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POS 486 POLITICAL ECONOMY FINAL EXAM Questions and Answers: Arizona State University $12.05
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POS 486 POLITICAL ECONOMY FINAL EXAM Questions and Answers: Arizona State University
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• Question 1 0 out of 2.5 points Which of the following is NOT a policy that trade liberalization would seek to eliminate? Selected Answer: 4. domestic content requirements Correct Answer: 2. trade agreements Response Feedback: Refer to Chapter 1, pp. 22-24, and Assignment 1 ...

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  • April 28, 2022
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  • 2021/2022
  • Exam (elaborations)
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 Question 1
0 out of 2.5 points
Which of the following is NOT a policy that trade liberalization would seek to
eliminate?
Selected Answer: 4.
domestic content requirements
Correct Answer: 2.
trade agreements
Response Feedback: Refer to Chapter 1, pp. 22-24, and Assignment 1

 Question 2
2.5 out of 2.5 points
Which of the following does NOT describe the WTO?
Selected Answer: 2.
was drafted in Havana, Cuba in 1948
Correct Answer: 2.
was drafted in Havana, Cuba in 1948
Response The questions asks which is NOT correct. We know that a trade
Feedback: institution was discussed at Bretton Woods but not created. We also
know that the WTO didn't come into creation until 1995, with the GATT
guiding international trade from 1947-1994. We have also learned that it
covers international trade for most countries globally, that it has a broad
mandate, and that it expanded GATT. Therefore, the correct answer is 2.
See Chapter 2/Lecture 2.
 Question 3
2.5 out of 2.5 points
The WTO relies on

Selected Answer: 1.
agreement by consensus
Correct Answer: 1.
agreement by consensus
Response See Chapter 2/Lecture 2 on decision-making in WTO,
Feedback: intergovernmental bargaining, multiyear rounds and difficulty getting
consensus.
 Question 4
2.5 out of 2.5 points
The majority of regional trade agreements

Selected Answer: 4.

, are Free Trade Areas
Correct Answer: 4.
are Free Trade Areas
Response See Chapter 2. For those of us who are visual learners, Oatley has
Feedback: provided quite a graphic representation on p. 37.
 Question 5
2.5 out of 2.5 points
The enforcement problem of trade agreements refers to the fact that

Selected 2.
Answer: governments cannot be certain that other governments will comply
with the trade agreements they conclude
Correct 2.
Answer: governments cannot be certain that other governments will comply
with the trade agreements they conclude
Response Feedback: Refer to pp. 58-59

 Question 6
2.5 out of 2.5 points
If more trade is created than diverted, a regional trade agreement (RTA)

Selected Answer: 2.
has liberalized trade
Correct Answer: 2.
has liberalized trade
Response Feedback: Refer to p. 40

 Question 7
2.5 out of 2.5 points
The difference between a FTA and a Customs Union

Selected Answer: 2.
lies in the use of a common tariff policy
Correct Answer: 2.
lies in the use of a common tariff policy
Response See Chapter 3, p. 37 and Lecture 3. While in an FTA members retain
Feedback: power to det tariffs on non-members, in a Customs Union members
impose a common tariff on all goods entering from non-members.
 Question 8

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