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CHAPTER6

TRADEREGULATIONSANDINDUSTRIALPOLICIES

MULTIPLE-CHOICEQUESTIONS

1.TheWorldTradeOrganizationwasestablishedbythe________ofmultilateraltradenegotiations:

a.KennedyRound

b.TokyoRound

c.UruguayRound

d.ClintonRound

2.UnderU.S.commercialpolicy,theescapeclauseresultsin:

a.Temporaryquotasgrantedtofirmsinjuredbyimportcompetition

b.Tariffsthatoffsetexportsubsidiesgrantedtoforeignproducers

c.Taxadvantagesextendedtominority-ownedexportingfirms

d.Dutieswhichoffsetcommercialdumpingonthepartofforeignfirms

3.Adjustmentassistanceissometimesusedtoassist:

a.Inretrainingworkersdisplacedbyimports

b.Inretrainingworkersdisplacedbyexports

c.Foreignfirmsinjuredbyourquotas

d.Foreignfirmsinjuredbyourtariffs

4.TheExport-ImportBankoftheUnitedStatesencouragesAmericanfirmstoselloverseasbyprovidingdirectloansandloanguaranteestoforeignpurchasersofAmericangoods.ToAmericanfirms,thisrepresentsa（n）:

a.Specificsubsidy

b.Advaloremsubsidy

c.Domesticsubsidy

d.Exportsubsidy

5.TheSmoot-HawleyTariffActof1930hasgenerallybeenassociatedwith:

a.Fallingtariffs

b.Increasesinthevolumeoftrade

c.Intensifyingtheworldwidedepression

d.Effortstoliberalizenontarifftradebarriers

6.Atradepolicydesignedtoalleviatesomedomesticeconomicproblembyexportingittoforeigncountriesisknownasa（n）:

a.Internationaldumpingpolicy

b.Tradeadjustmentassistancepolicy

c.Most-favored-nationpolicy

d.Beggar-thy-neighborpolicy

7.UnderU.S.commercialpolicy,whichclausepermitsthemodificationofatradeliberalizationagreementonatemporarybasisifseriousinjuryoccurstodomesticproducersasaresultoftheagreement?

a.Adjustmentassistanceclause

b.Escapeclause

c.Most-favored-nationclause

d.Reciprocal-tradeclause

8.Whichpolicyreflectsthenotionthatifsocietyenjoysgainsduetoincreasedefficiencystemmingfromtradeliberalization,somesortofcompensationshouldbeprovidedtothosewhoaretemporarilyhurtbyimportcompetition?

a.Countervailingduties

b.Tradeadjustmentassistance

c.Domesticsubsidies

d.Most-favored-nationstandard

9.TheUruguayRoundofMultilateralTradeNegotiationsaccomplishedallofthefollowingexcept:

a.Placedprimaryemphasisonnontarifftradebarriers

b.Isestimatedtoyieldmodestgainsinworldoutputandemployment

c.Achievedcutsintariffsbutnotinnontarifftradebarriers

d.Abolishedallbarrierstotradeinagriculturalproducts

10.TheGeneralAgreementonTariffsandTradeanditssuccessor,theWorldTradeOrganization,haveresultedin:

a.Terminationofexportsubsidiesappliedtomanufacturedgoods

b.Terminationofimporttariffsappliedtomanufacturedgoods

c.Encouragementofbeggar-thy-neighborpolicies

d.Reductionsintradebarriersviamultilateralnegotiations

11.FortheUnitedStates,whichorganizationmakesloanstoforeignbuyersofU.S.manufacturedgoods?

a.Export-ImportBank

b.DomesticInternationalSalesCorporation

c.OrganizationforEconomicCooperationandDevelopment

d.CommodityCreditCorporation

12.ThehighpointofU.S.protectionculminatedwiththepassageofthe:

a.Smoot-HawleyActof1930

b.GeneralAgreementsonTariffsandTradein1947

c.TradeReductionActof1962

d.AdjustmentAssistanceActof1970

13.Countervailingdutiesareintendedtoneutralizeanyunfairadvantagethatforeignexportersmightgainoverdomesticproducersbecauseofforeign:

a.Tariffs

b.Subsidies

c.Quotas

d.Buy-nationalpolicies

14.TradetheorysuggeststhattheUnitedStateswouldgainfromasubsidyprovidedbyJapantoitscalculatorproducersifthegainstoAmericanconsumersofcalculatorsmorethanoffsetthelossestoAmericancalculatorproducers.ThisoccursaslongastheUnitedStates:

a.Isanetimporterofcalculators

b.Isanetexporterofcalculators

c.Hasanabsoluteadvantageincalculatorproduction

d.Hasacomparativeadvantageincalculatorproduction

15.UndertheoriginalprovisionsoftheReciprocalTradeAgreementsAct,thepresidentoftheUnitedStateswasauthorizedtocuttariffsupto:

a.10percent

b.50percent

c.75percent

d.100percent

16.TheU.S.“trade-remedylaws”couldestablishallofthefollowingexcept:

a.ImporttariffstoprotectU.S.firmsseriouslyinjuredbyforeigncompetition

b.Countervailingdutieswhichneutralizeforeignexportsubsidies

c.AntidumpingdutieswhichprotectU.S.firmsfromimportssoldatlessthanfairvalue

d.Economicsanctionsleviedagainsthostilenations

17.Theprincipleofnormal-trade-relations（most-favored-nation）treatmentwasestablishedwiththepassageofthe:

a.Fordney-McCumberActof1922

b.Smoot-HawleyActof1930

c.ReciprocalTradeAgreementsActof1934

d.TradeActof1974

18.Throughoutthepost–WorldWarIIera,theimportanceoftariffsasatradebarrierhas:

a.Increased

b.Decreased

c.Remainedthesame

d.Noneoftheabove

19.AsawayofhelpingAmericanfirmstradeintheworldmarket,U.S.tradelawprovidesantitrustexemptionsforhorizontalcombinationsofAmericanfirmsengagedsolelyinexporttrade.Suchfirmsarepermittedtoform:

a.Exporttradeassociations

b.Domesticinternationalsalescorporations

c.Export-importbanks

d.Commoditysalescorporations

20.________attempttoproduceafairandfree-tradingenvironmentinwhichthereexistsalevelplayingfield.

