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International Economics, 8e (Krugman)
Chapter 8
The
Instruments of Trade Policy
1)
Specific tariffs are
A)
import taxes stated in
specific legal statutes.
B)
import taxes calculated as a fixed
charge for each unit of imported goods.
C)
import taxes
calculated as a fraction of the value of the
imported goods.
D)
the same as import quotas.
E)
None of the above.
Answer:
B
2)
Ad valorem tariffs are
A)
import taxes stated in
ads in industry publications.
B)
import taxes calculated
as a fixed charge for each unit of imported goods.
C)
import taxes
calculated as a fraction of the value of the
imported goods.
D)
the same as import quotas.
E)
None of the above.
Answer:
C
3)
The excess supply curve of a product we
(H) import from foreign countries (F) increases as
A)
excess demand
of country H increases.
B)
excess demand of country F increases.
C)
excess supply
of country H increases.
D)
excess supply of country F increases.
E)
None of the
above.
Answer:
D
4)
Suppose the United States eliminates
its tariff on ball bearings used in producing
exports. Ball bearing prices
in the United States would be expected
to
A)
increase, and the
foreign demand for U.S. exports would increase.
B)
decrease, and
the foreign demand for U.S. exports would
increase.
C)
increase, and the foreign demand for
U.S. exports would decrease.
D)
decrease, and the foreign
demand for U.S. exports would decrease.
E)
None of the
above.
Answer:
C
5)
A
specific tariff provides home producers more
protection when
A)
the home market buys cheaper products
rather than expensive products.
B)
it is applied to a
commodity with many grade variations.
C)
the home demand for a
good is elastic with respect to price changes.
D)
it is levied
on manufactured goods rather than primary
products.
E)
None of the above.
Answer:
A
6)
A lower
tariff on imported steel would most likely benefit
A)
foreign
producers at the expense of domestic consumers.
B)
domestic
manufacturers of steel.
C)
domestic consumers of steel.
D)
workers in
the steel industry.
E)
None of the above.
Answer:
C
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7)
A problem encountered when implementing
an
A)
domestic
consumers will purchase the foreign good
regardless of the tariff.
B)
the industry may never
C)
most
industries require tariff protection when they are
mature.
D)
the
tariff may hurt the industry's domestic sales.
E)
None of the
above.
Answer:
B
8)
Which of the following is a fixed
percentage of the value of an imported product?
A)
specific
tariff
B)
ad
valorem tariff
C)
nominal tariff
D)
effective protection
tariff
E)
None
of the above.
Answer:
B
9)
A tax of 20 cents per unit of imported
garlic is an example of a(n)
A)
specific tariff.
B)
ad valorem
tariff.
C)
nominal tariff.
D)
effective protection
tariff.
E)
None
of the above.
Answer:
A
10)
A tax of 20 percent per
unit of imported garlic is an example of a(n)
A)
specific
tariff.
B)
ad
valorem tariff.
C)
nominal tariff.
D)
effective protection
tariff.
E)
None
of the above.
Answer:
B
11)
Tariffs are not defended
on the ground that they
A)
improve the terms of trade of foreign
nations.
B)
protect jobs and reduce unemployment.
C)
promote
growth and development of young industries.
D)
prevent
over
-
dependence
of a country on only a few industries.
E)
None of the above.
Answer:
A
12)
The most vocal political pressure for
tariffs is generally made by
A)
consumers lobbying for
export tariffs.
B)
consumers lobbying for import tariffs.
C)
consumers
lobbying for lower import tariffs.
D)
producers lobbying for
export tariffs.
E)
producers lobbying for import tariffs.
Answer:
E
13)
What is a true statement concerning the
imposition in the U.S. of a tariff on steel?
A)
It lowers the
price of cheese domestically.
B)
It raises the price of
cheese internationally.
C)
It raises revenue for the government.
D)
It will
always result in retaliation from abroad.
E)
None of the
above.
Answer:
C
14)
The tariff levied in a
2
A)
foreign
consumers to demand less of the good on which was
levied a tariff.
B)
domestic demand for imports to
decrease.
C)
domestic demand for imports to
increase.
D)
foreign suppliers to produce less of
the good on which was levied a tariff.
E)
None of the above.
Answer:
D
15)
In the country levying the tariff, the
tariff will
A)
increase both consumer and producer
surplus.
B)
decrease both the consumer and producer
surplus.
C)
decrease consumer surplus and increase
producer surplus.
D)
increase consumer surplus and decrease
producer surplus.
E)
None of the above.
Answer:
C
16)
Refer to above figure. In the absence
of trade, how many Widgets does this country
produce and consume?
Answer:
60
17)
Refer to
above figure. In the absence of trade, what is the
country's consumer plus producer surplus?
Answer:
$$180,
$$180
18)
Refer to above figure. With free trade
and no tariffs, what is the quantity of Widgets
imported?
Answer:
100
19)
Refer to above figure.
With a specific tariff of $$3 per unit, what is the
quantity of Widget imports?
Answer:
80
20)
Refer to
above figure. The loss of Consumer Surplus due to
the tariff equals ________.
Answer:
$$230
21)
Refer to
above figure. The lowest specific tariff which
would be considered prohibitive is ________.
Answer:
$$5
22)
If a good is imported into (large)
country H from country F, then the imposition of a
tariff in country H
A)
raises the price of the good in both
countries (the
B)
raises the price in country H and
cannot affect its price in country F.
C)
lowers the price of the
good in both countries.
D)
lowers the price of the good in H and
could raise it in F.
E)
raises the price of the good in H and
lowers it in F.
Answer:
E
23)
If a good is imported
into (small) country H from country F, then the
imposition of a tariff In country H
A)
raises the price of the
good in both countries (the
B)
raises the price in
country H and does not affect its price in country
F.
C)
lowers the
price of the good in both countries.
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