Question Bank ''International Economics: Protectionism'' with interactive revision questions on a variety of economics topics.

Question Bank - Economics

International Economics: Protectionism

Q1. The term tariff, as used in international trade, refers to (Select one answer) (a) a limit on the quantity of a good that can be imported into a country. (b) the price of goods when they leave the producing country (c) a government payment to encourage exports. (d) a tax on imports.

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Q2. Non-tariff barriers are (Select one answer) (a) artificial differences in prices caused by import duties (b) differences in national regulations which present free trade (c) import duties (d) none of the above

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Q3. A tariff is (Select one answer) (a) a payment to domestic producers to help them compete in international markets (b) a mechanism for setting an absolute level on the number of units of a good that can be imported (c) a tax on a product being exported (d) a tax on a product being imported

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Q4. The main advantage of quotas as compared to tariffs in the view of policymakers is (Select one answer) (a) quotas are easier to get passed in Parliament (b) quotas remove the uncertainty about the quantity of imports (c) quotas have the strong support of economists (d) quotas are less expensive to administer

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Q5. If a group of countries abolish trade barriers between them and set the same tariffs on goods coming in from other countries they are a (Select one answer) (a) common market (b) customs union (c) federation (d) free trade area

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Q6. Dumping occurs when UK goods are sold for __________ overseas than _______________ (Select one answer) (a) more, their UK cost of production (b) less, their UK cost of production (c) more. their UK price (d) less, their UK price

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