A. embargoes
B. voluntary export restraints
C. nontariff barriers
D. orderly marketing agreements
Related Mcqs:
- 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 - Quotas are government-imposed limits on the _________ of goods trade between countries?
A. prices
B. quantity
C. revenue
D. costs - You are planning to run a hot dog stand during a forthcoming fair. You originally estimated that you will generated sales revenue of Rs 2000 and you have already spent Rs 1000 building the hot dog stand. The hot dog stand is nearly completed but now you estimate total sales to be only Rs 800 because the fair clashes with a major music festival in a nearby location. You can complete the hot dog stand for another Rs 300 Your decision rule should be to complete the hot dog stand as long as the cost to complete the stand is less than ?
A. Rs 300
B. Rs 1000
C. Rs 500
D. Rs 800 - 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 - ________ are quotas that result in a total prohibition of trade?
A. embargoes
B. tariff-rate quotas
C. voluntary export restraints
D. nontariff barriers - 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 - 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 - 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 - 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
