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True or False Quiz
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1
A voluntary export restraint is when exporter’s voluntarily restrain from exporting unusually large quantities of a product to a market region.
A)True
B)False
2
Foreign manufacturers agree to VERs because they fear far more damaging punitive tariffs might follow
A)True
B)False
3
A local content requirement demands that some fraction of a product be produced domestically.
A)True
B)False
4
Administrative trade policies are bureaucratic rules designed to make it easier for imports to enter a country.
A)True
B)False
5
Dumping is defined as selling goods in a foreign market below their fair market value
A)True
B)False
6
Economists have been very supportive of the infant industry argument since it can make the industry efficient and eventually competitive.
A)True
B)False
7
In the Uruguay Round, member countries sought to extend GATT rules to cover trade in services, to govern the protection of intellectual property, to reduce agricultural subsidies, and to strengthen the GATT's monitoring and enforcement mechanisms.
A)True
B)False
8
It is in the best long-run interest of the business community to encourage the government to aggressively promote greater free trade by, for example, strengthening the WTO.
A)True
B)False





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