国际贸易选择题(8)

purposes, the best policy strategy is to: A) impose a tariff on imports that compete with the domestic industry's product. B) impose an import quota on imports that compete with the domestic industry's product. C) do nothing. D) provide subsidies to the strategic national defense industry. 4

If the objective of government policy is to redistribute incomes, the best policy strategy is to: A) impose a tariff that favors disadvantaged groups. B) impose an import quota that favors disadvantaged groups. C) address the problem directly with taxes and transfer payments, not with trade policies. D) do nothing. 5

If national pride in the local capability to make a complex product is the objective of government policy, the best policy strategy is to: A) do nothing. B) provide subsidies to this industry. C) impose a tariff on imports that compete with the domestic industry's product. D) impose an import quota on imports that compete with the domestic industry's product. 6

Which of the following represents the incentives at the margin of the first best world? A) SMC>P B) P=SMC=MB=MC=SMB C) P with tax = SMC D) P > SMC 7

Which of the following represents the incentives at the margin of monopoly power? A) SMC>P B) P=SMC=MB=MC=SMB C) P with tax = SMC D) P > SMC 8

If we live in a second-best world in which too much is supplied because suppliers make and sell units for which the social costs exceed the price, then we are living in a world which has: A) external costs. B) external benefits. C) distorting taxes. D) monopolies.

9

There are two ways to promote import-competing production – a subsidy or a tariff. The tariff and subsidy are in many ways the same, except that the tariff will: A) cause a production effect while the subsidy will not. B) cause a consumption effect while the subsidy will not. C) cause less economic inefficiency. D) produce a smaller effect on import consumption in the long run. 10

One of the few arguments which Adam Smith saw as valid for the use of trade protection was the: A) infant industry argument. B) domestic production argument. C) income redistribution argument. D) national defense argument. 11

When private producers reacting to signals of the market price expand production in each country to levels that are as good as possible for the world as a whole, it is said that: A) market distortions result. B) the invisible hand of market competition is at work. C) government must intervene to prevent excessive international trade. D) private consumers must respond. 12

The fact that we live in a \ A) industrialized nations are taking advantage of developing countries. B) free trade is never really accomplished since having all countries cooperate at any one time is impossible. C) the supply of specific products will never match the demand for those products. D) private actions in the markets will not lead to the best possible outcomes for society because of market distortions. 13

____________________ mean(s) that the choices and actions of buyers and sellers in the markets affect others who are not involved in those markets. A) Externalities B) Free rider effects C) Market distortions D) Protectionism 14

Externalities or spillover effects can negatively affect the economy because: A) consumer decisions about product A can adversely affect the profitability of other products that are not directly connected to product A.

B) increased demand for product A will result in the diversion of resources to the production of product A and fewer resources being available for the production of other products. C) some costs of producing a product may be ignored by private decision-makers, so that too much of the product is produced or consumed. D) improved technology in one sector of the economy can improve productivity not only in that sector but also in other sectors and lead to changes in labor requirements in all affected sectors of the economy. 15

In the absence of other distortions, a government subsidy to production of a product creates its own distortion in the economy by: A) artificially increasing the amount of the product that is imported. B) increasing the incentive for domestic suppliers to produce more of the product. C) encouraging competition from products that are similar but not the subject of the subsidy. D) discouraging domestic consumption of the product. 16

The ____________________ proposes that government should spot distortions in market incentives and impose policies that correct the distortions with incentives or disincentives. A) import barrier theory B) externality theory C) tariff-or-subsidy approach D) tax-or-subsidies approach 17

The idea that it is usually more efficient to use government policy tools to act as directly as possible on the source of a market distortion is called the: A) specificity rule. B) tax-or-subsidies approach. C) externality approach. D) \ 18

The infant-industry argument asserts that A) new domestic industries are a drain on a country's resources if those new industries cannot compete with imports, so new, inefficient domestic industries should be discouraged. B) new domestic industries that compete with imports should be encouraged because they can decrease imports so that the country's balance of trade can remain positive. C) protection of new domestic industries from competition by imports has a long-term negative effect on new domestic industries because the new domestic industries never mature into competitive industries. D) a temporary tariff is justified when it reduces imports while a new domestic industry develops to the point that it can produce at low enough costs to compete

internationally. 19

____________________ is a form of government support that provides workers in import-threatened industries with job retraining and supplemental unemployment compensation. A) An import tariff B) An export subsidy C) Trade adjustment assistance D) A trade embargo 20

The ____________________ arises when the results acquired through the efforts of a group benefit others who did not contribute to the efforts to obtain those benefits. A) representative democracy effect B) free-rider problem C) market distortion problem D) one-dollar one-vote effect 十一

1 For persistent dumping to be successful, firms will maximize profits by: A) charging a higher price in the more inelastic market. B) charging a higher price in the larger market. C) charging the same price in all markets. D) only selling in the inelastic market.

2 Which of the following does the World Trade Organization allow countries to impose? A) New higher tariffs. B) New import quotas.

C) New antidumping tariffs. D) New export subsidies.

3 In recent years____________________ is the world's biggest initiator of antidumping cases. A) The European Union B) The United States C) Australia D) India

4 The U.S. Export-Import Bank (Eximbank) is a major provider of low-interest loans to: A) exporters and their foreign customers. B) importers and exporters.

C) importers and their foreign producers. D) foreign exporters.

5 The combination of an export subsidy imposed by Japan and an equal countervailing import duty imposed by Australia will result in losses for:

A) Australia but not for Japan and the world as a whole. B) Japan but not for Australia and the world as a whole. C) the world as a whole but not for Australia or Japan. D) Australia and Japan but not for the world as a whole.

6 The success of Asian apparel exports to the United States and Europe lies in: A) a great productivity failure in the United States and the European Union.

B) the fact that apparel uses capital intensively and the United States is not relatively abundant in capital.

C) the fact that apparel uses unskilled labor intensively and Asia is relatively abundant in that factor.

D) the fact that Asian countries provide export subsidies to the apparel manufacturers in their countries.

7 The United States __________________ provide government aid to American aircraft exporters. The European Union ____________________ provide aid to European aircraft exporters.

A) does; does not B) does not; does C) does; does

D) does not; does not 8 An export subsidy:

A) discourages domestic buyers from importing substitute products at lower prices than the subsidized domestic product.

B) lowers the price paid for a product by foreign buyers relative to the price that domestic consumers pay for the subsidized product.

C) increases the world price of the product, if the exporting country is large.

D) increases domestic production of the subsidized product, thereby decreasing the price of the product in domestic markets.

9 ____________________ is selling exports at a price that is less than the normal value of the exports.

A) Aggressive exporting B) Free trade C) Dumping

D) Monopolistic competition

10 The long-standing definition of ___________________ is the price charged to comparable domestic buyers of a product in the home market of the producer. A) normal value B) dumping

C) predatory pricing

D) monopolistic pricing

11 ___________________ occurs when a producer temporarily charges a very low price for a product in an export market for the purpose of driving foreign competitors out of business. A) Cyclical dumping B) Protective dumping C) Seasonal dumping

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