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MCQ 71: If the price of coconut is higher than the domestic price, then USA will get profit by:

  1. importing
  2. selling domestically
  3. exporting
  4. producing domestically

MCQ 72: A tariff that is the mixture of ad valorem and specified rate is known as:

  1. specific tariff
  2. ad valorem tariff
  3. import tariff
  4. compound tariff

MCQ 73: The basic example of a perfectly competitive market is:

  1. many buyers and sellers
  2. restrictions to entry
  3. restrictions to exit
  4. goods offered are different

MCQ 74: A formal agreement between two or more companies or countries that agree on certain ideas and operate internationally is called as:

  1. cartel
  2. inventory
  3. international cartel
  4. trade

MCQ 75: The tax rate an individual would pay on one additional dollar of income is called as:

  1. marginal tax rate
  2. average tax rate
  3. total tax rate
  4. partial tax rate

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