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

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. 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

3. 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

4. In 1980 the U.S imposed export quotas on grain sold to the Soviet Union in response to its armed invasion of Afghanistan if other nations do not increase grain exports to the soviets all the following would likely occur except?

   A. Grain prices would rise in the Soviet union
   B. Consumer surplus would decrease for the soviets
   C. Grains prices would rise in the united States
   D. Export revenues would decrease for U.S producers

5. If a group of countries abolish trade barriers between them and set same tariffs on goods coming in from other countries they are a ?

   A. common market
   B. free trade area
   C. customs union
   D. federation

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

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

7. According to the trade theory of Staffan Linder trade tends to be most pronounced in manufactured goods when trading countries have ?

   A. similar endowments of natural resources
   B. similar levels of technology
   C. similar per-capita incomes
   D. similar wage levels

8. 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

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

   A. embargoes
   B. tariff-rate quotas
   C. voluntary export restraints
   D. nontariff barriers

10. To maintain its economic position, Japan has often limited the number of cars or the quantity of farm products that the United States can sell in Japan Japan has imposed these limits to develop ?

    A. an equality of trade position
    B. a favorable balance of trade
    C. a more open market
    D. a belief system