International Economics Test

Jun 17th, 2015
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International Economics Test, MCQ

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QUESTION 31Refer to Scenario 8.1. The consumption effect of the tariff on wine is worth$250,000.$500,000.$3.5 million.$2.75 million.4.09836 points QUESTION 32A domestic monopoly producing a close substitute of an imported product would prefer to be protected by a quota than a tariff that results in the same amount of imports because:the deadweight loss will be smaller with a quota.after the imposition of the tariff the price of the imported good declines in the domestic market.unlike a tariff, a quota does not generate revenue for the government.a quota allows the firm to charge a higher price.4.09836 points QUESTION 33Which of the following is true of an economic union?Free movement of resources, but restricted movement of goods among the member countriesThe members have a common set of tariffs among themselves but the external tariff rates are determined independentlyFree movement of goods, but restricted movement of resources across the member countriesHarmonization of all economic policies in the member countries4.09836 points QUESTION 34Suppose manufacturing of paper results in substantial ground water pollution. One possible policy that can be used to fix this externality is:to subsidize the production of paper by the domestic firms.to impose tax on the production of paper.to raise tariff barriers on paper imports.to provide tax benefits to the firms exporting pape

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