Question 1

When the Allied powers met at a conference in 1944, what international organizations were developed?

Accepted Answer

A)   the International Monetary Fund
B)   the International Bank for Reconstruction and Development (World Bank) 
C)   the World Trade Organization
D)   both a and b
E)   None of the above

Question 2

GATT governed international trade because the U.S. Congress did not ratify the proposed ITO.

Accepted Answer

A) True 
 B)False

Question 3

The WTO is an international organization that sets rules of conduct for international commerce.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following statements is false?

Accepted Answer

A)   GATT was a replacement for the failure of the U.S. to participate in the proposed ITO.
B)   The ITO was a substitute for GATT.
C)   GATT was a treaty and technically was not an organization.
D)   Under GATT the explicit use of quotas to protect domestic industries was illegal in most cases.
E)   The WTO replaced GATT.

Question 5

As a result of the Uruguay Round, the Multifibre Arrangement is supposed to be gradually phased out through the year 2005.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following is not a form of administered protection?

Accepted Answer

A)   antidumping duties
B)   countervailing duties
C)   the escape clause
D)   offshore assembly
E)   None of the above

Question 7

Which of the following companies filed a famous escape clause case in the early 1980s?

Accepted Answer

A)   General Motors
B)   U.S. Steel
C)   Harley-Davidson
D)   Microsoft
E)   Apple

Question 8

Rent-seeking behavior enhances the welfare of society at the expense of a small group.

Accepted Answer

A) True 
 B)False

Question 9

The escape clause allows domestic industries to obtain temporary protection from imports even if the foreign firms have committed no violations of international trade law.

Accepted Answer

A) True 
 B)False

Question 10

How does collective action lead to protectionism?

Accepted Answer

Collective action can lead to protection...

Question 11

Which of the following statements is false?

Accepted Answer

A)   The Tariff of Abominations of 1828 led to a large increase in the U.S. tariff.
B)   Tariffs were increased in the 1860s to help the government pay for the Civil War.
C)   Before the Civil War tariff policy was a source of friction between the Northern and Southern parts of the U.S.
D)   The Smoot-Hawley Tariff of 1930 led to a large reduction in the U.S. tariff.
E)   Tariffs were raised during the Great Depression.

Question 12

Which of the following is more likely to be protected by trade barriers in the U.S.?

Accepted Answer

A)   jump ropes
B)   apple juice
C)   wheat
D)   steel
E)   information technology

Question 13

Industries that do not have many voters tend to have a lower tariff.

Accepted Answer

A) True 
 B)False

Question 14

The MFA is used to limit and regulate the exportation and importation of grain and foodstuffs on a worldwide basis.

Accepted Answer

A) True 
 B)False

Question 15

Explain the history of antidumping duties in the U.S.

Accepted Answer

Antidumping duties in the U.S. have a lo...

Question 16

The Tariff of Abominations:

Accepted Answer

A)   led to the Revolutionary War.
B)   led to World War I.
C)   led to a large increase in U.S. tariffs in 1828.
D)   led to a large increase in U.S. tariffs in 1930.
E)   led to a large decrease in tariffs.

Question 17

Dumping can be:

Accepted Answer

A)   predatory.
B)   cost based.
C)   price based.
D)   all of the above
E)   none of the above

Question 18

Which of the following industries are more likely to be protected?

Accepted Answer

A)   industries with few firms
B)   industries that produce an intermediate product
C)   industries with a comparative disadvantage
D)   All of the above
E)   None of the above

Question 19

Larger industries are more likely to receive protection than smaller industries.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is the only country in the world with a uniform tariff?

Accepted Answer

A)   Switzerland
B)   Mexico
C)   Nigeria
D)   Chile
E)   Bolivia

Exam 10: International Trade Policy

Which of the following is the only country in the world with a uniform tariff?

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Rent-seeking behavior enhances the welfare of society at the expense of a small group.

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Which of the following companies filed a famous escape clause case in the early 1980s?

Correct AnswerverifiedShow Answer

Dumping can be:

Correct AnswerAnswered by ExamLex AIShow Answer

Which of the following is not a form of administered protection?

Correct AnswerverifiedShow Answer

GATT governed international trade because the U.S. Congress did not ratify the proposed ITO.

Correct AnswerverifiedShow Answer

Which of the following is more likely to be protected by trade barriers in the U.S.?

Correct AnswerverifiedShow Answer

The Tariff of Abominations:

Correct AnswerverifiedShow Answer

When the Allied powers met at a conference in 1944, what international organizations were developed?

Correct AnswerverifiedShow Answer

Which of the following statements is false?

Correct AnswerverifiedShow Answer

Industries that do not have many voters tend to have a lower tariff.

Correct AnswerverifiedShow Answer

The MFA is used to limit and regulate the exportation and importation of grain and foodstuffs on a worldwide basis.

Correct AnswerverifiedShow Answer

As a result of the Uruguay Round, the Multifibre Arrangement is supposed to be gradually phased out through the year 2005.

Correct AnswerverifiedShow Answer

The WTO is an international organization that sets rules of conduct for international commerce.

Correct AnswerverifiedShow Answer

Explain the history of antidumping duties in the U.S.

Correct AnswerAnswered by ExamLex AIAntidumping duties in the U.S. have a lo...View AnswerShow Answer

The escape clause allows domestic industries to obtain temporary protection from imports even if the foreign firms have committed no violations of international trade law.

Correct AnswerverifiedShow Answer

Which of the following industries are more likely to be protected?

Correct AnswerverifiedShow Answer

Which of the following statements is false?

Correct AnswerverifiedShow Answer

How does collective action lead to protectionism?

Correct AnswerAnswered by ExamLex AICollective action can lead to protection...View AnswerShow Answer

Larger industries are more likely to receive protection than smaller industries.

Correct AnswerverifiedShow Answer

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Answered by ExamLex AI

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Answered by ExamLex AI
Antidumping duties in the U.S. have a lo...
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Correct Answer
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Correct Answer
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Correct Answer
Answered by ExamLex AI
Collective action can lead to protection...
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Correct Answer
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