Chapter 18 International Trade and Finance

| November 9, 2018

36)
The equilibrium price under an import quota is below the price that occurs with
free trade.

37)
Voluntary export restraints are illegal under international trading rules.

38)
From the perspective of consumers, a quota is preferred to a tariff.

39)
A restriction on imports is likely to reduce further restrictions on trade.

40)
Import restrictions create an incentive to smuggle.

41)
List four protectionist policies.

42)
What is an import quota?

43)
What is a voluntary export restraint?

44)
What is a tariff?

45)
Would consumers benefit more from a tariff or a quota on imports?

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