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Tariff: Quiz


Question 1: ________ (GATT)
AustraliaFranceUnited KingdomGeneral Agreement on Tariffs and Trade

Question 2: Libertarian ________ theories hold that tariffs are a harmful interference with the individual freedom and the laws of the free market.
Keynesian economicsEconomicsMoneyHeterodox economics

Question 3: American steel producers supported the tariff[2], but the move was criticised by the ________[3].
Friedrich von HayekCato InstituteFusionism (politics)Anarcho-capitalism

Question 4: If a country's major industries lose to foreign competition, the loss of jobs and tax revenue can severely impair parts of that country's economy and increase ________.
Poverty reductionOverpopulationFaminePoverty

Question 5: Tariffs are usually associated with ________, the economic policy of restraining trade between nations.
MercantilismAmerican School (economics)ProtectionismMarket economy

Question 6: They also face the problem of inappropriate ________ where a company declares a value for goods being traded which differs from the market price, aimed at reducing overall taxes due.
International taxationTransfer pricingTax havenOrganisation for Economic Co-operation and Development

Question 7: Opposition to all tariffs is part of the free trade principle; the ________ aims to reduce tariffs and to avoid countries discriminating between differing countries when applying tariffs.
World Trade Organization accession and membershipWorld Trade OrganizationEuropean UnionUnited States

Question 8: If a nation's standard of living or industrial regulations are too great, it is impossible for domestic industries to survive unprotected trade with inferior nations without compromising them; this compromise consists of a global ________.
GlobalizationRace to the bottomInternational Monetary FundFair trade

Question 9: A tariff (from ________ تعريفة, translit. taʿrīfah, 'notification', derived from the verb ʿarrafa, 'to announce, inform') is a tax levied on imported or exported goods.
Egyptian ArabicModern Standard ArabicAncient North ArabianArabic language

Question 10: In this case the ________ would be equal to the area inside points A, B and K, while producer surplus is given as the area A, B and L.
Economic surplusMicroeconomicsEconomicsSupply and demand


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