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Economics Mcqs 4423 MCQs [All-Courses]

Economics MCQs cover fundamental concepts of microeconomics and macroeconomics, including demand and supply, inflation, national income, and economic policies.
This section is designed to strengthen analytical skills and conceptual understanding for competitive examinations.
Highly useful for PPSC, FPSC, NTS, OTS, KPPSC, and other testing services preparation.

The U.S has granted China permanent most favored nation treatment (normal trade relations) This means that the tariff schedules which apply to U.S imports from china ?

A have tariff rates equal to zero suggesting a free trade policy for the United States

B have lower tariff rates than the rates that apply to any other country sending goods to the United States

C have tariff rates that are identical to the rates that apply to other countries to which the U.S grants most-favored nation treatment

D have lower tariff rates than the rates that apply to other countries to which the U.S grants most favored nation treatment

Review Detailed Answer

Correct Answer: have tariff rates that are identical to the rates that apply to other countries to which the U.S grants most-favored nation treatment

The organization that currently establishes rules of conduct for firms engaging in international trade is the ?

A World Bank

B International Trade Commission

C Department of justice

D World Trade Organization

Review Detailed Answer

Correct Answer: World Trade Organization

Which round of international trade negotiations resulted in the creation of the World Trade Organization ?

A Kennedy Round of 1964-1967

B Tokyo Round of 1973-1979

C Uruguay Round of 1986-1993

D Doha Round of 2003-2007

Review Detailed Answer

Correct Answer: Uruguay Round of 1986-1993

________ are quotas that result in a total prohibition of trade?

A embargoes

B tariff-rate quotas

C voluntary export restraints

D nontariff barriers

Review Detailed Answer

Correct Answer: embargoes

According to the United States ____ is the number one violator of intellectual property rights

A Canada

B Australia

C Japan

D China

Review Detailed Answer

Correct Answer: China

Following World War II the United States and other countries sought to liberalize trade among each other the first major postwar step toward trade liberalization was the ?

A General Agreement on Tariffs and Trade

B World Trade Organization

C Smoot Hawley Organization

D McKinley Agreement on Trade policy

Review Detailed Answer

Correct Answer: General Agreement on Tariffs and Trade

All of the following are fundamental to the World Trade Organization except ?

A bilateral tariff reductions to promote trade liberalization

B the use of the most-favored nation clause (normal trade relations)

C nondiscrimination in trading relationships

D the prohibition of import quotas and export quotas

Review Detailed Answer

Correct Answer: bilateral tariff reductions to promote trade liberalization

To help its firms penetrate Mexico’s radio market suppose the Japanese government provides them a subsidy of $15 for each radio shipped to Mexico As a result of this trade policy ?

A The price of radios in Mexico equals $60 and its imports equal 30 radios

B The price of radios in Mexico equals $30 and its imports equal 30 radios

C The price of radios in Mexico equals $40 and its imports equals 20 radios

D Th price of radios in Mexico equals $20 and its imports equal 40 radios

Review Detailed Answer

Correct Answer: The price of radios in Mexico equals $30 and its imports equal 30 radios

Countervailing duties levied by the U.S government are imposed to offset ?

A foreign dumping of goods in the U.S

B subsidies granted to foreign firms that export to the U.S

C buy national policies of foreign government

D stringent environmental regulations of foreign government s

Review Detailed Answer

Correct Answer: subsidies granted to foreign firms that export to the U.S

When one country provides most favored nation status (normal trade relations) for another, it agrees to ?

A charge the nation’s products a lower tariff than any other nation’s

B charge that nation’s products a tariff rate no higher than that on any other nation

C charge that nation’s products a higher tariff than any other nation’s

D exports to that nation any products that it wants to purchase

Review Detailed Answer

Correct Answer: charge that nation’s products a tariff rate no higher than that on any other nation

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Economics Mcqs 4423 MCQs [All-Courses]

All Topics 4423

All Topics 4423

The U.S has granted China permanent most favored nation treatment (normal trade relations) This means that the tariff schedules which apply to U.S imports from china ?

The organization that currently establishes rules of conduct for firms engaging in international trade is the ?

Which round of international trade negotiations resulted in the creation of the World Trade Organization ?

________ are quotas that result in a total prohibition of trade?

According to the United States ____ is the number one violator of intellectual property rights

Following World War II the United States and other countries sought to liberalize trade among each other the first major postwar step toward trade liberalization was the ?

All of the following are fundamental to the World Trade Organization except ?

To help its firms penetrate Mexico’s radio market suppose the Japanese government provides them a subsidy of $15 for each radio shipped to Mexico As a result of this trade policy ?

Countervailing duties levied by the U.S government are imposed to offset ?

When one country provides most favored nation status (normal trade relations) for another, it agrees to ?