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True or False
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1
Ad valorem tariffs are levied as a proportion of the value of the imported good
A)True
B)False
2
A tariff usually lowers the cost on imported products
A)True
B)False
3
A subsidy is usually a government payment to a foreign producer
A)True
B)False
4
A voluntary export restraint is when exporters voluntarily restrain from exporting unusually large quantities of a product to a market region.
A)True
B)False
5
Foreign manufacturers agree to VERs because they fear far more damaging punitive tariffs might follow
A)True
B)False
6
A local content requirement demands that some fraction of a product be produced domestically.
A)True
B)False
7
Administrative trade policies are bureaucratic rules designed to make it easier for imports to enter a country.
A)True
B)False
8
Dumping is defined as selling goods in a foreign market below their fair market value
A)True
B)False
9
The most common political argument for government intervention is that it is needed to protect jobs and culture
A)True
B)False
10
Economists have been very supportive of the infant industry argument since it can make the industry efficient and eventually competitive.
A)True
B)False
11
Governments do not always act in the national interest when they intervene in the economy: politically important interest groups often influence them
A)True
B)False
12
Protectionism: Tariff rates on agricultural products are generally much higher than tariff rates on manufactured products or services
A)True
B)False
13
The WTO is not involved in the protection of Intellectual Property
A)True
B)False
14
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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