1) All of the following statements about the US trade policy are correct except

Question

1) All of the following statements about the US trade policy are correct except a) Protectionist interests are politically over-represented in the US b) NAFTA did not have much of an impact on the US economy one way or another, compared t its effects on Mexico or even Canada. c) Americans still support globalization wholeheartedly. d) It's shaped by the president, subject to tightly defined controls by US Congress. e) Obama's TPP aimed to set new global standards on several key issues such as labor standard or the digital economy. 2) Which of the following GATT-sponsored global trade deals introduced an international co for intellectual property rights? a) Dillon Round. b) Kennedy Round. c) Tokyo Round. d) Uruguay Round. e) Doha Round. 3) The GATT principle embodying non-discrimination is: a) reciprocity. b) the "most-favored nation" clause. c) binding commitments. d) voluntary compliance. e) dispute settlement. 4) Regional economic-integration projects: a) do not need prior approval by the WTO. b) in the form of free-trade areas will have more trade diversion than customs unions. c) are strongly favored by the Trump Administration, compared to bilateral deals. d) in Asia are from now on more likely to be centered on China rather than the US. e) have comparative-static effects that are more powerful than their dynamic effects. 5) The European Union started out as a: a) free-trade area. b) customs union. c) common market. d) economic and monetary union. e) political union. 6) Multi-national corporations will expand their production facilities overseas for all of the following reasons except: a) for vertical-integration purposes as for instance when Fiat bought Chrysler in 2009. b) to bypass protectionist barriers targeting their exports from their home market. c) to earn higher returns. d) to secure scarce resource supplies needed for production. e) to gain a better understanding of local customs and market conditions.

Explanation / Answer

1. C

Explanation: America does not support globalization whole-heartedly as it has been increasingly taking protectionist trade policies which hinder free trade and globalization.

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