Chap 9

Chap 9

University

20 Qs

quiz-placeholder

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Chap 9

Chap 9

Assessment

Quiz

Other

University

Practice Problem

Hard

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Truong Tran

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When politicians argue that outsourcing or offshoring of technical support to Bangladesh by Sirius Satellite Radio is harmful to the U.S. economy, they are employing which of the following arguments for restricting trade?

The infant-industry argument

The jobs argument

The national-security argument

The deadweight-loss argument

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about a tariff is true?

A tariff increases producer surplus, decreases consumer surplus, increases revenue to the government, and increases total surplus.

A tariff increases consumer surplus, decreases producer surplus, increases revenue to the government, and reduces total surplus.

A tariff increases consumer surplus, decreases producer surplus, increases revenue to the government, and increases total surplus.

A tariff increases producer surplus, decreases consumer surplus, increases revenue to the government, and reduces total surplus.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements about import quotas is true?

Import quotas are preferred to tariffs because they raise more revenue for the imposing government.

For every tariff, there is an import quota that could have generated a similar result.

Voluntary quotas established by the exporting country generate no deadweight loss for the importing country.

An import quota reduces the price to the domestic consumers.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not employed as an argument in support of trade restrictions?

Free trade harms national security if vital products are imported.

Free trade destroys domestic jobs.

Free trade harms both domestic producers and domestic consumers and therefore reduces total surplus.

Free trade harms infant industries in an importing country.

Free trade is harmful to importing countries if foreign countries subsidize their exporting industries.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Because producers are better able to organize than consumers are, we would expect there to be political pressure to create _______.

free trade

import restrictions

export restrictions

none of the answer choices

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a country allows trade and exports a good, _______.

domestic producers are better off, domestic consumers are worse off, and the nation is worse off because the losses of the losers exceed the gains of the winners

domestic consumers are better off, domestic producers are worse off, and the nation is worse off because the losses of the losers exceed the gains of the winners

domestic producers are better off, domestic consumers are worse off, and the nation is better off because the gains of the winners exceed the losses of the losers

domestic consumers are better off, domestic producers are worse off, and the nation is better off because the gains of the winners exceed the losses of the losers

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If free trade is allowed, a country will export a good if the world price is _______.

below the before-trade domestic price of the good

above the before-trade domestic price of the good

equal to the before-trade domestic price of the good

none of the answer choices

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