Which company in the United States would likely be most concerned about Brazil’s dumping of steel in the U.S. market?

Tennessee Mining Co., an iron-ore mining company

General Motors, the manufacturer of automobiles

Caterpillar Corp., the producer of earth-moving equipment

Sneva Construction Co., the builder of skyscrapers

The reason for dumping is that the demand curve for ABC Co.’s computers is ______ because ______ are available from other nations.

more elastic in Japan; more substitutes are available from other nations

more elastic in Japan; fewer substitutes are available from other nations

more inelastic in Japan; more substitutes are available from other nations

more inelastic in Japan; fewer substitutes are available from other nations

If other nations do not increase grain exports to the Soviets, all the following would likely occur except:

Grain prices would rise in the United States

Grain prices would rise in the Soviet Union

Consumer surplus would decrease for the Soviets

Export revenues would decrease for U.S. producers

Referring to the above question, the embargo was mainly resisted by:

U.S. farmers and grain companies

U.S. grain consumers and producers of bread

Grain producers in foreign countries

Grain consumers in foreign countries

Concerning economic sanctions, export embargos induce greater losses in consumer surplus for the target country the:

more inelastic the target country supply schedule

lesser its initial dependence on foreign produced goods

more elastic the target country demand schedule

greater the available output from alternative suppliers

Suppose the President eliminates import tariffs on radios as the result of a free trade agreement reached with Japan. Radio producers in the United States can appeal for import protection under the:

escape clause if rising imports substantially injure the U.S. radio industry.

escape clause if rising unemployment occurs even though imports remain unchanged

infant industry clause if rising imports cause unemployment to rise among U.S. radio workers.

infant industry clause if rising imports result in losses for U.S. radio companies

During the post-World War II era:

NTBs have increased and tariffs have decreased in relative importance

Nontariff barriers (NTBs) and tariffs have increased in relative importance

NTBs and tariffs have decreased in relative importance

NTBs have decreased and tariffs have increased in relative importance

The strongest political pressure for a trade policy that results in higher protectionism comes from:

domestic workers lobbying for import restrictions

domestic workers lobbying for export restrictions

domestic consumers lobbying for export restrictions

domestic consumers lobbying for import restrictions

The average tariff rate today on dutiable imports into the United States is approximately:

4 percent of the value of imports

15 percent of the value of imports

20 percent of the value of imports

25 percent of the value of imports

When one country provides most favored nation status (normal trade relations) for another, it agrees to

charge that nation’s products a tariff rate no higher than that on any other nation

charge that nation’s products a lower tariff than any other nation’s

charge that nation’s products a higher tariff than any other nation’s

exports to that nation any products that it wants to purchase

Those who argue in favor of import protection generally give the impression that such restricted trade will:

provide benefits to the entire nation

decrease the level of national security

provide benefits to some particular industry

not yield welfare losses for the nation

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

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

foreign dumping of goods in the U.S.

"buy national" policies of foreign governments

stringent environmental regulations of foreign governments

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

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

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

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

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

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

bilateral tariff reductions to promote trade liberalization

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

nondiscrimination in trading relationships

the prohibition of import quotas and export quotas

The World Trade Organization is sometimes criticized for all of the following reasons except

it has no way to solve trade disputes among member countries

it reduces the sovereignty of member countries

favors free trade over the quality of the environment

it is a "puppet" of multinational corporations

Under the Smoot-Hawley Act of 1930, the United States

increased its import tariffs to an average of 53 percent

liberalized trade with most of its trading partners

abolished tariff-rate quotas as a trading instrument

resulted in the termination of the General Agreement on Tariffs and Trade

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

General Agreement on Tariffs and Trade

McKinley Agreement on Trade Policy

Antidumping duties applied to imported goods

result in decreases in consumer surplus for domestic households

are abolished by the World Trade Organization

are imposed by industrial countries but not developing countries

result in lower-priced goods for domestic consumers

The trade adjustment assistance program results in the U.S. government

providing financial assistance and training to workers who lose jobs because of rising imports

imposing tariffs on goods from countries that do not practice fair trade

imposing quotas on goods from countries that do not practice fair trade

buying the assets of companies that are driven out of business by foreign competition

Section 301 of the 1974 Trade Act emphasized

unfair trading practices of U.S. trading partners

wage differentials of developing countries and advanced countries

the welfare effects of import quotas

If ______ is/are approved, the President has a limited time period in which to complete trade negotiations, and Congress must vote up-or-down on the negotiated agreement within 90 legislative days of submission

trade promotion authority (fast-track)

______ protection, such as the escape clause, provide temporary protection to domestic industries facing competition from fairly traded foreign goods

generalized system of preference

Concerning dumping, which of the following is true?

