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ECO 336 Chapter 7 Exam 2025 Questions and Answers Which of the following describes the asymmetry Moncur Olson observed in the incentives to support and oppose trade policy? - ....ANSWER ...-The benefits of policy are concentrated, and the costs are spread out over a large number of participants. Tariffs are highest in which sector internationally? - ....ANSWER ...-Agriculture Which of the following is NOT a reason people tolerate tariffs and quotas? ....ANSWER ...-Their personal jobs depend on tariffs and quotas Which of the following is an example of a countervailing duty? - ....ANSWER ...-A tariff is granted to an industry because foreign firms are subsidized by their governments Television programming might be targeted for protection in a country using which of the following arguments? - ....ANSWER Economic sanctions - ....ANSWER ...-Cultural protection ...-are more likely to work if the international community supports them When comparing the U.S. and Mexican car assembly industries, the disadvantage of higher U.S. wages is offset by - ....ANSWER ...-higher productivity in the United States …FOR STUDENTS ONLY…©️2025 ALL RIGHTS RESERVED… 1