In Pakistan, the Ministry of Climate Change may impose quota allocations from time to time on imports of certain ozone-depleting substances.

• A) False
• B) True
• C)
• D)

Which of the following concepts explains the export of a commodity at a lower price abroad than domestically?

• A) Voluntary Export Restraints
• B) Export subsidy
• C) Dumping
• D) Import Quota

Export subsidies are payments to:

• A) Foreign buyers to decrease imports
• B) Domestic exporters to increase exports
• C) Foreign exporters to decrease exports
• D) Domestic consumers to increase consumption

data:image/png;base64,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

• A) Demand and supply curves of commodity X
• B) Supply and cost curves of commodity X
• C) Demand and price curves of commodity X
• D) Demand and cost curves of commodity X

The purpose of a customs union is to:

• A) Reduce the administrative and financial burden of barrier trading.
• B) All of the given options are correct.
• C) Make it easier for member countries to trade freely with each other.
• D) Foster economic cooperation among member nations.

Which of the following form of economic integration is the most advanced type of economic integration that harmonizes or unifies monetary and fiscal policies among member states?

• A) Common Market
• B) Free Trade Area
• C) Preferential trade agreement
• D) Economic Union

Which type of economic integration involves the free movement of labor and capital among member nations?

• A) Preferential trade agreement
• B) Free Trade Area
• C) Common Market
• D) All of the given options

Which forms of economic integration allow no tariffs or barriers on trade among members and also harmonize trade policies toward the rest of the world?

• A) Preferential trade agreement and free trade area
• B) Preferential trade agreement and customs union
• C) Free trade area and customs union
• D) Customs union and common market

Predatory dumping involves selling a commodity:

• A) At equal price domestically and abroad to maintain market share
• B) Below cost temporarily abroad
• C) At a higher price abroad than domestically
• D) All of the given options

What economic effect do voluntary export restraints (VERs) have, similar to import quotas?

• A) They lead to higher-quality and higher-priced imports.
• B) They reduce the cost of imported goods for consumers.
• C) They limit the quantity of imports into the importing country.
• D) All of the given options are correct.

Which of the following is an example of a free trade area?

• A) The Southern Common Market
• B) The North American Free Trade Agreement
• C) All of the given options
• D) The European Free Trade Association

-------------- are harmed by higher price of commodity X in a nation due to the subsidy.

• A) Domestic producers
• B) Neither domestic producers nor domestic consumers
• C) Domestic consumers
• D) Both domestic producers and domestic consumers

data:image/png;base64,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

• A) It decreases to $0.1.
• B) It increases to $2.
• C) It decreases to $0.5.
• D) It remains unchanged at $1.