EC 340 exams
EC340 Midterm Exam #2
Instructions:
1. Please remember to fill in your name, PID number and section number on the scantron. You do not need to fill in a form number.
2. Non-programmable calculators are allowed. Neither books nor notes are allowed.
3. You need to turn in both the scantron and your exam.
4. There are 40 multiple-choice questions on the exam. Each question is worth 2.5 points.
-------------------------------------------------------------------------------------------------------------1. The United States recently levied tariffs on tires imported from what country?
A) Japan
B) Brazil
C) Russia
D) China
2. Most favored nation status requires:
A) a WTO member that reduces a tariff on imports from one WTO trading partner to apply the lower tariff to imports from all other WTO members.
B) a WTO member that reduces a tariff on imports from one WTO trading partner to apply the lower tariff to imports from all other countries.
C) a WTO member that increases a tariff on imports from one WTO trading partner to raise the tariff on imports from all other WTO members.
D) a WTO member that increases a tariff on imports from one WTO trading partner to raise the tariff on imports from all other countries.
3. According to the GATT, a tariff applied under the safeguard provision must:
A) be temporary.
B) be permanent.
C) apply to all imports.
D) be no higher than 10%.
4. To help its domestic producers, the United States unilaterally raised tariffs on ____ in early 2002, but after a ruling against the United States by the WTO, it was forced to remove the tariff.
A) autos
B) steel
C) tires
D) dairy products
Page 1
5. Normally the WTO does not allow discriminatory treatment in trade of member nations, but it makes an exception for nations:
A) that have a large trade surplus.
B) that have a large trade deficit.
C) that exploit child labor.
D) engaging in regional free-trade agreements.
6. The GATT/WTO allows nations to impose
Instructions:
1. Please remember to fill in your name, PID number and section number on the scantron. You do not need to fill in a form number.
2. Non-programmable calculators are allowed. Neither books nor notes are allowed.
3. You need to turn in both the scantron and your exam.
4. There are 40 multiple-choice questions on the exam. Each question is worth 2.5 points.
-------------------------------------------------------------------------------------------------------------1. The United States recently levied tariffs on tires imported from what country?
A) Japan
B) Brazil
C) Russia
D) China
2. Most favored nation status requires:
A) a WTO member that reduces a tariff on imports from one WTO trading partner to apply the lower tariff to imports from all other WTO members.
B) a WTO member that reduces a tariff on imports from one WTO trading partner to apply the lower tariff to imports from all other countries.
C) a WTO member that increases a tariff on imports from one WTO trading partner to raise the tariff on imports from all other WTO members.
D) a WTO member that increases a tariff on imports from one WTO trading partner to raise the tariff on imports from all other countries.
3. According to the GATT, a tariff applied under the safeguard provision must:
A) be temporary.
B) be permanent.
C) apply to all imports.
D) be no higher than 10%.
4. To help its domestic producers, the United States unilaterally raised tariffs on ____ in early 2002, but after a ruling against the United States by the WTO, it was forced to remove the tariff.
A) autos
B) steel
C) tires
D) dairy products
Page 1
5. Normally the WTO does not allow discriminatory treatment in trade of member nations, but it makes an exception for nations:
A) that have a large trade surplus.
B) that have a large trade deficit.
C) that exploit child labor.
D) engaging in regional free-trade agreements.
6. The GATT/WTO allows nations to impose