Answer the following statements true (T) or false (F)

Question

1.Voluntary export restraint agreements typically apply to all of the world's exporting nations rather than only the most important exporting nations.
2.For an export quota applied to manufactured goods, foreign exporters tend to capture only a negligible share of the quota's revenue effect.
3.When increases in nonrestraint supply offset part of the cutback in shipments that occur under an export quota, the overall inefficiency loss for the importing country is less than that which would have occurred in the absence of nonrestrained exports.
4.Export quotas, placed on Japanese auto shipments to the United States in the 1980s, led to rising prices of both Japanese autos and U.S.-produced autos purchased by the U.S. consumer.
5.During the 1980s, U.S. steel-using companies (Caterpillar) actively supported the U.S. government's negotiation of voluntary export agreements with foreign steel-exporting countries.

Answer 1

1.False
2.False
3.True
4.True
5.False