31.Theproblemwiththeprotection-as-a-bargaining-chipargumentfortraderestrictionsis
a.ifitworksconsumersurpluswilldecline.
b.ifitworksproducersurplusfalls.
c.ifitfailsthecountryfacesachoicebetweentwobadoptions.
d.ifitfailstotalsurpluswillincrease.
32.Ina2007NewYorkTimesarticlePaulKrugmanwrotethat
a.theinfant-industryargumentworkswellasanargumentinfavorofprotectionfortheU.S.steelindustry.
b.thenegativeeffectsofthirdworldexportsonU.S.wagesmaybeincreasing.
c.therearesocialgainstotheU.S.fromfreetrade.
d.highwagecountriesaccountforagrowingshareofU.S.importsofmanufacturedgoods.
33.InaDecember2007NewYorkTimescolumnPaulKrugmanarguedinfavorof
a.protectionismbasedonthenational-securityargument.
b.protectionismbasedontheinfant-industryargument.
c.protectionismbasedontheunfair-competitionargument.
d.keepingworldmarketsrelativelyopen.
34.InaDecember2007NewYorkTimescolumn,PaulKrugmannotedthat
a.itisdifficulttofindinstancesoftradebetweenhigh-wagecountriesinthemodernera.
b.itisdifficulttofindinstancesoftradebetweenhigh-wagecountriesandlow-wagecountriesinthemodernera.
c.theUnitedStatesnowimportsmoreoilandotherrawmaterialsfromotheradvancedcountriesthanfromthethirdworld.
d.theUnitedStatesnowimportsmoremanufacturedgoodsfromthethirdworldthanfromotheradvancedcountries.
35.Inrecentyears,whichcountrieshavetakenaunilateralapproachtotheremovaloftraderestrictions?
a.ChinaandNorthKorea
b.ChileandSouthKorea
c.RussiaandJapan
d.theUnitedStatesandMexico
36.Whichofthefollowingisthemostaccuratestatement?
a.Theoneargumentforrestrictingtradethatalmostalleconomistsacceptasvalidistheinfant-industryargument.
b.Almostalleconomistsinsistthatitisneverappropriatetoprotect“key”industries,evenwhentherearelegitimateconcernsaboutnationalsecurity.
c.Theideathatonenationmightwanttothreatenanothernationwithatraderestrictionisassociatedwiththeprotection-as-a-bargaining-chipargumentforrestrictingtrade.
d.Theprotection-as-a-bargaining-chipargumentforrestrictingtradeisalsoknownastheinfant-industryargument.
37.SupposeUkrainesubsidizesUkrainianwheatfarmers,whileRussiaoffersnosubsidytoRussianwheatfarmers.AsaresultoftheUkrainiansubsidy,salesofUkrainianwheattoRussia
a.maypromptRussianfarmerstoinvoketheinfant-industryargument.
b.increasetheconsumersurplusofRussianbuyersofwheat.
c.decreasethetotalsurplusoftheRussianpeople.
d.Alloftheabovearecorrect.
38.Acommonargumentinfavorofrestrictingtrade
a.concernsthestrategyofbargaining.
b.isthateffortsshouldbemadetogetnewindustriesstarted.
c.emphasizesthebeliefthatallcountriesshouldplaybythesamerules.
d.Alloftheabovearecorrect.
39.Acommonargumentinfavorofrestrictinginternationaltradeingoodxisbasedonthepremisethat
a.internationaltradereducestotalsurplusincountriesthatexportgoodx.
b.internationaltradereducestotalsurplusincountriesthatimportgoodx.
c.internationaltradeisdesirableonlywhencountrieswithdifferentdomesticsuppliesofnaturalresourcesplaybydifferentruleswhentradingwithoneanother.
d.traderestrictionscanbeusefulwhenonecountrybargainswithitstradingpartners.
40.IftheUnitedStatesthreatenstoimposeatariffonColombiancoffeeifColombiadoesnotremoveagriculturalsubsidies,theUnitedStateswillbe
a.betteroffregardlessofhowColombiaresponds.
b.betteroffifColombiaremovesthesubsidies,andwillbenoworseoffifitdoesn’t.
c.worseoffifColombiadoesn’tremovethesubsidiesinresponsetothethreat.
d.worseoffregardlessofhowColombiaresponds.
1.In2008,theLosAngelesTimesaskedmembersoftheAmericanpublicwhetherfreeinternationaltradehashelpedorhurttheeconomy.Ofthosesurveyed,
a.57percentsaidfreeinternationaltradehelpedtheeconomy.
b.26percentsaidfreeinternationaltradehelpedtheeconomy.
c.30percentsaidfreeinternationaltradehurttheeconomy.
d.16percentsaidfreeinternationaltradehurttheeconomy.
2.MosteconomistsviewtheUnitedStates’experiencewithtradeas
a.onefromwhichnofirmconclusionsaboutthevirtuesoffreetradecanbereached,duetotherelativelyshorthistoryofinternationaltradeintheU.S.
b.onefromwhichnofirmconclusionsaboutthevirtuesoffreetradecanbereached,duetothelackoftradewithintheU.S.throughoutmostoftheearlyhistoryoftheU.S.
c.anongoingexperimentthatconfirmsthevirtuesoffreetrade.
d.anongoingexperimentthatcallsintoseriousquestionthenotionthatfreetradeenhancestheeconomicwell-beingofanation.
3.EconomistsviewthefactthatFloridagrowsoranges,Texaspumpsoil,andCaliforniamakeswineas
a.confirmationofthevirtuesoffreetrade.
b.confirmationoftheinfant-industryargument.
c.confirmationthatfreetradeagreementsarenotnecessary.
d.confirmationthatspecializationinabsoluteadvantageworks.
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