs are taxes that governments place on internationally traded goods.
True False
Answer:
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Many call centers that provide telephone customer services for U.S. companies have been established in India, but few or none have been established in China. Why?
Multiple Choice
Answer:
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The type of goods being imported has changed from primarily low-tech goods to agricultural goods.
True False
Answer:
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Domestic producers prefer quotas to tariffs because quotas raise the price of imports and tariffs do not.
True False
Answer:
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According to most economists, outsourcing service jobs:
Multiple Choice
Answer:
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In strategic trade bargaining it is sometimes reasonable to be unreasonable.
True False
Answer:
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The percentage of goods and services the United States has imported from China and India over the last 15 years:
Multiple Choice
Answer:
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A country imposing trade restrictions can benefit only if other countries also impose trade restrictions.
True False
Answer:
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Free trade associations can potentially be harmful to international trade.
True False
Answer:
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The benefits of free trade tend to be highly concentrated whereas the costs are widely scattered.
True False
Answer:
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Quotas on imported automobiles cost jobs in the U.S. automobile industry but lower auto prices for domestic consumers.
True False
Answer:
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The text suggests that if economists had a mantra, it would be:
Multiple Choice
Answer:
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A free trade association is a group of countries that allows free trade among its members and, as a group, puts up common barriers against all other countries' goods.
True False
Answer:
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World trade declined in the 1930s. Which of the following is the best explanation of that decline?
Multiple Choice
Answer:
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The United States has a trade deficit when the value of the goods and services we import exceeds the value of the goods and services we export.
True False
Answer:
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Most economists believe that the infant industry argument for protection, though theoretically justified, often keeps firms from becoming more competitive.
True False
Answer:
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