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ECON 333 – FALL 2006 – REVIEW FOR MIDTERM EXAM–II November 10th, Friday, in-class Review Session (by Jiaming): Thursday (November 9 th ), 7:35 – 9:00 pm, 102 Thomas In-class review: Wednesday, November 8 th Exam Format Part I: Graph/essay questions (20 points) 1. Tariffs (12 points) 2. Quotas (8 points) Part II: Multiple-choice questions (20 questions, 80 points) Tariffs (12 questions) Non-tariff Barriers and Arguments for Protection (8 questions) Midterm-II covers Chapter 6 and Chapter 7, including accompanying slide sets and everything discussed in class. The following could help to refresh your memories: Handouts : Effective Rate of Protection Targeting Principle Some News Items US-EU Steel Dispute (BBC) Textile Quotas (The Economist) Boeing and Airbus (BBC) Videos The Battle Over Trade (The first column under TV Reports and Reaction: Africa’s Struggle with EU and An Indian Farmer’s Struggle) Other Study Tools HW2 Key PopHW - Round 2
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MULTIPLE CHOICE QUESTIONS Tariffs 1. The United States charges a) the same tariff rates on imports from all countries b) zero tariff rates on imports from countries with the most favored nation status c) low or zero tariffs on imports from certain developing countries d) both b) and c) 2. If the world price of a good is $10 and the ad valorem tariff rate is 30% in a small country what will be the domestic price after tariff? a) $30 b) $13 c) $10 d) $7 3. Which of the following describes a pure revenue tariff? a) After the tariff, the country stops importing the good. b) Domestic producers lobby the government for imposing a tariff on imports. c) There are no domestic producers of the import good. d) There are no domestic consumers of the import good. 4. The figure below illustrates the sheep market for Woolland. According to the figure,
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This note was uploaded on 03/20/2008 for the course ECON 333 taught by Professor Yavas,cemilepan,lu during the Fall '06 term at Pennsylvania State University, University Park.

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