Should the home country be "large" relative to the world, its imposition of a tariff on imports would lead to an increase in domestic welfare if the terms-of-trade effect exceeds the sum of the:
A. Revenue effect plus redistribution effect
B. Protective effect plus revenue effect
Consumption effect plus redistribution effect
D. Protective effect plus consumption effect
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Should Canada impose a tariff on imports, one would expect Canada's:
A. Terms of trade to improve and volume of trade to decrease
B. Terms of trade to worsen and volume of trade to decrease
C. Terms of trade to improve and volume of trade to increase
D. Terms of trade to worsen and volume of trade to increase
A baggar-thy-neighbor policy is the imposition of:
A. Free trade to increase domestic productivity
B. Trade barriers to increase domestic demand and employment
C. Import tariffs to curb domestic inflation
D. Revenue tariffs to make products cheaper for domestic consumers
A problem encountered when implementing an "infant industry" tariff is that:
A. Domestic consumers will purchase the foreign good regardless of the tariff
B. Political pressure may prevent the tariff's removal when the industry matures
C. Most industries require tariff protection when they are mature
D. Labor unions will capture the protective effect in higher wages
Tariffs are not defended on the ground that they:
A. Improve the terms of trade of foreign nations
B. Protect jobs and reduce unemployment
C. Promote growth and development of young industries
D. Prevent over-dependence of a country on only a few industries
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