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Free CIMAPRA17-BA1-1 Exam Braindumps (page: 17)

Page 17 of 118
PDF with 468 Questions

Country Y and country Z both impose tariffs on goods imported from each other.
Which of the following would likely to be a long-term effect of the imposition of such tariffs?

  1. None. Tariffs affect exports and imports rather than real income
  2. Real income would be lower in Z but higher in Y
  3. Real income would be lower in Y but higher in Z
  4. Real income would grow at a slower rate in both countries compared to a situation in which there are no tariffs

Answer(s): D



All of the following are features of an economic union (for example, the European union) except which one?

  1. A fixed exchange rate relative to non union currencies.
  2. Free movement of goods and services between member states.
  3. A common external tariff.
  4. Free movement of factors of production between member states.

Answer(s): A



An important distinction between a free trade area and a customs union is that

  1. Only a customs union erects a common external tariff
  2. Only a free trade area allows free internal trade in services as well in goods
  3. Only a customs union is an example of a multilateral trading agreement
  4. Only a free trade area involves common economic policies

Answer(s): A



All of the following will result from increased international mobility of factors of production except which one?

  1. A rise in world income and output.
  2. Decreased international factor price differentials.
  3. Increased financial flows on countries balance of payments capital accounts.
  4. Decreased international specialization in production.

Answer(s): D



Page 17 of 118



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