Question 1

The General Agreement on Tariffs and Trade focused on:

Accepted Answer

A)   raising tariffs on agricultural products.
B)   lowering trade restrictions between countries.
C)   promoting full employment worldwide.
D)   increasing trade restrictions between countries.E) A) and B)
F) B) and D)

Question 2

We can measure producer and consumer gains by looking at a graph of supply and demand. Total welfare in the economy would be:

Accepted Answer

A)   the area above the supply curve but below the equilibrium price.
B)   the area below the demand curve but greater than the equilibrium price.
C)   the area below the demand curve all the way down to the quantity axis.
D)   the combined triangular area below the demand curve and above the supply curve.E) All of the above
F) C) and D)

Question 3

Most favored nation status requires that a WTO member:

Accepted Answer

A)   reduces a tariff on imports from one WTO trading partner and applies the lower tariff to imports from all other WTO members.
B)   reduces a tariff on imports from one WTO trading partner and applies the lower tariff to imports from all other countries.
C)   increases a tariff on imports from one WTO trading partner and raises the tariff on imports from all other WTO members.
D)   increases a tariff on imports from one WTO trading partner and raises the tariff on imports from all other countries.E) C) and D)
F) None of the above

Exam 8: Import Tariffs and Quotas Under Perfect Competition

We can measure producer and consumer gains by looking at a graph of supply and demand. Total welfare in the economy would be:

Correct Answer
verified

Most favored nation status requires that a WTO member:

Correct Answer
verified

The General Agreement on Tariffs and Trade focused on:

Correct Answer
verified

Exam 8: Import Tariffs and Quotas Under Perfect Competition

We can measure producer and consumer gains by looking at a graph of supply and demand. Total welfare in the economy would be:

Correct AnswerverifiedShow Answer

Most favored nation status requires that a WTO member:

Correct AnswerverifiedShow Answer

The General Agreement on Tariffs and Trade focused on:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified