Following World War II the United States and other countries sought to liberalize trade among each other the first major postwar step toward trade liberalization was the ? A. General Agreement on Tariffs and Trade B. World Trade Organization C.…

All of the following are fundamental to the World Trade Organization except ? A. bilateral tariff reductions to promote trade liberalization B. the use of the most-favored nation clause (normal trade relations) C. nondiscrimination in trading relationships D. the prohibition…

To help its firms penetrate Mexico’s radio market suppose the Japanese government provides them a subsidy of $15 for each radio shipped to Mexico As a result of this trade policy ? A. The price of radios in Mexico equals…

Countervailing duties levied by the U.S government are imposed to offset ? A. foreign dumg of goods in the U.SB. subsidies granted to foreign firms that export to the U.S C. buy national policies of foreign government D. stringent environmental…

When one country provides most favored nation status (normal trade relations) for another, it agrees to ? A. charge the nation’s products a lower tariff than any other nation’sB. charge that nation’s products a tariff rate no higher than that…

The strongest political pressure for a trade policy that results in higher protectionism comes from? A. domestic workers lobbying for import restriction B. domestic workers lobbying for export restrictions C. domestic consumers lobbying for export restrictionsD. domestic consumers lobbying for…

Concerning economic sanctions, export embargo induces greater losses in consumer surplus for the target country the? A. lesser it initial dependence on foreign produce goods. B. more elastic the target country demand schedule C. greater then available output from alternative…

In 1980 the U.S imposed export quotas on grain sold to the Soviet Union in response to its armed invasion of Afghanistan if other nations do not increase grain exports to the soviets all the following would likely occur except?…