Answer the following statements true (T) or false (F)
1.In the post-World War II era, nontariff trade barriers have decreased in importance relative to tariff barriers.
2.An import quota is a physical restriction on the quantity of goods that may be imported during a specified time period.
3.Today most industrial countries protect their industries via global import quotas rather than selective import quotas.
4.A global import quota permits a specified number of goods to be imported each year, but does NOT specify where the product is shipped from and who is permitted to import.
5.Import tariffs and import quotas yield identical protection effects, consumption effects, redistribution effects, and revenue effects.
1.False
2.True
3.False
4.True
5.False
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