Both tariffs and quotas lead to a decrease in imports, a decrease in domestic consumption, and an ...

Both tariffs and quotas lead to a decrease in imports, a decrease in domestic consumption, and an increase in domestic production.

Indicate whether the statement is true or false

Question 2 - When explaining China and India's trade patterns,

A) proximity and GDP explain a significant portion.
B) many complex factors determine trading partners.
C) patterns are very different for each country.
D) exchange rates determine most of the pattern of trade.

Question 3 - In the case of a small country, producer surplus

A) increases more with a tariff than with an equivalent quota.
B) increases more with a quota than with an equivalent tariff.
C) is not changed by tariffs or quotas.
D) increases the same amount with tariffs and equivalent quotas.

Question 4 - What is the best explanation for why China and India have received so much international interest and foreign investment?

A) Their large populations
B) Their geographic location
C) Their control over natural resources
D) Government incentives provided to foreign firms

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Both tariffs and quotas lead to a decrease in imports, a decrease in domestic consumption, and an ...

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