U.S. firms can obtain protection from foreign dumping, even though this protection tends to harm overall U.S. welfare

predatory dumping represents the most common form of dumping by U.S. firms

dumping can never be a profit-maximizing strategy for U.S. firms to pursue

U.S. firms rarely, if ever, engage in distress dumping or persistent dumping

Concerning U.S. trade law, Section 301 cases involve allegations of

foreign barriers to American exports

foreign income taxes on corporations

Allegations of foreign company dumping in the United States result in investigations by the U.S.

Commerce Department and the International Trade Commission

The result of antidumping tariffs is to

impose a price floor on foreign prices in the importing country

increase consumer surplus in the importing country

decrease producer surplus in the importing country

impose a price ceiling on foreign prices in the importing country

The effect of the most-favored-nation (normal trade relations) clause is to

maintain a nondiscriminatory structure of tariffs

eliminate all tariffs between countries

increase all tariff rates between countries

maintain a discriminatory structure of tariffs

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

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

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

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

have lower tariff rates than the rates that apply to other countries to which the U.S. grants most-favored-nation treatment

involve restrictions in imports, exports, and or financial flows

are prohibited by the World Trade Organization

affect international trade but not international financial flows

involve restrictions on imports, but not exports

Following the levying of the Smoot Hawley tariff of 1930 by the United States

many other countries imposed retaliatory tariffs against the United States

employment in the United States increased rapidly

global trade continued to increase

employment in foreign countries increased rapidly

Which industrialization policy have developing countries used which places emphasis on the comparative advantage principle as a guide to resource allocation:

international commodity agreements

KTQT P3

Quiz

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Computers

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1st Grade

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Practice Problem

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Hard

Nhi Yến

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attempt to restrict the number of tourists leaving a nation

are intended to publicize the advantages of the most efficient domestic companies

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89 questions

The form of international price discrimination (dumping) normally associated with economic recession or excess inventories in the exporting nation is known as

The form of dumping that represents the greatest potential net welfare loss the for importing nation is

______ occurs when a firm disposes on foreign markets a temporary increase in inventories caused by unforeseen changes in supply and demand conditions in the home economy

According to the cost-based definition of dumping, dumping occurs when a firm sells a product abroad at a price that is less than

What type of trade barrier was used to protect U.S. auto firms from foreign competition during 1981-1984?

A ______ allows a specified number of goods to be imported each year, and it not specifies from where the product is shipped and who is permitted to import

Buy national policies

Which company in the United States would likely be most concerned about Brazil’s dumping of steel in the U.S. market?

The firm would maximize profit by selling ___ computers in the United States at a price of _ and _ computers in Japan at a price of ___

By practicing price discrimination, the firm would realize profits totaling:

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Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Computers

KTQT P3

89 questions

The form of international price discrimination (dumping) normally associated with economic recession or excess inventories in the exporting nation is known as

The form of dumping that represents the greatest potential net welfare loss the for importing nation is

______ occurs when a firm disposes on foreign markets a temporary increase in inventories caused by unforeseen changes in supply and demand conditions in the home economy

According to the cost-based definition of dumping, dumping occurs when a firm sells a product abroad at a price that is less than

What type of trade barrier was used to protect U.S. auto firms from foreign competition during 1981-1984?

A ______ allows a specified number of goods to be imported each year, and it not specifies from where the product is shipped and who is permitted to import

Buy national policies

Which company in the United States would likely be most concerned about Brazil’s dumping of steel in the U.S. market?

The firm would maximize profit by selling _____ computers in the United States at a price of _____ and _____ computers in Japan at a price of _____

By practicing price discrimination, the firm would realize profits totaling:

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

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The firm would maximize profit by selling ___ computers in the United States at a price of _ and _ computers in Japan at a price of ___