21) Refer to Figure 31.2.1, the tariff ________ Canada's imports : 1418211
21) Refer to Figure 31.2.1, the tariff ________ Canada's imports of shirts by ________ million shirts per year.
A) decreases; 16
B) decreases; 8
C) increases; 8
D) increases; 4
E) increases; 16
22) Refer to Figure 31.2.1, the tariff ________ the domestic production of shirts in Canada by ________ per year.
A) increases; 8 million
B) decreases; 16 million
C) increases; 4 million
D) decreases; 8 million
E) increases; 24 million
23) Refer to Figure 31.2.1, the Canadian government's revenue from the tariff is ________.
A) $64 million
B) $32 million
C) $128 million
D) $48 million
E) $480 million
24) Of the following, in which decade were Canada's tariffs at their lowest level?
25) An import quota is
A) a tariff that is a fixed percentage of the price of a good.
B) a tariff that is a fixed dollar amount per unit of a good.
C) an agreed upon price for a good to be imported at a specified future date.
D) a restriction that specifies the maximum amount of a good that may be imported.
E) the same as an export subsidy.
26) ________ specifies the maximum amount of a good that may be imported in a given period of time.
A) An import restriction
B) A legislative restriction
C) A trade restriction
D) An import quota
E) An import subsidy
27) Import quotas
A) are the same as tariffs.
B) are not used by Canada.
C) set the minimum percentage of the value of a product that must consist of imported components.
D) benefit society.
E) set the maximum number of units of a good that can be imported in a given time period.
28) An import quota is a
A) tariff imposed on goods that are dumped in the country.
B) law that prevents ecologically damaging goods from being imported into a country.
C) market-imposed balancing factor that keeps prices of imports and exports in equilibrium.
D) government-imposed restriction on the quantity of a specific good that can be imported.
E) tax in an international market.
29) An import quota directly restricts ________ and is designed to protect domestic ________.
A) exports; consumers only
B) exports; producers only
C) imports; consumers only
D) imports; producers only
E) imports; producers and consumers
30) Import quotas ________ the price of imported goods and ________ the quantity consumed in the country imposing the quota.
A) raise; increase
B) raise; decrease
C) lower; increase
D) lower; decrease
E) raise; do not change