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Public Policy and Trade

Description: Public Policy and Trade Quiz
Number of Questions: 15
Created by:
Tags: public policy trade economics government
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What is the primary goal of trade policy?

  1. To protect domestic industries from foreign competition

  2. To promote economic growth and development

  3. To generate revenue for the government

  4. To ensure national security

Show answer
Correct Option: B
Explanation:

The primary goal of trade policy is to promote economic growth and development by increasing the volume and value of trade between countries.

What is the most common type of trade policy?

  1. Tariffs

  2. Quotas

  3. Subsidies

  4. Embargoes

Show answer
Correct Option: A
Explanation:

Tariffs are the most common type of trade policy. They are taxes imposed on imported goods, which increase the price of those goods and make them less competitive with domestically produced goods.

What is the impact of tariffs on consumers?

  1. They increase the price of imported goods

  2. They reduce the variety of goods available

  3. They lead to job losses in export industries

  4. All of the above

Show answer
Correct Option: D
Explanation:

Tariffs increase the price of imported goods, reduce the variety of goods available, and lead to job losses in export industries.

What is the impact of tariffs on producers?

  1. They increase the price of imported goods

  2. They reduce the variety of goods available

  3. They lead to job losses in export industries

  4. They protect domestic industries from foreign competition

Show answer
Correct Option: D
Explanation:

Tariffs protect domestic industries from foreign competition by making imported goods more expensive.

What is a quota?

  1. A tax imposed on imported goods

  2. A limit on the quantity of goods that can be imported

  3. A subsidy paid to domestic producers

  4. A ban on the import of certain goods

Show answer
Correct Option: B
Explanation:

A quota is a limit on the quantity of goods that can be imported.

What is the impact of quotas on consumers?

  1. They increase the price of imported goods

  2. They reduce the variety of goods available

  3. They lead to job losses in export industries

  4. All of the above

Show answer
Correct Option: D
Explanation:

Quotas increase the price of imported goods, reduce the variety of goods available, and lead to job losses in export industries.

What is the impact of quotas on producers?

  1. They increase the price of imported goods

  2. They reduce the variety of goods available

  3. They lead to job losses in export industries

  4. They protect domestic industries from foreign competition

Show answer
Correct Option: D
Explanation:

Quotas protect domestic industries from foreign competition by limiting the quantity of imported goods that can be sold.

What is a subsidy?

  1. A tax imposed on imported goods

  2. A limit on the quantity of goods that can be imported

  3. A payment made to domestic producers

  4. A ban on the import of certain goods

Show answer
Correct Option: C
Explanation:

A subsidy is a payment made to domestic producers to encourage them to produce more goods.

What is the impact of subsidies on consumers?

  1. They increase the price of domestic goods

  2. They reduce the variety of goods available

  3. They lead to job losses in export industries

  4. None of the above

Show answer
Correct Option: D
Explanation:

Subsidies do not have a direct impact on consumers.

What is the impact of subsidies on producers?

  1. They increase the price of domestic goods

  2. They reduce the variety of goods available

  3. They lead to job losses in export industries

  4. They increase the profits of domestic producers

Show answer
Correct Option: D
Explanation:

Subsidies increase the profits of domestic producers by reducing their costs of production.

What is an embargo?

  1. A tax imposed on imported goods

  2. A limit on the quantity of goods that can be imported

  3. A payment made to domestic producers

  4. A ban on the import of certain goods

Show answer
Correct Option: D
Explanation:

An embargo is a ban on the import of certain goods.

What is the impact of embargoes on consumers?

  1. They increase the price of imported goods

  2. They reduce the variety of goods available

  3. They lead to job losses in export industries

  4. All of the above

Show answer
Correct Option: D
Explanation:

Embargoes increase the price of imported goods, reduce the variety of goods available, and lead to job losses in export industries.

What is the impact of embargoes on producers?

  1. They increase the price of imported goods

  2. They reduce the variety of goods available

  3. They lead to job losses in export industries

  4. They protect domestic industries from foreign competition

Show answer
Correct Option: D
Explanation:

Embargoes protect domestic industries from foreign competition by banning the import of certain goods.

What is the World Trade Organization (WTO)?

  1. An international organization that regulates trade between countries

  2. A forum for countries to negotiate trade agreements

  3. A dispute settlement mechanism for trade disputes

  4. All of the above

Show answer
Correct Option: D
Explanation:

The WTO is an international organization that regulates trade between countries, provides a forum for countries to negotiate trade agreements, and serves as a dispute settlement mechanism for trade disputes.

What is the goal of the WTO?

  1. To promote free trade

  2. To protect the environment

  3. To promote economic development

  4. All of the above

Show answer
Correct Option: D
Explanation:

The goal of the WTO is to promote free trade, protect the environment, and promote economic development.

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