1- If Holland decreases subsidies to its tulip growers, the price of tulips in t

Question

1- If Holland decreases subsidies to its tulip growers, the price of tulips in the United States will rise

. True

False

2- The Smoot-Hawley tariff set off an international trade war in the.

1930s.

1950s.

1970s.

1990s.

3-The idea of the U.S.-Canadian Free-Trade Agreement that ________ barriers to trade including tariffs and quotas between the United States and Canada by 1998 was to increase the amount that the United States exports to Canada and the amount that the United States imports from Canada.

increased all

removed some

removed all

increased some

4-According to comparative advantage, trade between two countries allows ________ of the trading countries to use its resources most

efficiently.

only the smaller

only the larger

neither

each

5-A quota is a restriction on imports.

True

False

7-In 1991, the European Union began the process of forming the

largest free-trade zone in the world.

only continental military force in the world.

first international trade agreement in the world.

first unified currency in the world.

8-According to the theory of comparative advantage, a country should specialize and ________ goods with ________ opportunity cost.

import; the lowest

import; negative

export; the lowest

export; the highest

9- In 2003, the ________ ruled that U.S. tariffs on steel imported from the EU were unfair and allowed the EU to issue retaliatory tariffs on U.S.

products.

World Trade Organization

United Nations

European Central Bank

International Human Rights Commission

10-________ U.S. president(s) who has/have held office since GATT was signed has argued for free-trade policies, yet each one has used his powers to protect various sectors of the economy.

Only one

No

Every

Only 3

Explanation / Answer

question no answer 1. true 2. 1930s 3. removed all 4. only the larger 5. true 7. first unified currency in the world 8. export; the lowest 9. World Trade Organization 10. EVERY PRESIDENT

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