a.Trade-remedylaws

b.Industrialpolicies

c.Strategictradepolicies

d.Economicsanctions

21.SupposetheUnitedStatesimposestradesanctions（exportquotas）ongrainsoldtotheRussians.AssumingothernationsdonotincreasegrainexportstotheRussians,allofthefollowingwouldoccurexcept:

a.GrainpriceswouldriseinRussia

b.ConsumersurpluswoulddecreasefortheRussians

c.GrainpriceswouldriseintheUnitedStates

d.ExportrevenueswoulddecreaseforU.S.producers

22.In1980theUnitedStatesannouncedanembargoongrainexportstotheSovietUnioninresponsetotheSovietarmedinvasionofAfghanistan.Theembargowasmainlyresistedby:

a.U.S.grainconsumersandproducersofbread

b.U.S.farmersandgraincompanies

c.Grainproducersinforeigncountries

d.Grainconsumersinforeigncountries

23.Exportembargoesinducegreaterlossesinconsumersurplusforthetargetcountry:

a.Thelesseritsinitialdependenceonforeignproducedgoods

b.Themoreelasticthetargetcountry’sdemandschedule

c.Thegreatertheavailableoutputfromalternativesuppliers

d.Themoreinelasticthetargetcountry’ssupplyschedule

24.Supposethepresidentlowerstariffsonradiosastheresultofnegotiationsunderthetradeagreementsprogram.RadioproducersintheUnitedStatescanappealunderthe:

a.EscapeclauseifrisingimportssubstantiallyinjuretheU.S.radioindustry

b.Escapeclauseifrisingunemploymentoccurseventhoughimportsremainunchanged

c.InfantindustryclauseifrisingimportscauseunemploymenttoriseamongU.S.radioworkers

d.InfantindustryclauseifrisingimportsresultinlossesforU.S.radiocompanies

25.Duringthepastfourdecades:

a.Nontariffbarriers（NTBs）andtariffshaveincreasedinimportance

b.Nontariffbarriers（NTBs）andtariffshavedecreasedinimportance

c.Nontariffbarriers（NTBs）haveincreasedandtariffshavedecreasedinimportance

d.Nontariffbarriers（NTBs）havedecreasedandtariffshaveincreasedinimportance

26.Thestrongestpoliticalpressureforatradepolicythatresultsinhigherprotectionismcomesfrom:

a.Domesticworkerslobbyingforimportrestrictions

b.Domesticworkerslobbyingforexportrestrictions

c.Domesticconsumerslobbyingforexportrestrictions

d.Domesticconsumerslobbyingforimportrestrictions

27.TheUruguayRoundoftradenegotiationswasprimarilyconcernedwith:

a.Importtariffs

b.Exporttariffs

c.Economicsanctions

d.Nontarifftradebarriers

28.TheUruguayRoundoftradenegotiationslowered:

a.TradesanctionsleviedagainstSouthAfrica

b.TradesanctionsleviedagainsttheSovietUnion

c.Tariffs,butnotnontarifftradebarriers

d.Tariffsaswellasnontarifftradebarriers

29.TheaveragetariffratetodayondutiableimportsintheUnitedStatesisapproximately:

a.5percentofthevalueofimports

b.15percentofthevalueofimports

c.20percentofthevalueofimports

d.25percentofthevalueofimports

30.Thosewhoargueinfavorofimportprotectiongenerallygivetheimpressionthatsuchrestrictedtradewill:

a.Decreasethelevelofnationalsecurity

b.Providebenefitstosomeparticularindustry

c.Providebenefitstotheentirenation

d.Notyieldwelfarelossesforthenation

31.In1990theUnitedStatesanditsalliesimposedtradeembargoesonexports/importsto/fromIraqinresponsetoitsinvasionofKuwait.TheembargoeswouldinducesmallerlossesinIraq’sconsumersurplusthe:

a.Lesseritsinitialdependenceonforeignproducts

b.LesselasticIraq’sdemandschedule

c.Lessertheavailableoutputfromalternativesuppliers

d.MoreinelasticIraq’ssupplyschedule

32.InU.S.tradelaw,Section301casesinvolveaccusationsof:

a.InternationaldumpingbyU.S.companies

b.Full-costpricingbyU.S.companies

c.Unfairtradepracticesbyforeignnations

d.Tradeembargoesbyforeignnations

33.Industrialpolicyattemptstofulfillallofthefollowingobjectivesexcept:

a.Improvingtheinfrastructureforanindustry

b.Easingtransitionsforworkersindecliningindustries

c.Supportingtroubledindustriesifthedifficultyistemporary

d.Fosteringindustrieswhichofferlong-runcomparativedisadvantage

34.Countervailingduties