1. Devices that set up multiple exchange rates between the currencies of two nations are known as
a. tariff quotas
b. export subsidies
c. exchange controls
d. variable currencies
2. As a result of a tariff, domestic consumers buy
a. fewer units at a higher price
b. fewer units at a lower price
c. more units at a lower price
d. more units at a higher price
3. The Reciprocal Trade Agreement Act of 1934
a. increased the level of tariffs in the United States
b. was the first in a series of retaliatory trade acts passed by Congress
c. was the first in a series of Congressional acts reducing tariffs
d. increased the level of tariffs in the United States AND was the first in a series of retaliatory trade acts passed by Congress
4. If a tariff is increased to a level high enough to prevent any imports from entering the country, the tariff has the same effect as
a. an export subsidy
b. a voluntary export restraint
c. dumping
d. an embargo
5. A tariff is a
a. tax on exports
b. penalty imposed on exporters who export a greater quantity than the quota allows
c. penalty imposed on importers who import a greater quantity than the quota allows
d. tax on imports