Delegates from different countries of the world met at Geneva in April 1947 which resulted in the formation of the first global trade agreement. Its main objective was:
a. to create multiple trade barriers in the member countries.
b. to enable the member countries to maintain their autarkic conditions.
c. to provide security to the domestic producers of the member countries by prohibiting international trade.
d. to create an atmosphere of economic rivalry in the international sphere.
e. to liberalize trade for mutual prosperity of the members.
e
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Suppose initially there is no customs union and that the $100 tariff is imposed by the United States. Now, Mexico invests in productive technology and it shifts the Mexican supply curve to SMex. The United States now forms a customs union with Mexico. This will result in a price of _______ and imports of _______.
a. $250; 500 b. $250; 400 c. $150; 600 d. $150; 500
Suppose the U.S. removes an import quota on steel. U.S. exports
a. increase, the real exchange rate of the U.S. dollar appreciates, and U.S. net capital outflow increases. b. increase, the real exchange rate of the U.S. dollar depreciates, and U.S. net capital outflow is unchanged. c. decrease, the real exchange rate of the U.S. dollar appreciates, and U.S. net capital outflow is unchanged. d. decrease, the real exchange rate of the U.S. dollar depreciates, and U.S. net capital outflow decreases.