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8. Which of the following is trueconcerning a specific tariff? a. It is exclusively used by the U.S. in its tariff schedules b. It refers to a flat percentage duty applied to a good’s market value c. It is plagued by problems associated with assessing import product values d. It affords less protection to home producers during eras of rising prices 9. The principal benefit of tariff protection goes to: 10. Which of the following policies permits a specified quantity of goods to be imported at one tariff rate and applies a higher tariff rate to imports above this quantity? 11. Assume the United States adopts a tariff quota on steel in which the quota is set at 2 million tons, the within-quota tariff rate equals 5 percent, and the over-quota tariff rate equals 10 percent. Suppose the U.S. imports 1 million tons of steel. The resulting revenue effect of the tariff quota would accrue to: 12. When the production of a commodity does notutilize imported inputs, the effective tariff rate on the commodity: a. Exceeds the nominal tariff rate on the commodity b. Equals the nominal tariff rate on the commodity c. Is less than the nominal tariff rate on the commodity d. None of the above 2
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