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Exam 6: The Political Economy of International Trade

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Question 41

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TRIPS regulations oblige WTO members to all of the following except:

A) grant and enforce patents lasting at least 20 years.
B) grant and enforce copyrights lasting 50 years.
C) comply with the rules within five years in the case of rich countries.
D) comply with the rules within 10 years in the case of the poorest countries.

E) A) and D)
F) C) and D)

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Question 42

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Under a tariff rate quota,a higher tariff rate is applied to imports within the quota than those over the quota.

A) True
B) False

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Question 43

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A common hybrid of a quota and a rent is known as a quota rent.

One issue at the forefront of the current agenda of the WTO is the increase in continued high tariff rates on nonagricultural goods and services in many nations.

The TRIPS regulations oblige WTO members to grant and enforce patents lasting at least 20 years and copyrights lasting 50 years.

What is a quota rent? Provide an example of how an import quota affects price.

Specific tariffs are levied as a proportion of the value of the imported good.

These are requirements that some specific fraction of a good be produced domestically.

The Helms-Burton Act of 1996 was aimed at foreign companies that were undermining U.S.trade sanctions against Libya and Iran.

Import tariffs:

During the 1980s and early 1990s,the world trading system erected by the GATT gained momentum as protectionist demands generally decreased across the world.

According to the _____ argument,governments should temporarily support new industries until they have grown strong enough to meet international competition.

This act allows Americans to sue foreign firms that use property in Cuba confiscated from them after the 1959 revolution.

Antidumping polices are designed to punish firms that are engaged in dumping.

By lowering production costs,_____ help domestic producers compete against foreign imports.

Which of the following is not a reason for the pressure for greater protectionism that occurred during the 1980s and early 1990s?

Human rights activists see WTO rules as outlawing the ability of nations to stop imports from countries where child labor is used or working conditions are hazardous.

To conform to local content regulations,a firm may have to locate more production activities in a given market than it would otherwise.

Which of the following observations about subsidies is false?

Discuss the Buy America Act and its connection with local content requirements.