05 Jun GBM 381 Week 3 Quiz
1. If a US firm exports $7,000 of goods which are to be paid for within six months, using a double-entry bookkeeping system, what entries should be made in the US balance of payments?
- Goods export – credit of $7,000; Capital outflow – debit of $7,000
- Accounts Receivable – debit of $7,000; Inventory – credit of $7,000
- Goods export – debit of $7,000; Capital outflow – credit of $7,000
- Accounts Receivable – credit of $7,000; Inventory – debit of $7,000
2. Which of the following are included in the current account?
- Currently produced goods and services
- Income on foreign investments
- Unilateral transfers
- All of the above
3. Which of the following is an example of a deficit in the balance of payments?
- The excess of debits over credits in the current and capital accounts
- The excess of credits over debits in the current account
- The excess of credits over debits in the capital account
- Both b & c
4. ____________ have historically been the most important and most used type of trade restriction.
- Quotas
- Domestic content requirements
- Import tariffs
- Export tariffs
5. A(n) __________ is a tax or duty levied on the traded commodity as it enters a nation.
- ad valorem tariff
- compound tariff
- optimum tariff
- import tariff
6. The difference between what consumers would be willing to pay for each unit of commodity and what they actually pay for that unit is called ____________.
- producer surplus
- consumer surplus
- reservation price
- import tariff
7. If Japan is accused of dumping televisions into the US market, it is believed that Japan is:
- selling TVs in the US for a price above production costs
- selling TVs in the US for a price below production costs
- producing TVs cheaper than the US can produce them
- producing TVs at a higher cost than the US produces them
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