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I need help with BUS300

1. Dumping is illegal in international trade, but is practiced by some countries/companies. Describe how a company or country would be accused of committing "dumping".

2. Define and provide examples of tariff, import quota, and embargo. Why would governments impose these trade restrictions?

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Ronaldo Mendoza
Ronaldo MendozaLv10
28 Sep 2019

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Related questions

1. Who are the winners and who are the losers from "free trade"?

2. Why do economists believe that a tariff is better than an import quota? (Actually, most economists do not like either!)

3. Why is the "infant industry" protectionist argument perhaps valid for some situations?

4. What is one argument for and one argument against NAFTA?

5. Evaluate this statement: "If a country bans an import, smuggling is inevitable. We should welcome smuggling because it increases consumer welfare."

6. Suppose Country A can produce 200 toys or 400 pineapples per day, while Country B can produce 300 toys or 900 pineapples per day. Where do the comparative advantages lie? Should trade take place?

7. What is dumping? Why is this done?

8. Discuss this statement: "Free traders win the economic arguments, but protectionists (those who favor tariffs) often win the elections."

9. Do you believe that American consumers should boycott goods made by exploited workers in Less Developed Countries? Explain why this might or might not work.

The largest corporation based in the United States is:

A) General Motors.
B) ExxonMobil.
C) General Electric.
D) Microsoft.

2.

Service exports from the United States equal _____ per year.

A) less than $100 billion
B) approximately $250 billion
C) less than $350 billion
D) approximately $500 billion

3.

In addition to agricultural products and manufactured goods, the United States is also the world's largest exporter of:

A) processed and packaged foods.
B) pharmaceuticals.
C) electronics.
D) business services and retailing.

4.

Before entering a country, marketers need to determine if the country has the required _____ to support their marketing efforts.

A) moral code
B) legal system
C) infrastructure
D) trade bodies

5.

In order for a marketer to operate efficiently in a foreign country, it is crucial that a stable _____ be in place to facilitate trade.

A) free trade agreement
B) tariff
C) infrastructure
D) labor force

6.

Which of the following is not a trade barrier to an exporter?

A) Tariffs
B) Import quotas
C) Subsidies
D) Related party trade

7.

A complete ban on the import of a product is known as a(n):

A) import quota.
B) embargo.
C) revenue tariff.
D) protective tariff.

8.

Exchange control is an administrative barrier to international trade that:

A) requires companies that export to sell foreign currencies to the central bank or other foreign agency, and importers to buy foreign currencies from the same organization.
B) supports domestic industry through grants of money or research support.
C) completely bans the importation of a product.
D) sells products in a foreign market cheaper than they are sold domestically.

9.

When a group of nations agree to the free trade of goods among themselves by abolishing tariffs and trade restrictions, the nations have created a:

A) common market.
B) customs union.
C) trading block.
D) free-trade area.

10.

Which of the following is not an objective of the European Union(EU)?

A) eventually remove all trade barriers to free trade among its members.
B) standardize currencies and regulations between member nations.
C) promote the basic tenets of the WTO and GATT treaty.
D) eventually evolve into an independent political entity.

11.

An organization that provides first-time exporters with expertise in locating foreign buyers, handling paperwork, and conforming to local labeling and testing laws is called a(n):

A) export facilitator.
B) export title company.
C) trade assistance corporation.
D) export management company.

12.

McDonald

1 . In Zagora, a worker can produce either 5 books or 10 gadgets in an hour. In Plovdiv, a worker can produce either 3 books or 5 gadgets in an hour. Which statement about this situation is true?

A. Zagora has a comparative advantage in the production of books.

B. Zagora has a comparative advantage in the production of gadgets.

C. Zagora has the absolute advantage in both types of production, and workers in Plovdiv can't possibly compete against the super-productive workers in Zagora.

D. Plovdiv workers are clearly earning lower wages, and workers in Zagora can't be expected to compete against the low-wage workers in Plovdiv.

E. None of the above.

 

2. Free trade has the effect of:

A. making every individual in an economy better off.

B. decreasing an economy's production possibilities.

C. making all producers in an economy better off.

D. increasing the purchasing options of consumers in an economy.

E. making all workers in an economy worse off.

 

3. Protectionist measures are enacted because they:

A. allow countries to preserve culturally important ways of life at a very low cost.

B. typically benefit a large number of people at a cost to only a very small number.

C. typically benefit a small number of people greatly and impose small costs on a large number of people.

D. make everyone in an economy better off.

E. preserve a nation's critical natural resources.

 

4. Restrictions on imports of foreign steel into the U.S. will:

A. help both U.S. steel producers and U.S. automobile producers.

B. help U.S. steel producers and hurt U.S. automobile producers.

C. hurt U.S. automobile producers, but help U.S. automobile consumers.

D. hurt foreign steel producers and help U.S. steel consumers.

E. help both U.S. steel producers and foreign steel producers.

 

5. Suppose Bulgaria is accused of "dumping" milk on the Ukrainian market. As a result, the Ukrainian government is considering an embargo against milk from Bulgaria. As a result of this proposed embargo:

A. Ukrainian consumers of milk, such as small children, would be made better off, as would Ukrainian milk producers.

B. Ukrainian consumers of milk, such as small children, would be helped, but Ukrainian milk producers would be hurt.

C. Ukrainian consumers of milk, such as small children, would be hurt, as would milk producers in both Bulgaria and Ukraine.

D. milk producers in Bulgaria would be helped due to the resulting increase in milk prices.

E. Ukrainian consumers of milk, such as small children, would be made worse off, but Ukrainian milk producers would be made better off.

 

6. The term "balance of payments" refers to a nation's:

A. merchandise exports minus imports.

B. record of all international transactions.

C. capital inflows minus outflows.

D. official reserves inflows minus outflows.

E. capital outflows minus inflows.

 

7. If a bottle of French wine priced at 100 francs can be purchased for $50, the exchange rate is:

A. 0.50 francs per dollar.

B. 4.00 francs per dollar.

C. 0.50 dollars per franc.

D. 2.00 dollars per franc.

E. None of the above

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