Question : 11) Every president who has held office since the General : 1381277

11) Every president who has held office since the General Agreement on Tariffs and Trade was signed has

A) argued for free-trade policies, but only Eisenhower and Reagan successfully resisted all calls for protection from various sectors of the economy.

B) argued that certain domestic industries deserve protection, yet each one has been reluctant to use his powers to protect individual sectors of the economy.

C) argued for free-trade policies, yet each one has used his powers to protect various sectors of the economy.

D) argued for free-trade policies, but only Kennedy and Carter successfully resisted all calls for protection from various sectors of the economy.

12) In 2003, the WTO ruled that U.S. tariffs on ________ were unfair and allowed retaliatory tariffs on U.S. products.

A) steel imported from the EU

B) beef imported from Argentina

C) automobiles imported from Japan

D) diamonds imported from South Africa

13) Over time, the general movement in the United States has been toward

A) higher tariffs and stricter import quotas.

B) managed trade.

C) relatively more free trade.

D) complete elimination of tariffs, import quotas, and export subsidies.

14) If a nation has most-favored-nation status conferred on it, then exports from that country

A) will be priced higher than products exported from countries without most-favored-nation status.

B) are exempt from all safety regulations.

C) are sold below cost.

D) are taxed at the lowest negotiated tariff rates.

15) Economic integration

A) occurs when two or more nations join to form a free-trade zone.

B) occurs when countries develop an acquired comparative advantage that makes their industries more competitive in international markets.

C) occurs when countries are granted most-favored-nation status.

D) occurs when one country voluntarily agrees to reduce its exports to another country.

16) The idea of the U.S.-Canadian Free-Trade Agreement that removed all barriers to trade including tariffs and quotas between the United States and Canada by 1998 was to

A) increase the price of Canadian goods sold in the United States.

B) increase the price of U.S. goods sold in Canada.

C) increase the amount that the United States exports to Canada and the amount that the United States imports from Canada.

D) increase the amount that the United States exports to Canada and decrease the amount that the United States imports from Canada.

17) In 1991, what group of countries began the process of forming the largest free-trade zone in the world?

A) the European Community

B) the North Atlantic Treaty Organization

C) the United States, Canada, and Mexico

D) the Organization of Petroleum Exporting Countries

18) Which of the following can be considered a free-trade zone?

A) countries that are members of GATT

B) the European Union

C) all English-speaking nations

D) the industrialized OECD nations

19) Related to the Economics in Practice on p. 674: Trade ________ comparative advantage of countries and ________ the efficiency of firms.

A) exploits; improves

B) exploits; reduces

C) inhibits; improves

D) inhibits; reduces

20) Related to the Economics in Practice on p. 675: When a country lifts a quota, imports to that country generally ________ and the price of the affected product in that country generally ________.

A) increase; rises

B) increase; falls

C) decrease; rises

D) decrease; falls