A. higher prices and reduced imports
B. increased government revenue
C. increased consumer surplus
D. decrease producer surplus
Related Mcqs:
- Concerning import tariffs of the United States empirical studies tend to conclude that these tariffs are ?
A. Progressive and thus bear down on the wealthy
B. regressive and thus bear down on the poor
C. proportional and thus bear down on all consumers in the same manner
D. deflationary and thus result in reductions in the price of imports - Import quotas tend to result in all of the following except ?
A. domestic producers of the imported good being harmed
B. domestic consumers of the imported good being harmed
C. Prices increasing in the importing country
D. Prices falling in the exporting country - For year the U.S government levied quotas on inexpensive oil imported from the Middle East The quotas led to cost increases for U.S consumers totaling $3 billion for oil products. An apparent justification of this policy was that ?
A. U.S oil companies and workers deserved higher incomes
B. U.S oil was of superior quality and merited higher prices
C. one should not be too dependent on foreign suppliers of crucial resources
D. The U.S government needed the quota revenue to balance its budget - In the Px = export price index, Pm = import price index, Qx = export quantity index,and Qm = import quantity index. Developing countries tend to maintain that their commodity term of trade have declined over the long run suggesting that _________ has declined?
A. Px/Pm
B. Pm/Px
C. (Pm/Px)Qm
D. (Px/Pm)Qx - What is called a group of countries that have removed all tariffs, quotas, and export subsidies on trade among themselves ?
A. Close-trade zone
B. Free trade zone
C. Both of them
D. None of them - What is called the trade without restriction of tariffs, quotas, or foreign exchange controls ?
A. Open trade
B. Free trade
C. Open sky trade
D. Easy trade - Term the interchange of commodities across political frontiers without restriction such as tariffs, quotas, or foreign exchange controls ?
A. Open trade
B. Free trade
C. Open sky trade
D. Easy trade - When several countries jointly impose common external tariffs, eliminate tariffs on each other, and eliminate barriers to the movement of labor and capital among themselves, they have formed a/na ?
A. free trade area
B. customs union
C. common market
D. economic union - A sudden shift from import tariffs to free trade may induce short-term unemployment in ?
A. Import-competing industries
B. Industries that are only exporters
C. Industries that sell domestically as well as export
D. industries that neither import nor export - According to the _____ argument for protection, tariffs can shield new industries from import competition until they have grown strong and efficient enough to withstand the competition by foreign producers ?
A. scientific tariff argument
B. infant industry argument
C. beggar they neighbor argument
D. foreign dumping argument
