ECO 320 Week 3 Quiz 2 Solution (Latest Update)
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1. The purpose of a protective tariff is: (Points : 1) |
to protect domestic consumers from harmful products. |
Question 2. 2. The difference between the price producers are willing to accept for the product |
producer surplus. |
Question 3. 3. A tariff levied as a certain amount per unit imported is known as: (Points : 1) |
a specific tariff. |
Question 4. 4. Ad valorem tariffs are collected as: (Points : 1) |
a percentage of the quantity of imports. |
Question 5. 5. The difference between the price consumers are willing to pay and the price that |
producer surplus. |
Question 6. 6. When a quota is imposed: (Points : 1) |
foreign firms may gain by selling the imported product at a higher price. |
Question 7. 7. The Buy American Act of 1933 gives American suppliers a _____ percent margin |
6; 10 |
Question 8. 8. Which of the following countries has a quota on imports of sugar? (Points : 1) |
Germany |
Question 9. 9. A VER is: (Points : 1) |
a tariff that is imposed by the exporting country. |
Question 10. 10. Which of the following describes the use of government policy to enhance exports |
VER |
Question 11. 11. Which of the following is not a type of dumping? (Points : 1) |
sporadic dumping |
Question 12. 12. The activity of a group that seeks to gain from changes in government policy is |
public policy. |
Question 13. 13. The theory of public choice is based on the premise that: (Points : 1) |
politicians attempt to maximize their utility. |
Question 14. 14. Which of the following statements is false? (Points : 1) |
The Tariff of Abominations of 1828 led to a large increase in the U.S. tariff. |
Question 15. 15. The Tariff of Abominations: (Points : 1) |
led to the Revolutionary War. |
Question 16. 16. The U.K. joins the EU and imports wheat from France rather than from Canada |
trade creation. |
Question 17. 17. A significant feature of a customs union is: (Points : 1) |
that agricultural products are always excluded. |
Question 18. 18. The least integrated category of economic integration is: (Points : 1) |
a common market. |
Question 19. 19. Which of the following is not a level of economic integration between countries? (Points : 1) |
A free-trade area |
Question 20. 20. When preferential trade agreements are formed, the result is often a reduction of |
reciprocity. |
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