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Multiple Choice
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1

If Japan and Australia enter into a voluntary export restaint agreement and Australia agrees to limit its exports to Japan, then we would expect that the VER's revenue effect would accrue to:
A)the Japanese government.
B)the Australian government.
C)Japanese producers.
D)Australian producers.
2

If a tariff and a quota are equivalent, then the tariff:
A)has the same effect on price and imports as the quota.
B)has a greater effect on price and imports than does the quota.
C)has a smaller effect on price and imports than does the quota.
D)has no effect on price and imports, but the quota does.
3

When an import quota is imposed and import licenses are auctioned off, the revenue effect of the quota goes to:
A)domestic producers.
B)domestic consumers.
C)the government.
D)foreign producers.
4

The lifting of a voluntary export restraint (VER) would benefit all of the following except:
A)domestic consumers
B)foreign producers
C)domestic producers
D)all of the above.





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