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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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