Exam 4: Understanding Tariffs and Trade Policies

On the basis of origin and destination of goods, tariff may be classified into

In world markets, the actual gain is always less than the potential gain since there is always

A quota which established thorough mutual agreements or negotiation between countries is

The tariff that maximizes a country's welfare is called the

Which of the following is not the effect of tariff?

Specific tariffs are assessed

A trade policy without tariffs and other quantitative restrictions blocking the movement of goods between countries is

The income terms of trade is called the

The positive effect of a tariff is, when there is an increase in the welfare of a country due to

When a uniform rate of duty is imposed on all similar commodities irrespective of the country from which they are imported, it is called

A tax or duty levied on goods when it enters or leave the national boundary of a country is called

Effects of tariffs included

A tariff results in an improvement in terms of trade on one hand and on the other hand, increases the

Ad valorem tariffs are

A quota system which allows a certain specified quantity of a commodity to be imported duty free or at a low rate of import duty is

When government levies import duties which varies with prices of commodities imported , it is called

Prof. Kindleberger calls the combined protective and consumption effect as

Which of the following is not included in the effects of quotas

The theory of gains from trade was at the core of the

Protection refers to a policy where