08 Jun Question 15) A quota is
Question
15) A quota is
A) a tariff imposed on goods that are dumped in the country.
B) a law that prevents ecologically damaging goods from being imported into a country.
C) a market-imposed balancing factor that keeps prices of imports and exports in equilibrium.
D) a government-imposed restriction on the quantity of a specific good that can be imported.
15) If protective import-restricting quota are imposed by a country, in the majority of cases that nation’s consumers end up
A) paying a lower price for the good than they otherwise would.
B) consuming more of the good than they otherwise would.
C) having more consumption choices than they otherwise would.
D) consuming less of the good than they otherwise would.
18) The effect of a quota is to
A) increase quantity supplied and lower price.
B) increase quantity supplied and increase price.
C) increase demand for the good and increase price.
D) reduce quantity supplied and raise price.
19) An official agreement with another country to restrict the quantity of its exports to the U.S. is
A) a regional trade bloc.
B) the quota system.
C) a voluntary import expansion.
D) a voluntary restraint agreement.
20) The World Trade Organization is a successor organization to the
A) United Nations.
B) World Bank.
C) International Court of Justice.
D) GATT.
21) The North American Free Trade Agreement and the European Union are examples of
A) defense treaties.
B) regional trade blocs.
C) labor agreements designed only for industrialized countries.
D) agriculturally based economies.
22) Trade diversion results in
A) an increase in the total amount of trade in the world.
B) a decrease in the total amount of trade in the world.
C) no change in the total amount of trade in the world.
D) either an increase or decrease in the amount of trade in the world, depending on where trade takes place.
23) Which of the following are regulations that nations in regional trade blocs establish to delineate product categories eligible for trading preferences?
A) trade quotas
B) trade tariffs
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