AEM_230___Midterm_Fall_2007_PDF

AEM_230___Midterm_Fall_2007_PDF - 2 AEM/ECON 230...

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AEM/ECON 230 Fall, 2007 International Trade and Finance Mid-Term Examination October 25, 2007 Instructions: Total points = 100. Read each question carefully. Take your time. (40 points) In Questions #1-8 below, please circle the letter that identifies the best answer. Each question is worth 5 points. 1. Which of the following was the most notable accomplishment of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT)? a. It was the first successfully completed round of multilateral GATT negotiations. b. It was the first round of multilateral GATT negotiations to adopt the principle of "non-discrimination" among member countries. c. It was the first round of multilateral GATT negotiations to achieve double-digit reductions in average tariff levels .. d. The creation of the World Trade Organization. e. None of the above. 2. If a country imposes an import tariff (compared to free trade, as discussed in class), which of the following will occur? a. Producers in the importing country decrease their supply. b. Consumers in the importing country experience a price decrease. c. Government in the importing country experiences lower revenues. d. Government in the exporting country experiences higher revenues. e. Consumers in the exporting country increase their demand. 3. In international trade, the term quota "rent" or economic "rent" refers to: a. What Cornell students pay monthly to live in their apartments. b. Name of a Broadway musical about a famous trade economist. c. Excess profits. d. What governments gain in actual revenues from imposing a quota. e. What governments lose in actual revenues from imposing a quota.
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AEM_230___Midterm_Fall_2007_PDF - 2 AEM/ECON 230...

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