Answer the following statements true (T) or false (F)
1.Consider Figure 5.5. The Japanese export quota's revenue effect totals $1,200.
2.Consider Figure 5.5. The government of Mexico collects 50 percent of the export quota's revenue effect, or $600, in the form of tax revenue.
3.Consider Figure 5.5. Assuming that the revenue effect of the export quota accrues to Japanese firms, the overall welfare loss to Mexico equals $2,100 as a result of the quota.
4.Excessive sea transport and freight regulations are examples of nontariff trade barriers.
5.For the United States, corporate average fuel economy standards (CAFÉ) provide a minimum limit on the number of gallons of gas that an automobile can consume per mile driven.
1.True
2.False
3.True
4.True
5.False
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