What are the profits earned by whoever holds the right to import a good restricted by a quota called?
Correct answer C. Quota rents
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Economics MCQs
Page 14 of Economics multiple-choice questions with answers. Tap an option to check yourself.
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How often do governments around the world auction import quota licences?
Correct answer C. Seldom
What can international dumping involve?
Correct answer D. All of the above
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What is true of a production subsidy granted to a producer of an import-competing good?
Correct answer D. Has only a protective effect deadweight loss
Which policy tries to limit the outsourcing of jobs abroad by requiring that a minimum share of a product’s value be produced at home before it can be sold domestically?
Correct answer D. Domestic content requirement
Which form of dumping is likely to cause the greatest net welfare loss for the importing nation?
Correct answer D. Predatory dumping
Under the cost-based definition of dumping, a firm dumps when it sells a product abroad at a price below which cost?
Correct answer D. Average total cost
What type of quota permits a set quantity of a good to be imported each year without specifying the source country or who may import it?
Correct answer A. Global quota
If Brazil dumped steel in the US market, which American company would most likely be worried?
Correct answer C. Tennessee Mining Co. an iron-ore mining company
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What is the term for progress that meets present needs without compromising the ability of future generations to meet theirs?
Correct answer B. Sustainable development
The Organization of the Petroleum Exporting Countries (OPEC), whose members agree to limit output and fix prices, is what type of organisation?
Correct answer B. Cartel
Which of the following illustrates the tragedy of the commons?
Correct answer D. Overfishing
What is another name for a negative externality?
Correct answer B. External diseconomies
In the 1970s, booming North Sea gas export earnings pushed up the Dutch guilder, making industrial exports dearer abroad and raising foreign competition and unemployment. What is this effect called?
Correct answer B. Dutch disease
Theodore Panayotou (1993) traced environmental degradation to several causes. Which of the following was NOT one of them?
Correct answer C. The expansion of capitalism
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Which of the following are effects of deforestation: I. localised flooding, II. reduced sustainable logging potential, III. reduced watershed stability, IV. increased carbon storage by forests?
Correct answer B. I, II and III only
In environmental economics, what does irreversibility refer to?
Correct answer B. Natural resource that cannot be reproduced in the future if we fail to preserve them now
Which statement best describes biodiversity?
Correct answer A. Includes genetic species ecosystem and functional diversities
What did the Montreal Protocol, signed in 1987 and strengthened in 1990, achieve?
Correct answer A. Reduces ozone depletion through the cutting of chlorofluorocarbon production
Which statement correctly describes the Genuine Progress Indicator?
Correct answer D. Also known as index of Sustainable Economic Welfare per capita