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

Related Mcqs:

1. 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

2. 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

3. 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

4. ___________ are quotas that lead to a complete abolishment of trade?

   A. embargoes
   B. voluntary export restraints
   C. nontariff barriers
   D. orderly marketing agreements

5. Quotas are government-imposed limits on the _________ of goods trade between countries?

   A. prices
   B. quantity
   C. revenue
   D. costs

6. 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

7. Similar to import tariffs import quotas tend to result in ?

   A. higher prices and reduced imports
   B. increased government revenue
   C. increased consumer surplus
   D. decrease producer surplus

8. Trade creation will more likely outweigh trade diversion for Country X that forms a customs union if the level of tariffs in Country X prior to the customs union is ________ and the total number of countries forming the customs union is _________?

   A. relatively high; relatively large
   B. relatively high; relatively small
   C. relatively low ; relatively large
   D. relatively low ; relatively small

9. When free trade areas are set up the member countries trade with each other grows faster than their trade with other countries This is due to what economist call ?

   A. trade diversion
   B. trade channeling
   C. trade creation and trade diversion
   D. trade creation

10. In an economy measuring (1) total value added (2)total spending on final goods and (3)total factor earning gives the result that ?

    A. 3>2>1
    B. 3=2=1
    C. 3<2<1
    D. any measure can be larger or smaller than any other